By Joshua Ayers, Senior Editor
New York—Greystone recently announced that it has secured $32.5 million in HUD refinancing for a Port St. Lucie, Fla., luxury community owned by K&J Residential. Greystone’s Reuben Dolny, senior mortgage banker, originated the 35-year, fully-amortizing FHA loan on behalf of the borrower.
“The refinancing of Kitterman Woods marks Greystone’s inaugural multifamily loan for K&J Residential Group, and it is their first HUD loan, so a successful round of firsts overall,” Dolny tells MHN. “We look forward to working together on future transactions as the rate environment remains favorable.”
The Florida-based K&J Residential was represented by Steven Deutsch, partner at law firm Frank, Weinberg & Black for the transaction.
“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,” says Jeff Nudelman, principal at K&J Residential Group.
The borrower has no immediate plans at this time to make improvements at the six-year-old community and sought the loan in order to take advantage of the lower interest rate environment through long-term HUD financing.
“There is strong rental demand in Port St. Lucie—occupancy rates in the high 90s range—and Kitterman Woods will benefit from stable, long-term financing as the local market continues to grow,” Reuben says.
The luxury community, located on eastern coast of Florida about 100 miles north of Miami, was built in 2007 by KD Construction, an affiliate contractor/construction company of K&J.
Kitterman Woods is comprised of 396 one-, two- and three-bedroom units that range in size from 720 to 1,250 square feet. Amenities include two swimming pools, a fitness center, tennis, basketball and volleyball courts, garage parking and pet-friendly amenities.
“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,” says Betsy Vartanian, head of FHA Lending at Greystone.