Greystone Refis Yonkers Affordable Housing Complex With $90M Loan

Metropolitan Realty Group landed $89.9 million of agency-backed debt to refinance a multifamily asset in Yonkers, N.Y., Commercial Observer has learned.

Greystone originated the Fannie Mae (FNMA) affordable housing loan for the developer’s Cromwell Towers Apartments property. Eric Rosenstock, senior managing director in Greystone’s New York office, led the fixed-rate financing that consists of a five-year term and 35-year amortization period with two years of interest-only payments. 

“Greystone is committed to executing on transactions that enable our clients to provide quality affordable housing to individuals and families in New York City and beyond,” Rosenstock said in a statement. 

Located at 77 Locust Hill Avenue, the 12-story complex comprises 317 apartments with 99 percent of the units restricted to tenants earning 60 percent of the area median income. The 1974-built property is encumbered by municipal bonds and Low-Income Housing Tax Credits with a long-term contract under the Housing Assistance Payments program, according to Greystone.

Scott Jaffee, principal of Metropolitan Realty Group, said in a statement that Greytone has helped finance other deals for the firm and helped it “navigate the affordable housing finance landscape.”

Andrew Coen can be reached at acoen@commercialobserver.com