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Greystone Provides $18M for Affordable Multifam in Panhandle’s Okaloosa County
Greystone has provided a $17.6 Freddie Mac Optigo Targeted Affordable Housing (TAH) loan to acquire a 168-unit affordable housing property in Fort Walton Beach, FL. The loan was originated by Carter King in Greystone’s Atlanta office, on behalf of The Hallmark Companies, Inc.
The loan carries a 10-year term and 30-year amortization at a variable interest rate, with interest-only payments for the first five years. The property has LITHC, Bond and SAIL land use restriction agreements in place that require limits on tenant income and rent restrictions for all units.
Constructed in 2004, Heather Glenn Apartments is a seven-building, garden-style apartment complex in Okaloosa County. The gated entry community is located near major roadways and Interstate 10, with easy access to Fort Walton Beach and Northwest Regional Airport.
“Greystone is passionate about seeing affordable housing communities thrive and we always rise to the challenge of helping clients secure the right financing terms for these deals,” said King.
- ◦Sale/Acquisition
- ◦Financing
