New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
$45M Bridge Loan Keeps 143 Apts. in Section 8
Greystone has provided $45 million in bridge financing for the $60 million acquisition of three Section 8 properties in Northern Manhattan. This financing ensures preservation of 143 units of affordable housing at the three properties, where affordability regulations were set to expire in five years.
Located in Washington Heights, Morningside Heights and West Harlem, the three properties are now under a new 40-year regulatory agreement with New York City Department of Housing Preservation and Development, and the Section 8 contract with HUD has been extended, due to the financing. Greystone is simultaneously pursuing permanent HUD-insured financing for the portfolio, streamlining the processing time and lowering costs for the borrower.
“Financing and preserving affordable housing is at the core of Greystone’s mission, and we were thrilled to lead the acquisition financing for this upper Manhattan portfolio,” said Greystone’s Leor Dimant, who worked alongside Fred Levine to provide the bridge loan.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
