Dealmaker: Greystone Lends $43M for Multifamily
Greystone, New York, closed two transactions totaling nearly $19 million under Freddie Mac’s new Targeted Affordable Housing Express pilot program.
Freddie Mac Multifamily Vice President of Targeted Affordable Sales and Investments David Leopold said the TAH Express pilot is designed to preserve affordable housing by simplifying processing and underwriting for transactions up to $10 million. He noted Greystone’s $9.1 million and $9.8 million loans for affordable properties in DeSoto and Dallas, Texas, respectively, represented the first two loans closed under the new program.
The properties total 500 units reserved for senior citizens with incomes at 60 percent or less of the average median income.
Greystone Senior Managing Director of Affordable Housing Lending Jeff Englund said the TAH Express program uses standardized underwriting to provide financing to smaller affordable housing properties that would otherwise lose affordability. The process leads to lower transaction costs and a faster execution.
In Baton Rouge La., Greystone provided a $24.2 million HUD-insured loan to refinance The Highland Club Apartments. Jason Stein, Vice President in Greystone’s New York office, originated the transaction.
The HUD-insured fixed-rate loan for the 247-unit The Highland Club came with a 35-year term. The new loan will enable several phased renovations and continued investment in the property, Stein said.
