San Francisco Multifamily Property Owner Bags $27M Refi From Greystone
Cathy Cunningham May 4, 2016, 1:19 p.m.
Greystone has provided a $27 million Fannie Mae multifamily affordable housing loan for the refinancing of Glenridge Cooperative Apartments in San Francisco, Calif., Commercial Observer has first learned.
The multi-building, two- and three-story apartment complex is owned by Glenridge Apartments Residential Council and located at 137 Addison Street in the Glen Park/Diamond Heights area of San Francisco. It features 275 units, 75 percent of which are under U.S Department of Housing and Urban Development’s Section 8 rental assistance program.
Jeff Stiel, a vice president in Greystone’s New York office, originated the MAH loan, which carries a 30-year term with a 30-year amortizing structure and will be used by the property owner to pay off existing debt under two separate HUD loans, as well as providing funds for renovations.
“We knew the Fannie Mae affordable project would work for the GARCI board as it would allow them to obtain proceeds for mandatory state-compliant repairs in addition to meeting their financing requirements,” said Joe Mosley, the head of agency lending at Greystone, in prepared remarks.
“Our property had atypical land use restrictions from our existing HUD loan that Greystone was able to evaluate and work with Fannie Mae [on] to get the loan funded,” said Fred Butler, GARCI’s board president, in a statement. “This loan will allow us to continue to provide real affordable housing to both low- and moderate-income families in a city that has one of the highest residential rental costs in the country,” he said.