Greystone Secures $90 Million Loan for Affordable Housing Property in Yonkers, New York
Greystone, a prominent player in the commercial real estate finance industry, has closed a significant deal with Fannie Mae for a $90 million loan under the Delegated Underwriting & Servicing (DUS) Affordable Housing (MAH) program. This loan was arranged to refinance a 317-unit multifamily property located in Yonkers, New York.
Background on Greystone and Fannie Mae
Greystone, founded in 1988, is a nationally recognized leader in commercial real estate finance, offering a wide range of financing solutions for multifamily, healthcare, industrial, and other property types. Fannie Mae, established in 1938, is a leading source of funding for mortgage and affordable rental housing in the United States.
The Deal: Property Details
The 317-unit multifamily property in Yonkers, New York, which was the focus of this transaction, is an essential addition to the affordable housing landscape in the area. The property offers a mix of studio, one-bedroom, and two-bedroom units, catering to a diverse range of residents. Eric Rosenstock, Senior Managing Director in Greystone’s New York office, led the origination of this deal.
Impact on the Local Community
This refinancing deal not only benefits Greystone and Fannie Mae but also positively impacts the Yonkers community. The infusion of $90 million into the property ensures that it remains a valuable affordable housing resource for its residents. Additionally, the funds can be used for property improvements, which could include upgrades to common areas, unit renovations, and infrastructure enhancements. These improvements can lead to a better living experience for residents and contribute to the overall revitalization of the neighborhood.
National Implications
This transaction is a testament to the strength of the commercial real estate market and the ongoing commitment to affordable housing. As the demand for affordable housing continues to grow, deals like this one demonstrate the importance of partnerships between organizations like Greystone and Fannie Mae in ensuring that the necessary funding is available to support this critical need.
Conclusion
Greystone’s successful $90 million loan arrangement with Fannie Mae for a Yonkers, New York, multifamily property is a significant milestone in the affordable housing sector. The deal not only showcases Greystone’s expertise in commercial real estate finance but also underscores the importance of partnerships between organizations like Greystone and Fannie Mae in providing essential funding for affordable housing initiatives. This transaction has a positive impact on both the local community in Yonkers and the broader affordable housing landscape in the United States.
- Greystone secures $90 million loan for a 317-unit multifamily property in Yonkers, New York, under Fannie Mae’s DUS Affordable Housing program.
- The deal was arranged by Eric Rosenstock, Senior Managing Director in Greystone’s New York office.
- The infusion of funds ensures the property remains an affordable housing resource while enabling potential improvements.
- This transaction highlights the importance of partnerships between organizations like Greystone and Fannie Mae in the affordable housing sector.
As a responsible and curious citizen, this news signifies the ongoing commitment to providing affordable housing options for individuals and families in need. It emphasizes the importance of partnerships between organizations like Greystone and Fannie Mae in ensuring that necessary funding is available to support this critical need. Furthermore, it serves as a reminder of the positive impact that such transactions can have on local communities and the broader affordable housing landscape.
On a global scale, this transaction underscores the significance of addressing the affordable housing crisis in the United States and other countries. As populations continue to grow, it is crucial that organizations, governments, and individuals work together to ensure that everyone has access to safe, affordable housing. The success of this deal between Greystone and Fannie Mae is a positive step in that direction.
