Greystone has provided a $17,592,000 Freddie Mac Optigo® Targeted Affordable Housing (TAH) loan to acquire a 168-unit affordable housing property in Fort Walton Beach, Florida. The loan was originated by Carter King in Greystone’s Atlanta office, on behalf of The Hallmark Companies, Inc.
The $17,592,000 Freddie Mac loan carries a 10-year term and 30-year amortization at a variable interest rate, with interest-only payments for the first five years. The property has LITHC, Bond and SAIL land use restriction agreements (LURAs) in place that require limits on tenant income and rent restrictions for all units.
Constructed in 2004, Heather Glenn Apartments is a seven building, garden-style apartment complex in Okaloosa County, Florida, that offers one-, two-, three- and four-bedroom units with open kitchens, walk-in closets and in-unit washer/dryer connections. Residents enjoy access to the property’s pool, sundeck and clubhouse, business center, fitness center and outdoor recreational facilities. The gated entry community is located near major roadways and Interstate 10, with easy access to Fort Walton Beach and Northwest Regional Airport, as well as dining, entertainment and shopping at Santa Rosa Mall.
“Greystone is passionate about seeing affordable housing communities thrive and we always rise to the challenge of helping clients secure the right financing terms for these deals,” said Mr. King. “Our deep expertise in multifamily and our extensive lending platform enable us to find solutions when others can’t.”
“We chose Greystone as our partner – again – because their commitment to providing quality affordable housing for families and individuals very much mirrors our own,” said Mr. Martin H. Petersen, President of Hallmark. “Our team worked tirelessly throughout the transaction, and we couldn’t be more pleased with the outcome and Greystone’s professionalism every step of the way.”