Greystone Provides $19 Million in FHA-insured Loans for Denver Affordable Housing Properties
August 19, 2015
Greystone announced it has provided two FHA-insured loans totaling $18,796,000 for the acquisition and refinancing of affordable housing properties in the Denver, Colorado region. The loans were originated by Tony Spaeth of Greystone and Tom Wilson of HFF.
Jefferson Square apartments, a 64-unit multifamily property in Denver, CO, was acquired by the borrower, an affiliate of Mr. Roger Rieger, wih a $5,076,300 acquisition loan. The affordable housing community was financed with a low-rate FHA-insured loan carrying a 35-year term.
Highland Crossing / Square Apartments, a 184-unit affordable housing community in Denver, CO, was acquired by the same borrower in conjunction with Jefferson Square Apartments and refinanced in the amount of $13,719,700. The permanent FHA loan carries a 35-year term at an attractive low rate for the property. Highland Crossing / Square Apartments includes amenities such as a clubhouse, fitness center, swimming pool, playground and nearby running / biking trails.
“The Denver region has benefitted from very strong market fundamentals and rapidly increasing rents. Through the utilization of FHA’s long term financing, the borrower has eliminated the interest rate risk typically associated with commercial real estate ownership and helped to ensure the long-term success of these affordable housing properties,” said Mordecai Rosenberg, head of Greystone’s FHA lending group. “Greystone is constantly focused on enhancing and expediting the customer experience throughout the underwriting and closing processes, and we were delighted to play a role in enabling the borrower to successfully close on these two transactions within the required timeframe.”