Greystone has provided a $20,000,000 HUD 223(f) loan to refinance a 127-unit multifamily property in Philadelphia, Pennsylvania. The financing was originated by Jason Yuen, Managing Director at Greystone, on behalf of 49th & Spruce Associates LP, a repeat client of the firm.
First constructed in 1925 and completely renovated in 2012, Croydon Hall Apartments in Philadelphia County is a mid-rise elevator building consisting of one-, two- and three-bedroom units. The $20 million HUD-insured loan carries a 35-year term and 35-year amortization along with a low, fixed rate. The property qualifies for a 25-basis point reduction in Mortgage Insurance Premium (MIP) for achieving green standards.
“There is no greater compliment than when clients come back to Greystone, particularly because they know they can trust us to help them overcome obstacles in a transaction,” said Mr. Yuen. “Our team, and in particular Phiet Nguyen, worked tirelessly to ensure that our client had an exceptional experience in spite of challenging uncertainties. We look forward to partnering with them on more deals in the future.”
“Having worked actively in real estate in Philadelphia for quite some time, we can’t emphasize enough how pleased our team is with Greystone’s expertise and handling of this transaction,” said Mr. Kfir Binnfeld, principal of the borrower. “Our Greystone team, led by Jason Yuen and Phiet Nguyen, were consummate professionals, handling every curveball thrown at them during the process. It is truly because of their creativity and expertise in the multifamily market that we were able to finalize the transaction -- they were great partners and we look forward to working with them again.”