Greystone Provides $37 Million HUD Loan for California Multifamily Property
August 21, 2017
Greystone announced it has provided $37,368,000 in HUD-insured financing for The Verandas Apartment Homes. The transaction was originated by Lori DiMartino, a Vice President in Greystone’s New York office.
Owned by Legacy Partners since 2007, The Verandas is a 209-unit multifamily community located in West Covina, CA. The refinance enables Legacy Partners to complete substantial property renovations to most interiors and exterior amenity areas, including complete clubhouse upgrade as well as the pool, BBQ and dining spaces, and dog park.
“Legacy’s ability to finance renovation funds based on future rents is one of the true benefits of this HUD refinance product, aside from the advantages of a low fixed rate, non-recourse, and 35-year term,” said Ms. DiMartino.
“We are thrilled to have refinanced this property, as the rehabilitation and resident experience is a top priority for us,” said Tim O’Brien, Senior Managing Director, Legacy Partners. “We are happy to have secured long-term, low-rate financing, and have been very happy with Greystone’s execution.”