NEW YORK CITY — Greystone has provided a $68.5 million Fannie Mae loan to refinance Capitol Apartments, a Section 8 affordable seniors housing property in New York.
Located on 8th Avenue where Hell’s Kitchen meets the Theater District in Manhattan, Capitol Apartments features 278 studio and one-bedroom apartments, including 250 age-restricted Section 8 units and 28 non-age-restricted units. Originally built in 1925 as a hotel, the 18-story property was converted to apartments in the 1970s.
The property also has six street-level retail spaces, which are currently occupied by restaurants, a wine bar and other neighborhood vendors.
The loan carries a 10-year term over a 30-year amortization period at a fixed rate. Funds will be used to pay yield maintenance, make improvements at the property and monetize existing equity. The transaction refinances an existing Fannie Mae loan that Greystone also originated.
Rob Meehan and Jon Morales of Greystone originated the transaction on behalf of Fifty First Capitol Associates.