NEW YORK, NY - Greystone, a leading national commercial real estate finance company, has provided a $21,555,000 Fannie Mae Multifamily Affordable Housing (MAH) loan to refinance a 101-unit affordable housing property in Carteret, New Jersey. The financing was originated by Ryan Harkins, a Director at Greystone, on behalf of Tryko Partners, a repeat Greystone client.
Roosevelt Village Apartments in Middlesex County is a 10-building, income and rent-restricted community situated on 5.1674-acres. Constructed in 1969, the property offers one-, two- and three-bedroom townhome-style units, and includes amenities such as on-site parking, playground and a laundry facility. The $21,555,000 non-recourse, fixed-rate financing features a 10-year term and 35-year amortization, with seven years of interest-only payments. In addition to refinancing, loan proceeds enable the borrower to monetize a portion of their equity in the property.
“This was a pretty seamless execution in what continues to be a challenging lending environment,” said Mr. Harkins. “Having the opportunity to pair up with a best-in-class borrower like Tryko and deliver efficient results in this market is what sets Greystone apart from our peers. Our deep lending platform and extensive multifamily expertise mean we are uniquely equipped to help clients realize the vision they have for every property in their portfolio.”
“Given the challenging lending environment with which we are all now confronted, we are happy that the team at Greystone enabled us to refinance Roosevelt Apartments and continue to preserve affordable housing for our residents,” said Mr. Isaac Sassoon, of Tryko Partners.
About Greystone: Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com