Greystone Refinances South Florida Affordable Housing With $20M Loan
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.
“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 email@example.com.