Greystone has provided a $21,305,500 HUD 223(f) loan to refinance an 86-unit multifamily property in Philadelphia, Pennsylvania. The transaction was originated by Jason Yuen of Greystone on behalf of repeat client West Village Group.
The $21.3 million HUD-insured loan carries a 35-year term and amortization, along with a low, fixed rate and Green Mortgage Insurance Premium (MIP) of 0.25% for the duration of the loan. This long-term financing represents a permanent exit from a trio of small Freddie Mac loans Greystone provided in 2017.
Located at 800 North 48th Street, West Village Apartments comprises three separate 4-story parcels and uniquely features large units with three-, four- or five-bedrooms. All of the market rate apartments are townhome-style duplexes with upgraded finishes. The community provides a wide selection of resident amenities, including roof decks for some units, a community courtyard, and parking.
“It’s incredibly gratifying when clients return to us for capital solutions, and we are thrilled to have provided a long-term, low-rate HUD loan on West Village Apartments,” said Mr. Yuen. “Even with a prepayment penalty from the original three loans on the property, this permanent financing will result in significant savings for the borrower over time.”
“Throughout the HUD loan process, everyone whom we dealt with at Greystone was very communicative and responsive,” said Hillel Tsarfati, principal, West Village Group. “The Greystone team guided us through this transition to HUD financing and proved themselves invaluable, especially when it came to product knowledge and overcoming whatever obstacles arose. They made the process go smoothly and, due to their persistence, we were able to have a fairly quick and effortless closing with HUD.”
“The entire Greystone team, led by Production Manager Phiet Nguyen, ensured that the customer experience was top notch, despite the uncertainties over the last several months during the pandemic,” Yuen added.