Greystone provided financing for two multifamily properties in South Florida totaling $28 million. The separate transactions were originated by Serafino Tobia, Director at Greystone.
St. Croix Apartments is a 246-unit complex in Lauderdale Lakes and Eagle Pointe Apartments in a 192-unit complex in Pompano Beach. The HUD financing was provided on behalf of Cornerstone Group of Hollywood, FL.
“We are thrilled to refinance at historically low rates with HUD financing for these properties, and look forward to working with Greystone on future transactions as the lending environment remains ripe,” said Jorge Lopez, Co-founder and President at Cornerstone Group.
“Cornerstone is a valued Greystone client and incredibly dynamic multifamily property owner and manager in Florida. Being able to take advantage of lower rates with long-term HUD financing provides them with an advantage to ensure further growth, and will benefit both of these properties for years to come,” said Betsy Vartanian, head of FHA lending at Greystone.