New Neighborhoods Secures $24M Refi for Affordable Stamford Community

Martin Luther King Apartments. Image courtesy of Yardi Matrix

New Neighborhoods Inc. has secured a $24.1 million HUD 223(f) refinancing loan for Martin Luther King Apartments, an 89-unit fully affordable community in Stamford, Conn. Greystone originated the 35-year, low, fixed-rate loan that matures in 2058. The owner will also be able to preserve the affordability of the Section 8 property through a 20-year HAP contract that is part of the financing.

According to Yardi Matrix data, in 2012 the property became subject to another $11.1 million HUD 223(f) loan originated by Walker & Dunlop.

Martin Luther King Apartments was built in 1972 and completely renovated in 2006, according to Yardi Matrix. The community encompasses 22 one-, 45 two- and 22 three-bedroom apartments ranging between 466 and 844 square feet. The 12-story building has controlled access, a community room, 88 parking spaces and 13 laundry facilities.

Located at 40 Stillwater Ave., the community is near Route 1 and Interstate 95. Martin Luther King Apartments is also close to downtown Stamford, where there’s an abundance of retail centers, dining options and entertainment venues. Green areas such as Mill River Park, Scalzi Park and Lione Park are also nearby. Stamford Hospital is within a 1.2-mile radius of the community.

Greystone Senior Vice President Jon Morales originated the loan. Recently, the company provided a similar loan for the refinancing of a 161-unit community in Tacoma, Wash.