Greystone Inks $27M Fannie Mae Loan

For more on San Francisco’s housing, capital, and office market, attend Connect San Francisco tomorrow at The Hibernia Bank.

Greystone has provided a  $27 million Fannie Mae loan for the refinancing of Glenridge Cooperative Apartments in San Francisco. Glenridge Cooperative Apartments, built in 1968, offers 275 apartments, with 75% of them under the HUD Section 8 rental assistance payment program.

The Fannie Mae loan carries a 30-year term, with a 30-year amortizing structure. The loan allowed Glenridge to pay off its existing debt of two separate HUD loans, as well as provide additional funds for renovations and seismic retrofits.

Jeff Stiel, a vice president in Greystone’s New York office, originated the deal.