Metropolitan Realty Lands $90M for New York Affordable Community
The LIHTC-financed property caters to residents earning up to 60 percent of the area median income.
Cromwell Towers Apartments, a 317-unit affordable community in Yonkers, N.Y., has become subject to a $90 million refinancing loan. Metropolitan Realty Group owns the property, according to Yardi Matrix data.
Greystone Senior Managing Director Eric Rosenstock originated the Fannie Mae DUS financing. The non-recourse, fixed-rate loan carries a five-year term with two-year, interest-only payments and a 35-year amortization period.
Upon securing the debt, the owner entered a new 27-year Housing Assistance Payment contract set to provide Section 8 vouchers for 99 percent of Cromwell Towers’ units. The LIHTC-financed community caters to residents earning up to 60 percent of the area median income.
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Located at 77 Locust Hill Ave., Cromwell Towers is within walking distance of downtown Yonkers, inside an Opportunity Zone. Several transit stops, parks, schools and medical facilities are also nearby.
Completed in 1974, the 15-story property encompasses one- to three-bedroom floorplans ranging from 670 to 1,038 square feet. Amenities include a laundry facility, electronic key access and high-speed elevators.
Metropolitan Realty Group earmarked roughly $12.5 million for capital improvements, including the construction of new kitchens and bathrooms, as well as the addition of new appliances and fixtures throughout every unit, among other upgrades, according to an application filed at the Yonkers Economic Development Corp.
Government-sponsored enterprises’ affordable ventures
Currently subject to privatization talks, Fannie Mae provided more than $55 billion in financing throughout 2024, including $6.3 billion in affordable housing. Among its Delegated Underwriting and Servicing partners, Greystone originated $2.98 billion last year.
Multifamily finance continued to perform throughout 2024 as Freddie Mac also provided loans totaling $66 billion. Of the total, more than $17 billion supported affordable properties.
Greystone originated $3.0 billion for the government-sponsored enterprise that same year. In one of the deals, Lincoln Avenue and Fairview Housing Partners obtained tax-exempt Freddie Mac financing for the construction of Cottonwood Ranch in Casa Grande, Ariz.
