Greystone Lends $47M for Long Island Section 8 Housing Complex
The refi was part of a $91.9 million transaction the lender closed on three subsidized multifamily properties owned by Metropolitan Realty Group.
By Andrew Coen July 23, 2026 2:39 pm
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Metropolitan Realty Group has sealed $46.8 million of agency debt for the acquisition and refinancing of a Long Island affordable housing complex, Commercial Observer has learned.
Greystone provided the nonrecourse, fixed-rate Fannie Mae-backed loan on the developer’s Pine Town Houses Section 8 garden-style apartment complex in Long Beach, N.Y. The nonrecourse deal, which was originated by Eric Rosenstock, senior managing director at Greystone, and Jeff Englund, executive vice president, carries a 10-year term with five years of interest-only payments followed by a 35-year amortization schedule.
“Greystone understands the complexities of affordable housing financing in every market cycle,” Rosenstock said in a statement.
Located at 151 East Pine Street, the 1975-built Pine Town Houses property is composed of eight two-story buildings with 130 units ranging from one to four bedrooms. The property, which is supported by long-term Section 8 Housing Assistance Payments, will undergo a “moderate rehabilitation” project as part of the refi, according to Greystone.
Greystone also provided Fannie Mae-backed loans of $25.7 million and $19.4 million on Metropolitan Realty Group’s Hudson View II and Hudson View III properties, respectively, in northern Manhattan’s Hamilton Heights neighborhood. Metropolitan Realty Group acquired the portfolio of 129 Section 8 units for $45 million from Aminim Group, New York Business Journal previously reported.
Planned upgrades across all three properties include interior apartment renovations, building system improvements and enhancements to common areas, according to Greystone.
“The preservation of affordable housing remains one of the most important priorities in our industry,” Scott Jaffee, president of Metropolitan Realty Group, said in a statement. “Every transaction represents an opportunity to help owners secure long-term financing that strengthens their properties, preserves affordability and supports the communities that depend on these critical housing resources”.
Andrew Coen can be reached at acoen@commercialobserver.com.
