Greystone provided a total of $74,300,000 in Fannie Mae Delegated Underwriting Servicing (DUS®) loans to refinance a 574-unit multifamily portfolio of affordable housing in Newark, NJ. The transaction was originated by Hope Curtis, Director at Greystone.
The mission-driven Fannie Mae financing includes acquisition debt as five separate loans on a total of 17 multifamily properties, all carrying 10-year terms and 30-year amortization periods. The properties range in size from 9 units to 108 units each, with the rent-regulated units deemed affordable housing for residents at both 80% and 60% of Area Median Income (AMI).
“It was such a pleasure working with our borrower to provide the financing for these simultaneous acquisitions, which will truly benefit the residents of Newark in the long term,” said Ms. Curtis. “It’s critical to preserve the country’s affordable housing stock, and Greystone is committed to working with property investors to help them achieve this goal.”