Greystone Refinances Luxury Florida Complex for $32.5 Million
April 30, 2014
Greystone announced it provided $32.5 million in HUD financing for a multifamily property in Port St. Lucie, FL. The transaction was originated by Reuben Dolny, a leading senior mortgage banker at the firm.
Greystone provided a 35-year fully amortizing FHA loan for K&J Residential Group to refinance Kitterman Woods, a 396-unit luxury rental community. The property boasts two swimming pools; a fitness center; tennis, basketball, and volleyball courts; garage parking; and pet-friendly amenities.
“We couldn’t be more thrilled with the outcome of the financing Greystone provided, and their expertise was beyond invaluable during the process of securing our first HUD loan,” said Jeff Nudelman, principal at K&J Residential Group.
“It’s a pleasure to help multifamily property owners such as K&J Residential Group to secure long-term HUD financing, which, at still-low interest rates today, will certainly help benefit Kitterman Woods and its residents for years to come,” said Betsy Vartanian, head of FHA 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. In 2013, Greystone ranked #1 in combined multifamily and healthcare FHA lending, #3 in Affordable Housing as a Fannie Mae DUS lender, and as a top-5 Freddie Mac lender for seniors housing.