Greystone has provided a $68.5 million refinancing package for Capitol Apartments, a 278-unit, fully affordable senior housing community in Manhattan. The 10-year Fannie Mae loan bears a 30-year amortization period and a 3.16 percent interest rate, according to Yardi Matrix data. The mortgage enables yield maintenance, capital improvements and allows the borrower, Fifty First Capitol Associates LLC, to monetize their existing equity.
Situated at 840 Eighth Ave., the community features 250 age-restricted Section 8 units and 28 non-age-restricted units. Originally constructed as a hotel in 1925, the 18-story property was converted to residential use in the 1970s.
Amenities include a community room with a library and kitchen, on-site management, 24-hour security and a social service worker. Additionally, the transit-oriented asset features 9,834 square feet of ground-floor retail space occupied by restaurants, a wine bar and other shops.
Greystone Managing Director Rob Meehan and Senior Vice President Jon Morales secured the loan on behalf of the owner. In November, the company arranged a $50 million loan for a Brooklyn community owned by Hudson Cos.