Greystone Provides $59 Million in HUD-Insured Financing for Affordable Housing Portfolio in Harlem
Greystone has provided a total of $59 million HUD-insured financing for a portfolio of three Section 8 multifamily properties consisting of 143 units in New York City’s Harlem neighborhood. The financing was originated by Leor Dimant, Managing Director, in Greystone’s New York office.
The $59,077,800 HUD-insured Section 223(f) non-recourse financing carries a 35-year term and 35-year amortization, along with a low, fixed rate. The FHA loans provide a permanent exit from the $45 million bridge financing provided by Greystone to acquire the properties, which are located in Washington Heights, Morningside Heights and West Harlem. The trio of affordable housing properties were acquired for $60 million total.
The financing ensures that the properties’ Section 8 contract with HUD continues uninterrupted and preserves affordability for residents through its 30-year agreement with New York City Department of Housing Preservation and Development.
“Greystone is passionate about preserving affordable housing, particularly in urban centers such as New York City, and we are thrilled to be able to shepherd this transaction through to permanent financing,” said Mr. Dimant. “Our extensive multifamily lending platform and deep background in the affordable housing space means that Greystone clients enjoy seamless execution and competitive terms, whether we are working on bridge financing or more permanent solutions with Fannie Mae, Freddie Mac, or HUD.”