Greystone has provided a $97,600,000 HUD-insured loan to refinance a 272-unit multifamily property in East Harlem, New York. The financing was originated by Senior Managing Director Eric Rosenstock and Executive Vice President Jeff Englund of Greystone, on behalf of Metropolitan Realty Group.
Built in 1910, Villa Hermosa Apartments in New York County consists of three mid-rise, elevator buildings with one-, two- and three-bedroom units, which are income-restricted to 50% Area Median Income (AMI) for residents and supported by long-term Section 8 project-based rental assistance. The $97.6 million HUD-insured Section 223(f) non-recourse financing features a 35-year term and amortization, along with a low, fixed rate. In addition to refinancing, loan proceeds will be used to complete substantial in-unit renovations and building improvements. The property is covered by a new 20-year HAP contract that was executed in conjunction with the approval of a Mark-Up-to-Market.
“This financing preserves an important affordable asset in one of Manhattan’s most supply-constrained neighborhoods,” said Eric Rosenstock, Senior Managing Director at Greystone. “Our HUD execution allowed us to structure long-term, stable financing that supports the sponsor’s mission of maintaining high-quality affordable housing while investing meaningfully into the property’s future.”
“Our commitment to Villa Hermosa spans decades, and this refinancing ensures we can continue delivering safe, dignified, and modern housing for the families who call this community home,” said Scott Jaffee, CEO of Metropolitan Realty Group. “Greystone’s expertise navigating the HUD process enabled us to secure exceptional long-term financing while also investing in major upgrades that will benefit residents for years to come.”