Greystone, a leading nationwide commercial real estate finance firm, has provided Fannie Mae Delegated Underwriting Servicing (DUS®) loans totaling $74,300,000 to refinance a 574-unit affordable housing multifamily portfolio in Newark, NJ. The transaction was initiated by Hope Curtis, a director at Greystone.
The mission-driven Fannie Mae financing includes acquisition debt in the form of five separate loans totaling 17
Apartment buildings, all with a 10-year term and a 30-year payback period. The properties are enough
ranging in size from 9 units to 108 units each, with the rent-controlled units being considered affordable living space
Residents at 80% and 60% of Area Median Income (AMI).
“It has been a great pleasure working with our borrower to provide funding for these concurrently
Acquisitions that will really benefit Newark residents over the long term,” Ms. Curtis said. “It’s critical
to preserve the country’s affordable housing stock, and Greystone is committed to working with real estate
Investors to help them achieve that goal.”
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