Greystone Provides $38.8 Million in HUD-Insured Financing for Multifamily Affordable Housing Portfolio in South Carolina
Greystone has provided a total of $38,886,100 in HUD-insured financing for two multifamily properties in Berkeley County just north of Charleston, SC. The transaction was originated by Kelley Klobetanz of Greystone.
South Pointe Apartments, a 256-unit multifamily complex located in Hanahan, SC, was refinanced with a $27,025,300 HUD 223(f) loan. The loan will provide over $1.6 million for property repairs to improve residents' quality of life on top of $1.8 million invested in capital expenditures prior to the refinance.
Rosewood Townhomes, a 100-unit multifamily complex located in Goose Creek, SC, was refinanced with an $11,860,800 HUD 223(f) loan. The property will benefit from $1 million in updates as a result of the HUD-insured financing, a continuation of $850,000 invested in repairs to date.
“We are thrilled to have provided a long-term, low-rate HUD loan that will enable property improvements for the benefit of residents in this affordable housing for decades to come,” said Ms. Klobetanz. “Greystone’s industry-leading HUD platform is an excellent solution to ensure permanent, long-term and fixed financing for multifamily owners.”