Greystone, a national commercial real estate finance company, has provided a $14.9 million HUD-insured loan to refinance a 116-unit affordable housing property in Westerly, R.I. The transaction was originated by Lisa Fischman, managing director in Greystone’s New York office, according to a company release.
Merchants Village Apartments, located Westerly, Washington County, was constructed in 1982. The Section 8 affordable housing community consists of one multi-family building with four one-bedroom, eight two-bedroom and four three-bedroom units, and one age-restricted building with 90 one-bedroom and 10 two-bedroom units for adults 62 years of age and older, the company said.
The Section 223(f) loan carries a 35-year term and represents 90 percent loan-to-value. The property also qualifies for a lower annual MIP (Mortgage Insurance Premium) of 0.25 percent because it is rent-restricted.
“My Greystone team guided us through every step of the financing, so that the entire process was seamless and had no surprises,” Robert Liguori, principal of the borrower, which has owned the property since construction, said in the release. “Thanks to the multifamily experts at Greystone and Lisa’s guidance, we were able to achieve a successful transaction and are pleased with the outcome.”
“With interest rates still low, we were able to tap into our FHA lending platform to help our client maximize their equity in this long-time asset,” Fischman said. “At Greystone, it’s our goal to find the right financing for every client and for long-term property investment, the HUD product is still one of the best options out there.”