Greystone has provided a $57,305,300 HUD-insured 221(d)(4) loan to finance the construction of a 280-unit multifamily property in Fort Myers, Florida. The financing was originated by Joe Averbook and Elie Gabay, and Eileen Busel, all Managing Directors at Greystone, on behalf of Miami-based Alliance companies.
Montego Square is a planned market-rate moderate income multifamily community that will consist of 280 studios, one-, two- and three-bedroom units. Community amenities and common areas will include a clubhouse building, fenced-in swimming pool and deck, fitness room, BBQ grilling area, dog park and EV charging stations. The property will be a 4-building complex spanning 18 acres, and the construction period is estimated at 23 months. Greystone’s HUD-insured construction financing carries both a 40-year term and amortization period at a low, fixed rate.
“Greystone’s expertise in FHA lending programs goes without saying, and we pride ourselves on being both product- and market-knowledgeable to help our clients achieve their goals,” said Mr. Averbook. “It was a true pleasure working with the Alliance team.”
“The Greystone team helped us to steer this project through a global pandemic, severe construction cost increases and interest rate challenges, plus Hurricane Ian. They helped us overcome the greatest of obstacles and got us to the finish line with a below market, attractive financing package,” said Robert Cambo, Managing Partner, Alliance Companies.