Greystone provided a $4.56 million Freddie Mac Targeted Affordable Housing loan for the acquisition of Alcazar Apartments in Kansas City, Missouri. The financing was originated by Keith Hires, managing director in Greystone’s Atlanta office.
Alcazar Apartments consists of a seven-story midrise building and two additional four-story midrise buildings, with a total of 142 units, 75 of which are designated affordable housing units. The residences range in size from studios to one- and two-bedroom units and include access to on-site parking and a fitness center.
The loan was closed via Freddie Mac’s Targeted Affordable Housing platform, which provides financing for properties with rent-restricted units that are affordable to families with low, very-low and moderate incomes.
“At this point in the market where there is a severe lack of affordable and workforce housing being created, much less being maintained and preserved, we are pleased to provide the financing to ensure Alcazar provides a safe and affordable home for hundreds of residents for years to come,” said Mr. Hires. “Freddie Mac’s Targeted Affordable Housing platform provides an ideal financing avenue for owners of and investors in affordable housing, and we applaud their commitment to this housing segment.”