Glenridge Cooperative Apartments
Lending - Fannie Mae - $27M
Greystone provided a $27,000,000 Fannie Mae MAH loan for the refinancing of Glenridge Cooperative Apartments in San Francisco, CA. The deal was originated by Jeff Stiel, a Vice President in Greystone’s New York office. The transaction marked Greystone’s first affordable cooperative housing deal.
The Fannie Mae MAH loan carries a 30-year term with a 30-year amortizing structure. The loan allowed the affordable cooperative group ownership (Glenridge Apartments Residential Council Inc.) to pay off its existing debt of two separate HUD loans, as well as provide additional funds for renovations and seismic retrofits. Glenridge Cooperative Apartments, built in 1968, is a Limited Equity Housing Cooperative that consists of 275 units with 75% of the units under the HUD Section 8 rental assistance payment program. The units are contained within several two- and three-story wood-framed buildings.
“This transaction is a prime example of how our strong relationship with Fannie Mae and in-depth knowledge of various loan products allows us to creatively devise a financing structure tailored to our client’s needs,” said Joe Mosley, Executive Managing Director and head of Agency lending at Greystone. “We knew that the Fannie Mae affordable product would work for the GARCI board as it would allow them to obtain proceeds for mandatory state-compliant repairs in addition to meeting their refinancing requirements.”
“Greystone demonstrated their commitment to being a true partner in working with us through every step of this process,” said Fred Butler, GARCI Board President. “Our property had atypical land use restrictions from our existing HUD loan that Greystone was able to evaluate and work with Fannie Mae to get the loan funded. This loan will allow us to continue to provide real affordable housing to both low and moderate income families in a city that has one of the highest residential rental costs in the country.”