Greystone Provides $20 Million Fannie Mae Loan for Affordable Housing in California
Greystone has provided a $20,142,000 Fannie Mae DUS® loan for the acquisition of an affordable housing property in Chico, California. The loan was originated by Scott Wallace, Director at Greystone.
The Fannie Mae affordable loan for Cedar Village Apartments, a section 8 HAP property, carries a 15-year term at a fixed rate with a 35-year amortization. The 116-unit, garden-style property was originally constructed in 1979 and consists of 10 two-story apartment buildings. The complex offers one-, two-, and three-bedroom units and features amenities such as a laundry room, playground, and business center.
“It was a pleasure working with the borrower to secure long-term financing with Fannie Mae and play a role in preserving affordable housing in the state of California,” said Mr. Wallace. “Greystone’s expertise with affordable housing financing and our long relationship with Fannie Mae is certainly beneficial for our clients.”
“Greystone’s guidance and expertise with Agency financing has played an integral role in the success of team’s mission to make affordable housing available to local residents,” said Andrew Agetstein of Pennant Housing Group.