Greystone’s $28M HUD Loan Refinances South Florida Multifamily Asset
Greystone has supplied $28.4 million in U.S. Department of Housing and Urban Development (HUD)-insured debt to refinance a multifamily property in Florida’s Broward County, Commercial Observer has learned.
The 35-year, fixed-rate, HUD-backed loan was provided on behalf of Centennial Management for Pembroke Gardens, a 198-unit apartment complex in Pembroke Park, Fla.
Eric Rosenstock, managing director in Greystone’s New York office, originated the financing. Rosenstock noted that he has worked closely with Centennial Management Principal Lewis V. Swezy over the years on “improving” his real estate debt portfolio with “sophisticated financings.”
Located at 3701 SW 52nd Avenue, Pembroke Gardens consists of 13 two-floor detached buildings with one-, two and three-bedroom units. The property built in 2001 is income-restricted to residents earning 60 percent of area median income. Its amenities include a clubhouse/community room, swimming pool with hot tub, two picnic/play areas, on-site laundry facilities and gated access.
“Eric and his team have proved invaluable to my real estate portfolio in helping to realize the benefits of HUD financing over many transactions,” Swezy said in a statement.
Monthly rents at Pembroke Gardens range from $978 to $1,337, according to Centennial Management’s website.
Miami Lakes, Fla.-based Centennial owns several South Florida multifamily properties in Broward, Palm Beach and Miami-Dade counties.