Greystone has provided a $43 million HUD-insured loan to refinance a 396-unit multifamily property in Port St. Lucie, Florida. The financing was originated by Reuben Dolny, a senior mortgage banker and Vice President in Greystone’s New York office, on behalf of K&J Residential Group.
The non-recourse $43,000,000 HUD-insured financing carries a 35-year term and 35-year amortization, along with a fixed interest rate in the very low 2%’s. The property is Energy Star certified and was able to patriciate in HUD’s reduced mortgage insurance premium Green MIP program. Kitterman Woods, located in Port St. Lucie, consists of 25, three-floor buildings with one-, two-, and three-bedroom units. Built in 2007 by KD Construction of Florida, an affiliate construction firm of K&J. Property amenities include an exercise room, community room, two swimming pools, tennis, basketball, and volleyball courts, dog park, playground, and a car care center.
“We are always grateful when clients return to Greystone for their financing solutions,” said Mr. Dolny. “We have completed numerous successful financings for K&J, and always strive for the client to receive the absolute best terms and execution. Long-term, fixed, low-rate financing, combined with a well-run property in a strong market is a recipe for long-term success.”
“We relied on Reuben and his team to execute phenomenal terms for this refinance, and we look forward to continuing our relationship with Greystone,” Karl Davis, principal at K&J.