NEW YORK, NY - Greystone, a leading national commercial real estate finance company, has provided a $17,570,000 Freddie Mac Targeted Affordable Housing (TAH) loan for a 559-unit multifamily property in Tampa, Florida. The transaction was originated by Ryan Harkins, Director at Greystone, on behalf of the Michaels Development Company.
The fixed-rate, non-recourse financing carries an 18-year term and a 35-year amortization. The property has LITHC, Bond and SAIL land use restriction agreements (LURAs) in place that require limits on tenant income and rent restrictions for all units. Constructed in 2003 and 2005, Belmont Height Estates I and II is a 559-unit garden style apartment complex in Tampa, Florida, that offers one-, two-, three- and four-bedroom units with a Boys and Girls Club onsite. Property amenities include three clubhouses, business center, community rooms, laundry rooms, basketball courts, fitness center, playground, pool, picnic area, service coordination, and after school programs.
"Belmont Heights I and II have long been a critical affordable housing resource for families in Tampa," said Kenneth Crawford, Executive Vice President of Michaels Development. "Michaels and our partner, The Tampa Housing Authority, are grateful to Ryan and the entire team at Greystone for their help in ensuring Belmont stays affordable, well capitalized, and well-maintained for years to come through this successful transaction.
“Greystone’s expertise with affordable housing and its many complexities, as well as our long relationship with Freddie Mac, are all part of the ways we help property investors navigate this area of real estate,” said Mr. Harkins. “Greystone is passionate about seeing affordable communities thrive, and we were thrilled to help our client in this endeavor.”
“The Michaels Organization is best in class in affordable housing development. We thoroughly enjoyed working with David, Kelly, Ken and the rest of The Michaels Organization team to get this deal to the finish line,” added Mr. Harkins.