Greystone has provided a $24,080,000 HUD 223(f) loan to refinance an 89-unit affordable housing property in Stamford, Connecticut. The loan was originated by Jon Morales, Senior Vice President at Greystone, on behalf of New Neighborhoods, Inc.
Located on Stillwater Avenue, Martin Luther King Apartments is a 100% Section 8 multifamily property. The HUD-insured financing is a 35-year loan at a low, fixed rate. As part of the financing, the owner obtained a 20-year HAP contract for the property, preserving affordability long-term. The 13-story high-rise building contains 22 one-bedroom units, 45 two-bedroom units, and 22 three-bedroom units with a community room and laundry facilities as resident amenities.
“Greystone understands the nuances of the affordable housing market, particularly Section 8 properties, and their mission aligns with ours as we continually look to invest in quality housing for core markets in the Northeast,” said Jamey Healy, President & CEO, New Neighborhoods, Inc.
“Greystone was diligent in their work to close this complex financing, and we are thrilled with the ability to reinvest back into the property to ensure its viability as a critical asset to the Stamford market,” added Jerome Floyd, Operations Director, New Neighborhoods, Inc.
“We are thrilled to work on this HUD loan for Jamey and his team and are delighted to get them the proceeds and terms they needed in order to set the property up for continued long-term success,” said Mr. Morales. “We strive to earn our client’s trust in each new transaction by coupling our deep lending platform and multifamily capabilities with exceptional service and care.”