Greystone Coordinates Financing for Jersey City Affordable Housing Community
- Feb 20, 2014
New York—Financial services and private investment group, Greystone, announced Wednesday that it has solidified financing for Salem Lafayette Apartments in Jersey City, N.J. The $64.5 million Fannie Mae Multifamily Affordable Housing (MAH) funding will go toward the acquisition and rehabilitation of the affordable housing community.
“As the development of new affordable housing stock slows due to rising land costs, preservation of the existing housing stock is more crucial than ever before,” says Jeff Englund, senior managing director and head of Greystone’s Affordable Housing finance group. “Through the team’s hard work and close relationships with Fannie Mae and other federal agencies, we were able to secure the necessary financing and close the transaction in a timely and efficient manner.”
The structure of the transaction included a mix of public and private funding that included tax-exempt, short-term bond financing and 4 percent Low Income Housing Tax Credits that will be used toward the acquisition and rehabilitation of the community.
The borrower, Salem Lafayette Urban Renewal LP, is under contract to purchase the project from Salem-Lafayette Associates LP, which is 100 percent owned by New Jersey non-profit entity, Salem-Lafayette Community Development Corporation—the original owner of the project.
The 412-unit community was built in 1977 and is composed of a 15-story high rise that housies 182 units targeting age-restricted residents ages 62 and older, as well as a townhouse and garden-style community made up of 230 units that is geared toward families.