Greystone has arranged $64.5 million in Fannie Mae Multifamily Affordable Housing (MAH) financing for Salem Lafayette Apartments, an affordable housing complex in Jersey City, New Jersey.
The deal was structured utilizing a mix of public and private funding, including tax exempt, short-term bond financing and 4% Low Income Housing Tax Credits, to be used towards the acquisition and rehabilitation of the property. Salem Lafayette Apartments is a 412-unit affordable housing community, built in 1977, comprising a 15-story 182-unit high-rise that targets age-restricted tenants to 62 years and older and a 230-unit townhouse and garden-style property that targets families.
“As the development of new affordable housing stock slows due to rising land costs, preservation of the existing housing stock is more crucial than ever before,” said Jeff Englund, senior managing director and head of Greystone’s Affordable Housing finance group. “Through the team’s hard work and close relationships with Fannie Mae and other federal agencies, we were able to secure the necessary financing and close the transaction in a timely and efficient manner.”