Greystone is providing $17.5 million in funding for
NEW YORK, Jan. 24, 2022 (GLOBE NEWSWIRE) — Greystone, a leading national commercial real estate finance company, has provided a $17,570,000 loan to Freddie Mac Targeted Affordable Housing (TAH) for a 559-unit multifamily property in Tampa, Florida. The transaction was initiated by Greystone Principal Ryan Harkins on behalf of Michaels Development Company.
Fixed-rate, non-recourse financing has an 18-year term and 35-year amortization. The property has LITHC, Bond and SAIL Land Use Restriction Agreements (LURA) in place which require limits on tenant income and rent restrictions for all units. Built in 2003 and 2005, Belmont Height Estates I and II is a 559-unit garden-style apartment complex in Tampa, Florida that offers one-, two-, three-, and four-bedroom units with an on-site boys and girls club. Property amenities include three clubhouses, business center, community rooms, laundry rooms, basketball courts, fitness center, playground, swimming pool, picnic area, coordination of after-school services and programs.
“Belmont Heights I and II have long been an essential affordable housing resource for families in Tampa,” said Kenneth Crawford, executive vice president of Michaels Development. “Michaels and our partner, the Tampa Housing Authority, are grateful to Ryan and the entire Greystone team for their assistance in ensuring Belmont remains affordable, well-capitalized and well-maintained for years to come through this successful transaction.
“Greystone’s expertise in affordable housing and its many complexities, along with our long relationship with Freddie Mac, are part of how we help real estate investors navigate this area of real estate,” said Mr. Harkins. “Greystone is passionate about seeing affordable communities thrive, and we were thrilled to help our client in this endeavour.”
“The Michaels organization is best in class when it comes to affordable housing development. We have truly enjoyed working with David, Kelly, Ken and the rest of The Michaels Organization team to bring this deal to fruition,” Mr. Harkins added.
Greystone is a national, privately held commercial real estate finance company with an established reputation as a leader in multifamily and healthcare financing, having been ranked among the top FHA, Fannie Mae and Freddie Mac lenders in these sectors. Loans are offered by Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com.