Greystone Provides $17.5 Million in Fannie Mae DUS Financing for Affordable Housing Portfolio Acquisition in New York City
Greystone, a leading national commercial real estate finance company, has provided a total of $17,573,000 in Fannie Mae Delegated Underwriting and Servicing (DUS®) loans for the acquisition of two multifamily properties totaling 151 units in New York City. The transactions were originated by Dan Sacks and Ilan Bassali in Greystone’s New York office, on behalf of Heritage Affordable Communities, LLC.
Greystone provided a non-recourse $12,475,000 Fannie Mae loan to acquire Highland Avenue Senior Apartments, an 88-unit midrise seniors housing apartment property in Yonkers, which was constructed in 2008. The fixed-rate loan carries a 12-year term with a 30-year amortization and five years of interest-only payments.
Greystone also provided a fixed rate $5,098,000 Fannie Mae loan with a 10-year term and amortization, and full-term interest-only payments for the acquisition of 2120 Hughes Avenue, a 63-unit multifamily apartment property in the Bronx that was built in 1995.
“Our deep expertise in multifamily financing and the breadth of our lending platform are second only to our passion about the need for quality affordable housing in the U.S., particularly in major urban centers,” said Mr. Sacks. “When we do our part by exceeding client expectations on service and execution on these transactions, we know that we are enabling others to bring safe, affordable homes within reach to families across the country,” said Mr. Bassali.
“This was my first time working with Greystone, but it won’t be my last – the team was as committed to realizing my vision for these properties as I am,” said Mr. Alexander Hajibay, principal of Heritage Affordable Communities, LLC. “From the very start, Greystone was a true partner; they impressed me with their creativity and tireless pursuit of excellence and I look forward to working with them on future deals.”