Greystone has provided $20,000,000 in HUD-insured financing for a 216-unit affordable housing property in Hialeah, Florida. The FHA financing was originated by Eric Rosenstock, Managing Director in Greystone’s New York office, on behalf of Lewis Swezy of Centennial Management.
Constructed in 2002, Country Club Villas I in Miami-Dade County consists of 10 mid-rise buildings with one-, two-, and three-bedroom units. The $20 million FHA 223(f) loan carries a 35-year term and a low, fixed rate. The property also qualifies for a lower annual MIP (Mortgage Insurance Premium) because it is rent-restricted. In addition to refinancing, loan proceeds enable the borrower to continue with ongoing property maintenance and monetize a portion of their equity.
“My team has had the privilege to finance many projects for Lewis Swezy over the years and we greatly appreciate the relationship,” said Mr. Rosenstock. “We work tirelessly to deliver the right products and solutions for our clients so they can maximize the potential of every property in their portfolio.”
“Our team’s attention to detail throughout the transaction reinforced to us that there is no one better suited than Eric Rosenstock and his team at Greystone to help us achieve our affordable housing strategy in Miami,” said Mr. Lewis Swezy, CEO of Centennial Management. “Greystone’s deep experience in this market meant that our transaction closed quickly and seamlessly – they are truly best-in-class when it comes to multifamily finance, particularly HUD.”