Greystone Closes Sale, Provides $39 Million Fannie Mae Loan for Affordable Housing Acquisition in California

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Greystone has provided a $39,060,000 Fannie Mae DUS® loan for the acquisition of an affordable housing property in Corona, California, on behalf of Avanath Capital. The property was represented for sale by Aaron Hargrove and Eric Taylor of Greystone Real Estate Advisors, and the buyer’s financing was originated by Jeff Englund of Greystone.

The Fannie Mae Multifamily Affordable Housing (MAH) acquisition loan for River Run Senior Apartments, originally built in 2004 with 4% low-income housing tax credits and tax-exempt bond financing, carries a 10-year term at a fixed interest rate and a 30-year amortization, with full-term interest only payments. The 360-unit property is age-restricted to individuals aged 55 years or older and offers one- and two-bedroom units with community amenities such as a clubhouse, library, heated swimming pool, picnic area with BBQ grills, dog park, shuffleboard, and rose gardens.

“River Run fits perfectly in line with Avanath’s mission to provide families with higher-quality, well-maintained and safe affordable housing, and we are thrilled to have added this quality asset to our portfolio with Greystone’s help,” said Andrew Mackay, SVP of Acquisitions for Avanath Capital. “Greystone’s affordable housing expertise is truly unparalleled, but on top of that, their approach to customer service is why we are repeat clients.”

“The Avanath team was a true pleasure to work with, and it’s gratifying to help investors with such a strong mission to preserving affordable housing in areas such as California, which is facing many economic and environmental challenges on top of the pandemic’s stressors,” said Mr. Englund, head of affordable housing lending at Greystone. “Greystone’s expertise with affordable housing and its many complexities – tax credits, bonds, and land use agreements – as well as our long relationship with Fannie Mae, are all part of the ways we help investors navigate this critical area of real estate.

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