Greystone has provided a $28.4 million HUD-insured loan to refinance a 198-unit multifamily property in Pembroke Park, Florida. The financing was originated by Eric Rosenstock, Managing Director in Greystone’s New York office, on behalf of Centennial Management.
The $28,425,000 HUD-insured financing carries a 35-year term, along with a low, fixed interest rate. Pembroke Gardens, located in Broward County, consists of thirteen, two-floor detached buildings with one-, two-, and three-bedroom units, and the property is income-restricted to residents earning 60% of Area Median income (AMI). Built in 2001, property amenities include a clubhouse / community room, swimming pool and hot tub, two picnic / play areas, on-site laundry facilities, and gated access.
“It has been a pleasure to work with Lewis over the years on improving his real estate debt portfolio and extracting value from the many quality assets he’s developed over the past few decades with sophisticated financings,” said Mr. Rosenstock. “Greystone’s diverse multifamily solutions, particularly our #1 industry HUD execution, are ideal for borrowers seeking a strategic approach to short- or long-term financing.”
“Eric and his team have proved invaluable to my real estate portfolio in helping to realize the benefits of HUD financing over many transactions,” said Mr. Lewis V. Swezy, principal of Centennial Management. “The volume that Eric’s team does is not by chance, rather is a testament to his expertise.”