Greystone has provided a $14,920,000 HUD-insured loan to refinance a 116-unit affordable housing property in Westerly, Rhode Island. The transaction was originated by Lisa Fischman, Managing Director in Greystone’s New York office.
Merchants Village Apartments, located at 25 Clark Street in Westerly, Washington County, was constructed in 1982. The Section 8 affordable housing community consists of one multifamily building with 4 one-bedroom, 8 two-bedroom and 4 three-bedroom units, and one age-restricted building with 90 one-bedroom and 10 two-bedroom units for adults 62 years of age and older.
The $14,920,000 HUD-insured Section 223(f) loan carries a 35-year term and represents 90% loan-to-value. The property also qualifies for a lower annual MIP (Mortgage Insurance Premium) of 0.25% because it is rent-restricted.
“My Greystone team guided us through every step of the financing, so that the entire process was seamless and had no surprises,” said Mr. Robert E. Liguori, principal of the borrower, which has owned the property since construction. “Thanks to the multifamily experts at Greystone and Lisa’s guidance, we
were able to achieve a successful transaction and are pleased with the outcome.”
“With interest rates still low, we were able to tap into our FHA lending platform to help our client maximize their equity in this long-time asset,” said Ms. Fischman. “At Greystone, it’s our goal to find the right financing for every client and for long-term property investment, the HUD product is still one of the best options out there.”