Greystone has provided a $28,992,000 HUD-insured loan to refinance a 288-unit affordable housing property in Mangonia Park, Florida. The financing was originated by Fred Levine, Managing Director in Greystone’s New York office, on behalf of long-term client Royal Castle Development.
The $28,992,00 HUD-insured Section 223(f) financing carries a 35-year term and 35-year amortization, along with a low, fixed interest rate. The property has a LIHTC land use restriction agreement (LURA) that requires limits on tenant income and rent restrictions for all units.
Constructed by the borrower in 2000, Hampton Court Apartments consists of 19 garden-style apartment buildings offering two- and three-bedroom units with updated appliances, washer/dryer hook ups, and private outdoor living spaces. Residents have access to the gated community’s clubhouse and business center, swimming pool and fitness center, tennis court, picnic and playground area, laundry facility and on-site parking. With Interstate 95 in close proximity, the property offers easy access to some of the area’s top employers, medical facilities, downtown West Palm Beach shopping, golf courses and beaches, as well as Palm Beach International Airport.
“Our expertise in the affordable housing space and our industry-leading HUD platform enables us to find solutions that meet the needs of our clients and, ultimately, the residents of property,” said Mr. Levine.
“Greystone’s longstanding commitment to the affordable housing market mirrors our own, and we value the team’s expertise and finesse in getting these transactions to a quick close,” said Mr. Elliott Stone, principal of Royal Castle Development. “We want our residents to enjoy a quality home in a safe community. We keep coming back to Greystone because they work tirelessly to uncover opportunities and secure the right resources to make this vision a reality.”