Greystone Provides $30 Million in HUD-Insured Financing for Affordable Seniors Housing Property in Pomona, California
Greystone has provided a $30 million HUD-insured loan to refinance a 174-unit affordable seniors housing property in Pomona, California. The transaction was originated by Shana Daby, a managing director with Greystone, on behalf of AMCAL.
The $29,894,900 million HUD-insured Section 223(f) loan refinances the property at a low, fixed rate with a 35-year term and amortization. Loan proceeds also enable the borrower to make capital improvements and set up a debt service reserve, as well as monetize existing equity in the property.
Originally constructed by the borrower in 2002, Serenity Villas is an age- and income-restricted apartment community for adults aged 55 years and older. Set across six mid-rise elevator buildings, the pet-friendly property offers one- and two-bedroom units, including Section 8 voucher units, with modern appliances, washer-dryer hook ups, private outdoor living spaces and onsite parking. Residents also have access to the gated community’s clubhouse, business center, spa, laundry room and picnicking area. Located in the San Gabriel Valley of Los Angeles County, the property is near the area’s hospitals, retailers and public transportation, and offers easy access to state highways and thoroughfares.
“No matter where their projects are located, our clients rely on us for financing solutions that will enable them to flex as markets evolve,” said Ms. Daby. “Our clients know they can count on Greystone’s extensive HUD lending platform and our unparalleled experience in the affordable housing sector for a seamless and superior transaction experience on every multifamily project.”
“We know that when we turn to Greystone, Shana and her team will understand exactly what we need and how to get it done,” said Michael McCloud, VP of AMCAL, a long-time client of the company. “We keep coming back to Greystone because of its commitment to the multifamily space, and in particular to affordable housing. Greystone makes it easy for us to do our business.”