NEW YORK, NY -- Greystone, a leading commercial real estate lending, investment, and advisory company, announced it has provided a $5,320,000 Freddie Mac Targeted Affordable Housing loan for the acquisition of Verdant Cove Apartments in Gainesville, Florida. The loan was originated by Andrew C. Ellis, managing director in Greystone’s Rockville, Maryland office, for Capital Vision Management, LLC, a Parkland, Florida-based real estate investment firm.
The Freddie Mac non-recourse loan for the property, located at 4260 Southeast 10th Place, carries a 15-year fixed rate term. Verdant Cove is the fifth affordable housing property in Capital Vision’s portfolio.
Built in 2003, Verdant Cove is a 140-unit, garden-style low-income housing tax credit (LIHTC) apartment community, with 1-, 2- and 3-bedroom units. Approximately 77 percent of Verdant Cove units are designated for households that are 60 percent below the area median income (AMI), 17 percent of Verdant Cove’s units are designated for households with incomes that are 33 percent of the AMI, and the remaining six percent are for households earning 50 percent AMI.
“As the top Freddie Mac affordable housing lender, Greystone worked closely with the GSE to find an acquisition financing solution that would honor the borrower’s requests,” said Mr. Ellis. “This loan helps to facilitate the long-term viability of the property for a large portion of the Gainesville community, which, like the rest of the nation, is grappling with an intense demand for affordable units. The purchase is a win for Capital Vision, the city of Gainesville, and most importantly, the residents of Verdant Cove.”
“Greystone masterfully managed the difficult financing process with ease and was able to find a solution that will not only help provide cash-flow to maintain and improve Verdant Cove, but most importantly, provide affordable housing for the Gainesville community,” said Mahesh Desai, Managing Member of Capital Vision, LLC. “We will immediately begin defined short-term and long-term upgrades to the property to serve the residents and offer much-needed affordable housing in the Gainesville area.”