Greystone has provided a $32,500,000 Fannie Mae DUS® Multifamily Affordable Housing (MAH) loan for the acquisition of an affordable housing property in Berkeley, California. The loan was originated by Scott Wallace, Director at Greystone.
The Fannie Mae affordable loan for Harriet Tubman Terrace, a Section 8 HAP property, carries a 17-year term at a fixed rate with a 35-year amortization. The 91-unit, garden-style property was originally constructed in 1976 and caters to a resident population over 62 years of age. The six-story property comprises 48 studio and 42 one-bedroom rental units, and one two-bedroom manager’s unit. The apartment complex’s amenities include an outdoor patio, laundry facilities, and a large community room. The new owner plans an extensive renovation of the property of $60,000 per unit to include energy efficiency upgrades, roofing, and a lobby refresh.
“I’m thrilled I could work with Pennant Housing once again to help them achieve their goals for preserving affordable housing in California,” said Mr. Wallace. “Greystone’s deep expertise in affordable housing and our long relationship with Fannie Mae has been a winning combination for their portfolio and residents alike.”
“Greystone’s knowledge in the affordable space has been invaluable to us as we continue to grow our portfolio of critical affordable housing properties in the state of California,” said Wesley Gassert of Pennant Housing Group.