Greystone has provided a $34 million FHA-insured loan to refinance a 252-unit multifamily property in Land O’Lakes, Florida. The transaction was originated by Eric Rosenstock, Managing Director in Greystone’s New York office, on behalf of Collier Commons Apartments.
The $34,000,000 HUD-insured Section 223(f) financing carries a 35-year term and amortization, along with a low, fixed rate. The property complies with HUD’s Energy Star requirement of a 75 score or higher to achieve a Green Mortgage Insurance Premium (MIP) reduction. The refinancing enables the borrower to continue with the property’s ongoing maintenance and monetize their existing equity.
Constructed in 2004, The Lakes at Collier Commons features 10 garden-style apartment buildings and 252 one-, two and three-bedroom units with modern amenities and finishes, full-size in-unit laundry, and screened-in balconies and patios. Residents also enjoy access to the community’s clubhouse and business center, pool, fitness center, recreational facilities, car wash center and on-site parking. Located in Florida’s Tampa Bay region, the property is close to the area’s shopping, entertainment and retail centers and offers easy access to Interstates 275, 75, and 4.
“The reputation that my team and I have built as part of Greystone’s top producing HUD platform is something that gives our clients the comfort of certainty of execution, not only during today’s uncertain financing environment, but through all market cycles,” said Mr. Rosenstock. “Greystone has the depth of product and market knowledge as a leader in this industry, and we are happy to add this deal to our $60 billion servicing portfolio.”
“Our Greystone team shepherded this transaction to closing with a level of confidence and expertise that continues to make them our #1 choice,” said Mr. Richard Trzcinski, principal, Collier Commons Apartments. “This long-term, low rate financing enables us to continue to enhance this property for our residents.”