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New York & Tri-State  + Uptown/Bronx  + Apartments  | 

Greystone Arranges HUD-Insured Loan for East Harlem Apartments

Greystone has provided a $97,600,000 HUD-insured loan to refinance Villa Hermosa Apartments, a 272-unit multifamily property in East Harlem. The financing was originated by senior managing director Eric Rosenstock and EVP Jeff Englund of Greystone, on behalf of Metropolitan Realty Group.

Built in 1910, Villa Hermosa Apartments in New York County consists of three mid-rise, elevator buildings with one-, two- and three-bedroom units, which are income-restricted to 50% Area Median Income (AMI) for residents and supported by long-term Section 8 project-based rental assistance. The HUD-insured Section 223(f) non-recourse financing features a 35-year term and amortization, along with a low, fixed rate.

In addition to refinancing, loan proceeds will be used to complete substantial in-unit renovations and building improvements. The property is covered by a new 20-year HAP contract.

“This financing preserves an important affordable asset in one of Manhattan’s most supply-constrained neighborhoods,” said Rosenstock.

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Greystone's Rosenstock

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing