Dealmaker: Greystone Provides $21M HUD-Insured Loan for Florida Affordable Community

(Property image courtesy of Atlantic Housing Foundation.)

Greystone, New York, provided a $20,977,600 HUD-insured loan to refinance Windover Oaks Apartments, a 238-unit affordable housing community in Titusville, Fla.

Miryam Reinitz-Kops and Jon Morales of Greystone originated the transaction on behalf of Atlantic Housing Foundation, Dallas.

Built in 1984, Windover Oaks Apartments in Brevard County includes 20 garden-style apartment buildings with one-, two- and three-bedroom units. 180 of the 238 units are considered affordable housing. In partnership with the City of Titusville, a Land Use Restriction Agreement was established to ensure the community continues to serve low- to moderate-income families.

The HUD 223(f) loan carries a 35-year term and amortization. The property qualified for the green building certification.

In addition to refinancing, loan proceeds enabled the borrower to continue with ongoing property maintenance and monetize a portion of their equity.