Greystone Servicing Corp. Arranges $21 Million Loan for Affordable Housing
New York’s Greystone Servicing Corp. said Monday that it has arranged a $21 million loan financed by the Freddie Mac (FMCC) Targeted Affordable Housing Mortgage Program for 350 units of affordable housing in Willimantic, Conn.
The complex, Windham Heights, is owned and managed by Vesta Corporation, which manages roughly 4,000 units in all—throughout Connecticut, Ohio, New Jersey, Indiana and D.C., according to its Web site. It’s located at 202 Scott Road in Willimantic. Data from Real Capital Analytics indicates that it was renovated as recently as 2005 and that the refinancing package is for a term of about 10 years.
“Working with Freddie Mac allows us to further reach customers through a multitude of high-quality products,” said Jeff Englund, who led Greystone’s Affordable Housing team on the deal. “As Greystone works closely with a number of mortgage purchasing enterprises, we are able to offer the best programs for our clients, and we are excited to continue working closely with Freddie Mac and our other partners to serve the multifamily mortgage needs of the country.”