Built in 1968, the property is a Limited Equity Housing Cooperative. Three-quarters of its residences (209) are under the HUD Section 8 rental assistance payment program.
Greystone provided the $27 million Fannie Mae MAH loan for the refinancing of the property. The deal was originated by Jeff Stiel, a vice president in Greystone’s New York office.
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 it additional funds.
“We knew that the Fannie Mae affordable product would work for the GARCI board,” said Joe Mosley, executive managing director and head of agency lending at Greystone. “It allows the board to obtain proceeds for renovations and for mandatory state-compliant seismic retrofits, in addition to meeting its refinancing requirements.”