Greystone Provides $17.6M Fannie Mae Financing for Affordable Portfolio Acquisition in New York City

NEW YORK CITY — Greystone has provided $17.6 million in Fannie Mae Delegated Underwriting and Servicing (DUS) loans for the acquisition of two multifamily properties totaling 151 units in New York City.

Dan Sacks and Ilan Bassali in Greystone’s New York office originated the loans on behalf of Heritage Affordable Communities LLC.

Greystone provided a $12.5 million non-recourse loan to acquire Highland Avenue Senior Apartments, an 88-unit midrise seniors housing apartment property in Yonkers, which was constructed in 2008. The fixed-rate loan carries a 12-year term with a 30-year amortization and five years of interest-only payments.

Greystone also provided a $5.1 million fixed-rate loan with a 10-year term and amortization and full-term, interest-only payments for the acquisition of 2120 Hughes Avenue. The 63-unit multifamily apartment property in the Bronx was built in 1995.