Greystone originates USD6.6m loan for Florida multifamily property
Greystone has originated a USD6.652m loan for Ravenwood of Kissimmee, a 185-unit multifamily property located in Kissimmee, Florida.
The deal was brought to Greystone by David Metzger of Eastern Union Commercial and was completed by Andrew Ellis, originator in Greystone’s Rockville, Maryland office.
Greystone will service the loan provided through Freddie Mac’s targeted affordable housing (TAH) programme. As a Freddie Mac targeted affordable housing and seniors housing seller/servicer, Greystone is one of a select number of firms able to originate, underwrite and close affordable multifamily and seniors housing loans on behalf of Freddie Mac.
“Greystone strives to offer our clients a robust set of options to meet their financing needs,” says Jeff Englund, who leads the affordable housing group at Greystone. “Our long-standing relationship with HUD, Freddie Mac and Fannie Mae, and our range of CMBS and interim lending programmes allow us to provide a full range of financing solutions across the nation.”
Ravenwood of Kissimmee is an expiring use low income housing tax credits garden-style apartment project, comprised of one, two, and three-bedroom floor plans. A land use restriction agreement with the Florida Housing Finance Agency results in 100 per cent of the units being restricted to households earning at or below 60 per cent area median income.
David Shweky, managing member of DLS Partners, says: “We enjoyed working with Greystone and Freddie Mac to acquire Ravenwood of Kissimmee. We look forward to working with Greystone again as we continue to focus on upside investments in Florida that will allow us to maximise investment returns to our investors and provide affordable and enjoyable housing to our tenants.”