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Affordable Housing in Old Town Secures $70M Fannie Mae Loan
Greystone has provided a $70.4-million Fannie Mae affordable housing loan for Morningside North Apartments in Old Town. The 256-unit senior housing community at 70 W. Oak St. is covered by a long-term Section 8 contract.
With financing under the Fannie Mae MBS as Tax-Exempt Bond (M.TEB) program, the borrower received tax-exempt financing from the Illinois Housing Development Authority in the form of long-term bonds. Additionally, Aegon is providing $30.5 million in tax credit equity that will go toward planned renovations.
With newly-issued 4% tax credits, the transaction qualifies for 90% LTV, as well as the Fannie Mae Green Rewards Program.
Built in 1981, Morningside North is an 18-story high-rise community made up primarily of one-bedroom units. “We thank Fannie Mae for their partnership in financing this critical asset in the Chicago market, helping to preserve quality housing for hundreds of residents,” said Greystone’s Jeff Englund.
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