POMONA, Calif. — Greystone has provided a $29.9 million HUD-insured loan to refinance Serenity Villas, a 174-unit affordable seniors housing property in Pomona.
Shana Daby, a managing director with Greystone, originated the transaction on behalf of AMCAL.
The Section 223(f) loan refinances the property at a fixed rate with a 35-year term and amortization. Loan proceeds also enable the borrower to make capital improvements and set up a debt service reserve, as well as monetize existing equity in the property.
Originally constructed by the borrower in 2002, Serenity Villas is an age- and income-restricted apartment community for adults aged 55 years and older. Set across six mid-rise elevator buildings, the property offers one- and two-bedroom units, including Section 8 voucher units.