Greystone has provided a $20 million HUD-insured loan to refinance a 244-unit affordable housing property in Pembroke Park, Florida. The transaction was originated by Eric Rosenstock, Managing Director in Greystone’s New York office, on behalf of Centennial Management.
The $20,000,000 HUD-insured Section 223(f) financing carries a 35-year term and amortization, along with a low, fixed-rate. Constructed in 1999, Pembroke Park Apartments consists of 17 two-story garden-style apartment buildings and 244 income-restricted one-, two- and three-bedroom affordable housing units. Each apartment is equipped with modern amenities and finishes, walk-in closets, washer/dryer hookups, and screened-in balconies and patios. Residents have access to the gated community’s clubhouse and fitness center, pool, recreational facilities and on-site parking. Located in Broward County between downtown Fort Lauderdale and downtown Miami, the property offers easy access to Interstate 95 and the Florida Turnpike, as well as the Fort Lauderdale Hollywood International Airport, hospitals and medical centers, recreational facilities and shopping, and the Atlantic beaches.
“It’s been gratifying to help multifamily investors take advantage of the benefits HUD-insured financing provides – and Greystone is the go-to provider of FHA loans for multifamily,” said Mr. Rosenstock. “We are thrilled that clients rely on us time and again to bring their portfolios to life – to us there is no greater compliment.”
“Greystone has been a consistent and reliable partner over the years, and Eric and his team go above and beyond in terms of client service,” said Mr. Lewis Swezy, principal, Centennial Management. “Our new long-term, low-rate financing enables us to continue to enhance this property for our residents, who deserve quality affordable housing for their families.”