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Greystone Provides $13M HUD Refi on Hartford Affordable
Greystone provided a $12,985,600 HUD-insured 207/223(f) loan to refinance Tuscan Brotherhood Homes I & II, an affordable housing property in Hartford, CT. The HUD-insured financing carries a 35-year term. The financing was originated by Eric Rosenstock, Jesse Yodice and Daniel Daskal of Greystone.
Built in 1976 as affordable housing at 40 Montville St., Tuscan Brotherhood Homes I & II is a 170-unit rent-restricted community spread over 12 buildings with studio, one-, and two-bedroom units. Ninety-nine percent of the units today are set aside for income-qualified residents and subsidized with project-based rental assistance.
“HUD-insured multifamily financing is an attractive solution for affordable housing sponsors because it enables a long mortgage term and a lower interest rate than typical bank financing,” said Yodice. “We are thrilled to have been recently re-affirmed as the leading HUD lender for multifamily housing, and are truly gratified when clients return to us to help optimize their portfolio assets.”
- ◦Financing
