Greystone Provides $2.4 Million to Refinance Affordable Housing in Southern California
May 28, 2019
Greystone, a leading commercial real estate lending, investment, and advisory company, announced it has provided a $2.4 million Fannie Mae loan to refinance an affordable housing multifamily property in Victorville, CA. The transaction was originated by Cody Field in Greystone’s San Francisco office, in coordination with the Housing Authority of the County of San Bernardino (HACSB).
The $2,411,000 Fannie Mae loan, which will be used to recapitalize acquisition financing in conjunction with city financing sources, carries a 30-year term at a fixed rate and is self-amortizing. The Hillcrest Court Apartments community is in Victorville, north of the city of San Bernardino outside of Los Angeles, and north of Mt. San Antonio and San Gorgonio mountain. The two-story apartment complex is comprised of 67 units and includes a pool, covered parking, and laundry facilities among its amenities.
“We are thrilled to have helped recapitalize much-needed affordable housing in San Bernardino county and thank the City of Victorville and Fannie Mae for their cooperation in closing this transaction,” said Mr. Field.
“Greystone has been a pleasure to work with from the beginning to the end – Cody and his team provided creative solutions throughout the entire process,” said Ron Ruhl, Development Manager, HACSB. “Hillcrest Court will help the Housing Authority of San Bernardino County provide secure, affordable housing in Victorville for many years to come.”