NEW YORK, Nov. 04, 2024 (GLOBE NEWSWIRE) -- Greystone, a leading national commercial real estate finance company, has provided a $12,985,600 HUD-insured 207/223(f) loan to refinance an affordable housing property in Hartford, CT. The financing was originated by Eric Rosenstock, Jesse Yodice, and Daniel Daskal of Greystone.
Tuscan Brotherhood Homes I & II is a 170-unit rent-restricted community spread over 12 buildings and comprised of studio, one-, and two-bedroom units. Built in 1976 as affordable housing, 99% of the units today are set aside for income-qualified residents and subsidized with project-based rental assistance. The HUD-insured financing carries a 35-year term.
"HUD-insured multifamily financing is an attractive solution for affordable housing sponsors because it enables a long mortgage term and a lower interest rate than typical bank financing,” said Mr. Yodice. "We are thrilled to have been recently re-affirmed as the leading HUD lender for multifamily housing*, and are truly gratified when clients return to us to help optimize their portfolio assets.”
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.
*For HUD's 2024 fiscal year ending September 30, 2024. Based upon combined firm commitments received by Greystone Funding Company LLC and Greystone Servicing company LLC and excludes risk sharing and hospital loans.
PRESS CONTACT:
Karen Marotta
Greystone
212-896-9149
