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Greystone Provides $90M Loan on Yonkers Affordable
Greystone, a leading national commercial real estate finance company, has provided a $90-million Fannie Mae Delegated Underwriting & Servicing (DUS) Affordable Housing (MAH) loan to refinance a 317-unit multifamily property in Yonkers, NY. The financing on behalf of Metropolitan Realty was originated by Eric Rosenstock, senior managing director in Greystone’s New York office.
The $89,989,000 non-recourse, fixed rate DUS financing features a five-year term and 35-year amortization, with two years of interest only payments. Built in 1974 and located at 77 Locust Hill Ave. in Yonkers, Cromwell Towers Apartments is a 12-story building consisting of one-, two-, and three-bedroom income- and rent-restricted units.
The bond- and LIHTC-encumbered property is covered by a long-term HAP contract that includes 99% of the units, which converts to a new 27-year HAP contract upon closing. All of the units are restricted to 60% Area Median Income for residents.
- ◦Financing
