JV Acquires NYC Portfolio for $60 Million
Greystone provided $45 million in bridge financing for the three buildings located in Washington Heights, Morningside Heights and West Harlem.
Camber Property Group and Belveron Partners have purchased three Section 8 affordable housing properties in upper Manhattan for $60 million. Greystone provided $45 million in bridge financing for the deal, which will preserve 143 affordable housing units.
The assets are located at 287 Audubon Ave. in Washington Heights, 107 West 109th St. in Morningside Heights, and 1871 Seventh Ave. in West Harlem. The properties’ affordability regulations were set to expire within five years, at which point all tenants would lose protection from steep rent increases.
The financing helps preserve affordability for the residents through a new 30-year regulatory agreement with the New York City Department of Housing Preservation and Development and the extension of the Section 8 contract with HUD.
Greystone, during a four-month lock-out period, is simultaneously pursuing permanent HUD-insured financing for the portfolio in order to streamline the processing time and lower costs for the borrower.
“Financing and preserving affordable housing is at the core of Greystone’s mission, and we were thrilled to lead the acquisition financing for this upper Manhattan portfolio,” said Leor Dimant, vice president at Greystone, in prepared remarks. “Our bridge loan platform provides competitive terms, and Greystone can execute permanent financing in a seamless process with Fannie Mae, Freddie Mac, or HUD.”
Last year, Camber Property Group and Belveron Partners, along with LIHC Investment Group, announced they were renovating and preserving 948 units of affordable housing in the Bronx.
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