NEW YORK, Feb. 26, 2025 (GLOBE NEWSWIRE) — Greystone, a leading national commercial real estate finance company, has provided a $90 million Fannie Mae Delegated Underwriting & Servicing (DUS(R)) Affordable Housing (MAH) loan to refinance a 317-unit multifamily property in Yonkers, New York. The financing was originated by Eric Rosenstock, Senior Managing Director in Greystone's New York office.
Built in 1974, Cromwell Towers Apartments in Westchester County is a 12-story building consisting of one-, two-, and three-bedroom income- and rent-restricted units. The $89,989,000 non-recourse, fixed rate financing features a five-year term and 35-year amortization, with two years of interest only payments. The Bond- and LIHTC-encumbered property is covered by a long-term HAP contract that includes 99% of the units, which converts to a new 27-year HAP contract upon closing. All of the units are restricted to 60% Area Median Income (AMI) for residents.
“Greystone is committed to executing on transactions that enable our clients to provide quality affordable housing to individuals and families in New York City and beyond,” said Mr. Rosenstock. “Our extensive experience in multifamily lending and our deep understanding of the complex affordable housing market mean we can deliver the right financing solution to our clients in a variety of markets.”
“Greystone's position as a top Affordable lender for Fannie Mae has contributed to decades of experience and successes on behalf of our clients in this sector,” added Jeff Englund, head of Affordable lending at Greystone.
“We come back to Greystone because we trust their expertise in helping us navigate the affordable housing finance landscape,” said Mr. Scott Jaffee, principal of the borrower, a repeat Greystone client. “On every transaction, Greystone exceeds our expectations with financing solutions that ultimately work to the benefit of the individuals and families who call our properties 'home'.”
About Greystone
Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com.
PRESS CONTACT:
Karen Marotta
Greystone
212-896-9149
Karen.Marotta@greyco.com
