Greystone provided $18,017,719 total in Fannie Mae MAH loans for the refinancing of three affordable apartment communities owned and operated by the Pierce County Housing Authority in the Tacoma, WA metropolitan area. The loan was originated by Daniel Sacks of Greystone and the correspondent on the transaction was Ari Mandelbaum of Dwight Capital.
The loans carry a 30-year term with a fully amortizing structure. The three properties – Lakewood Village, Chateau Rainier and DeMark Apartments – have a collective total of 477 units and include floor plans ranging from one to three bedrooms and multiple modern amenities.
"The deal we closed with PCHA demonstrates our ability to both anticipate and understand client needs, providing them with a creative financing structure that supports their business goals," said Joe Mosley, Executive Managing Director and head of Agency lending at Greystone. “Our extensive experience and knowledge of Fannie Mae allowed us to effectively guide PCHA through a loan process that entailed a solution that was new to them.”
“Working with Greystone on the closing of these loans was both a collaborative and supportive process,” said Cova Hunter, Director of Finance, Pierce County Housing Authority. “While we have certainly extended debt in the past, this particular type of transaction was new for our team and Greystone did everything to ensure our entity was able to continue our housing mission for the residents in our communities.”