Greystone Lends $45M on Bronx Affordable Housing Property

reprints


Metropolitan Realty Group has landed $45 million of agency-backed debt to refinance a Section 8 apartment complex in the Bronx, Commercial Observer has learned.

Greystone provided the 10-year, fixed-rate, Fannie Mae multifamily affordable housing (MAH) loan for Metropolitan Realty Group’s West Farms Estates, which includes 30-year amortization with two years of interest-only payments. Greystone’s Eric Rosenstock and Jeff Englund originated the deal, which pays off existing debt on the 331-unit property.

SEE ALSO: Eliot Spitzer’s Latest Resi Tower Set to Rise With $96M Starwood Construction Loan

“Greystone is passionate about financing transactions that enable our clients to preserve and enhance quality affordable housing in New York City and across the nation,” Rosenstock said in a statement. “Access to affordable housing is critical for so many, and Greystone remains unequivocally committed to facilitating transactions that support this vitally important housing over the long-term.” 

Located at 1314 West Farms Road, West Farm Estates is a gated property consisting of three mid-rise elevator buildings with studios as well as one-, two- and three-bedroom units. Constructed in 1931, the property includes on-site security, a leasing office, a courtyard and an on-site grocery store.

The Manhattan-based lender also supplied a separate $12.3 million Fannie Mae MAH loan to refinance Metropolitan Realty Group’s Fulton Street South Section 8 property in Brooklyn. The loan carries a 12-year term with 30-year amortization and two years of interest-only payments. 

Located at 1330 Fulton Street, the 65-unit Fulton Street South comprises one- and two-bedroom units. The seven-story building was constructed in 1985.

“Greystone’s expertise across a range of affordable housing finance options has been essential to our business,” Scott Jaffee, owner of Metropolitan Realty Group, said in a statement. “Their knowledge in the market is unparalleled, and we are thrilled with the outcome of these deals in order to preserve affordable housing in New York City.”

Andrew Coen can be reached at acoen@commercialobserver.com.