Greystone has provided a $10.5 million Fannie Mae Delegated Underwriting and Servicing loan to refinance River Bluff Apartments, a 150-unit affordable community in Mankato, Minn. Working on behalf of the owner, Managing Director Kyle Jemtrud structured the 12-year, fixed rate financing with a 30-year amortization period and four years of interest-only payments.
Located at 405 N. Fifth St., the six-story community houses one- to three-bedroom apartments ranging from 576 to 984 square feet. All units are restricted to individuals and families earning 60 percent of the area’s median income. Formerly known as The Downtowners, the property underwent capital improvements after receiving tax credit financing from The Minnesota Housing Finance Agency in 2016, according to The Land.
The property is within walking distance of the city center, near Washington Park. The surrounding area features many shops, restaurants and entertainment venues, especially those located alongside Second Street. Minnesota State University Mankato is 2 miles south.
Last month, a Greystone team originated a $14 million FHA-insured loan for the refinancing of a 174-unit community in Crown Point, Ind. Managing Directors Dan Sacks and Eric Rosenstock represented the owner.