Greystone Refinances South Florida Affordable Housing With $20M Loan

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Greystone has provided $20 million of U.S. Department of Housing and Urban Development-insured debt to refinance an affordable housing property in Miami Dade County, Commercial Observer can first report.

The 35-year, fixed-rate HUD loan was supplied on behalf of Lewis Swezy’s Centennial Management for Country Club Villas I, a 216-unit multifamily property in Hialeah, Fla. Eric Rosenstock, managing director in Greystone’s New York office, originated the financing. 

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“My team has had the privilege to finance many projects for Lewis Swezy over the years and we greatly appreciate the relationship,” Rosenstock said in a statement. 

Located at 8231 NW 73rd Avenue, the 2002-built Country Club Villas I consists of 10 mid-rise buildings with one-, two- and three-bedroom units.  The property qualifies for a lower annual mortgage insurance premium since it is rent-restricted. Savings from the refinance loan will enable Centennial to continue with ongoing property maintenance and monetize a portion of their equity in the asset. 

The loan marked the second South Florida transaction Greystone has originated for Centennial in a month and comes on the heels of a $28 million HUD refinancing for Pembroke Gardens, a 198-unit affordable housing apartment complex in Pembroke Park, Fla.

“Greystone’s deep experience in this market meant that our transaction closed quickly and seamlessly,” Swezy said in a statement. 

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