Affordable Multifamily Properties in New York City’s Outer Boroughs
Greystone has provided a total of $57,341,000 in Fannie Mae Delegated Underwriting and Servicing (DUS®) loans to refinance two affordable housing properties in New York City’s Bronx and Brooklyn boroughs. The financing was originated by Eric Rosenstock and Jeff Englund of Greystone on behalf of Metropolitan Realty Group, LLC.
The first loan, a $45 million fixed-rate, multifamily affordable housing (MAH) loan, carries a 10-year term and 30-year amortization, with two years of interest-only payments. Loan proceeds are being used to refinance the existing debt on a 330-unit Section 8 property in The Bronx. Constructed in 1931, West Farms Estates is a gated property, consisting of three mid-rise elevator buildings with studio, one-, two- and three-bedroom units as well as on-site security, leasing office, courtyard area and an on-site grocery store.
The second fixed-rate Fannie Mae MAH loan, $12,341,000 for a 65-unit property in Brooklyn, carries a 12-year term with a 30-year amortization and two years of interest-only payments. Fulton Street South is a single seven-story Section 8 property constructed in 1985 with one- and two-bedroom units.