Greystone Provides $31 Million in Financing for Las Vegas Affordable Housing
August 24, 2015
FHA and Freddie Mac Helps Finance 569 Total Units
Greystone announced it has provided two loans for separate Las Vegas affordable housing properties totaling $30,712,000.
In the $13,000,000 acquisition of Summerhill Apartments, a 221-unit community constructed in 1998, Greystone provided a 35-year FHA-insured loan that includes rehabilitation costs, estimated at $28,363 per unit. The community is spread across 14 two-story buildings with amenities such as an exercise room, community room, swimming pool, and picnic/BBQ/play areas.
Villanova Apartments, also located in Las Vegas, was refinanced for $17,712,000 with a 7-year Freddie Mac loan carrying a 30-year amortization. The property, built in 2002 using 4% Low income housing Tax Credits and Tax-Exempt Bonds, is restricted to 60% AMI. Spread across 44 two-story residential buildings, the 348-unit community includes amenities such as a clubhouse, fitness center, business center and swimming pool.
“Greystone’s expertise in both FHA and agency financing has enabled us to navigate the unique Las Vegas market, where demand for affordable housing that often needs rehabilitation or recapitalization is common,” said Joe Mosley, Executive Managing Director and head of agency lending at Greystone.
Greystone provides mortgage finance solutions across multiple platforms, including FHA, Fannie Mae, Freddie Mac, USDA, CMBS, bridge, mezzanine and other proprietary loan programs.