Greystone Arranges HUD-Insured Loan for East Harlem Apartments

Greystone has provided a $97,600,000 HUD-insured loan to refinance Villa Hermosa Apartments, a 272-unit multifamily property in East Harlem. The financing was originated by senior managing director Eric Rosenstock and EVP Jeff Englund of Greystone, on behalf of Metropolitan Realty Group.

Built in 1910, Villa Hermosa Apartments in New York County consists of three mid-rise, elevator buildings with one-, two- and three-bedroom units, which are income-restricted to 50% Area Median Income (AMI) for residents and supported by long-term Section 8 project-based rental assistance. The HUD-insured Section 223(f) non-recourse financing features a 35-year term and amortization, along with a low, fixed rate.

In addition to refinancing, loan proceeds will be used to complete substantial in-unit renovations and building improvements. The property is covered by a new 20-year HAP contract.

“This financing preserves an important affordable asset in one of Manhattan’s most supply-constrained neighborhoods,” said Rosenstock.

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