Greystone has provided a $10,602,100 HUD 223(f) loan to refinance a 162-unit multifamily property in Jacksonville, Florida. The financing was originated by Eric Rosenstock and Jesse Yodice at Greystone, on behalf of Royal American Companies.
Built in 1980, Oak Tree Apartments in Duval County consists of 26 detached buildings with 162 one-, two-, and three-bedroom units. The $10.6 million HUD-insured financing carries both a 35-year term and amortization with a low, fixed rate and 90% loan-to-value (LTV). The property qualifies for a lower annual MIP (Mortgage Insurance Premium) of 0.25% because it is rent-restricted. In addition to refinancing, loan proceeds enable the borrower to monetize a portion of their equity and continue with improvements to the property.
“Greystone’s extensive multifamily lending platform and our FHA expertise mean we can offer the financing our clients need to provide quality affordable housing for the residents in their communities,” said Mr. Rosenstock. “We are committed to serving the affordable housing market and work tirelessly to provide creative solutions for the properties in our clients’ portfolios.”
“Throughout this transaction, our team lived up to Greystone’s reputation for industry-leading service and exceptional expertise,” said Mr. Chapman, Founder of Royal American Companies. “We were thrilled with our team’s passion for affordable housing and their dedication to getting us what we needed for this property. We look forward to working with Greystone on more projects in the future.”