Dealmaker: Greystone Provides $24M for Connecticut Affordable Housing

(Martin Luther King Apartments, Stamford, Conn.)

Greystone, New York, provided a $24 million HUD 223(f) loan to refinance Martin Luther King Apartments, an 89-unit affordable housing community in Stamford, Conn.

Jon Morales, Senior Vice President at Greystone originated the loan for New Neighborhoods Inc., Stamford, Conn.

Located on Stillwater Avenue, Martin Luther King Apartments is a 100% Section 8 multifamily property. As part of the financing, the owner obtained a 20-year Housing Assistance Payment contract for the property to preserve affordability for the long term. The 13-story building contains 22 one-bedroom units, 45 two-bedroom units and 22 three-bedroom units plus a community room.

Greystone also provided $15.6 million in Freddie Mac Optigo financing for Trails at Lakeside, a 208-unit multifamily property in Indianapolis. Miryam Reinitz-Kops, Vice President in Greystone’s New York office, originated the financing and Cushman & Wakefield Vice Chair George Tikijian acted as correspondent on the transaction.

Built in 1989, Trails at Lakeside in Marion County is a six-building garden-style community with one-, two- and three-bedroom units. The fixed-rate non-recourse loan carried a 12-year term and 30-year amortization with three years of interest-only payments. In addition to the acquisition, loan proceeds enabled the borrower to make improvements to the property.