Greystone Provides $ 28.9 Million in HUD-Assured Funding
NEW YORK, February 08, 2021 (GLOBE NEWSWIRE) – Gray stone, a leading national commercial real estate finance company, has provided a $ 28,992,000 HUD-insured loan to refinance a 288-unit affordable housing property in Mangonia Park, Florida. The funding was initiated by Fred Levine, Managing Director of the Greystone New York office, on behalf of long-term client Royal Castle Development.
The $ 28,992.00 HUD Section 223 (f) funding has a term of 35 years and amortization of 35 years, as well as a low fixed interest rate. The property has a LIHTC Land Use Restriction Agreement (LURA) which requires limits on tenant income and rent restrictions for all units.
Built by the borrower in 2000, Hampton Court Apartments consists of 19 garden style apartment buildings offering two and three bedroom units with updated appliances, washer / dryer hook-ups and private outdoor living areas. Residents have access to the gated community clubhouse and business center, swimming pool and fitness center, tennis court, picnic and games area, laundry facilities and on-site parking. With Interstate 95 nearby, the property offers easy access to some of the area’s top employers, medical facilities, downtown West Palm Beach shopping, golf courses and beaches, as well as Palm Beach International Airport.
“Our expertise in affordable housing and our state-of-the-art HUD platform allows us to find solutions that meet the needs of our clients and ultimately the residents of the property,” said Mr. Levine.
“Greystone’s long-standing commitment to the affordable housing market mirrors our own, and we appreciate the expertise and finesse of the team to close these deals quickly,” said Mr. Elliott Stone, Director of Royal Castle Development. “We want our residents to enjoy a quality home in a safe community. We keep coming back to Greystone as they work tirelessly to uncover opportunities and secure the right resources to make this vision a reality.
Greystone is a national commercial real estate finance company with an established reputation as a leader in multi-family and healthcare finance, having ranked among FHA’s top lenders, Fannie Mae and Freddie Mac in these industries. Loans are offered by Greystone Servicing Company LLC, Greystone Funding Company LLC and / or other companies affiliated with Greystone. For more information visit www.greystone.com.