NEW YORK, NY -- Greystone, a real estate lending, investment, and advisory company, announced it has provided a $24,000,000 HUD-insured permanent loan to refinance Country Club Villas II, the second phase of an affordable housing community in Miami Lakes, FL. The transaction was originated by Eric Rosenstock of Greystone’s New York office.
Country Club Villas, comprising a total of 430 units across two properties, is an affordable housing complex that was constructed in 2000. The FHA financing replaces a Fannie Mae loan and has a 35-year fully amortizing loan term with a low, fixed interest rate.
“After embarking on a HUD financing journey with Greystone for the iconic Miami Stadium Apartments property earlier this year, it made sense to pursue this fantastic debt option with other assets in our portfolio,” said Country Club Villas owner Lewis Swezy, President, Centennial Management. “Greystone’s expertise in affordable housing and FHA finance is unparalleled, and their lending process is both streamlined and efficient. It’s a pleasure working with Eric and his team to optimize our portfolio.”
“With a borrower as engaged and passionate as Lewis, we as a team are unstoppable in achieving his goals for his portfolio,” said Mr. Rosenstock. “With the incredible terms for HUD-insured loans – low, fixed rates and long terms – it’s a fantastic option for investors that focus on permanent holds in their portfolio.”