Greystone has provided a $37.4 million HUD loan for The Verandas Apartment Homes in West Covina, Calif., Commercial Observer can first report. The refinance will allow owner Legacy Partners to complete interior and exterior property renovations.
Lori DiMartino, a vice president at Greystone, originated the loan. “Legacy’s ability to finance renovation funds based on future rents is one of the true benefits of this HUD refinance product, aside from the advantages of a low fixed-rate, nonrecourse and 35-year term,” DiMartino said in prepared remarks.
The Verandas is a 209-unit multifamily community, owned by Legacy Partners since 2007. The property’s clubhouse, pool, barbeque area and dog park will all be upgraded as part of the renovations.
“We are thrilled to have refinanced this property, as the rehabilitation and resident experience is a top priority for us,” said Tim O’Brien, a senior managing director at Legacy Partners. “We are happy to have secured long-term, low-rate financing and have been very happy with Greystone’s execution.”