NEW YORK, Jun 29, 2020 (GLOBE NEWSWIRE) – Greystone, a leading commercial real estate credit, investment, and advisory firm and Lappin Associates, a leading affordable housing consultancy and development services company, today announced a joint venture that will aims to use billions in capital to finance, maintain and stabilize affordable apartment buildings. The joint venture will take out long-term, low-interest, insured by Fannie Mae, Freddie Mac and HUD loans that will allow affordable apartment building owners to undertake moderate renovations to extend the life of their properties.
As the current pandemic worsens the environment for the creation and protection of affordable housing, owners need to look for creative solutions to meet the growing demand. Greystone and Lappin Associates recognize this need and are pooling their strengths to offer a life raft for affordable real estate. Greystone is the leading multi-family and healthcare provider of HUD-insured loans, a leading provider of affordable home loans to Fannie Mae and Freddie Mac, and the general partner of America First Multifamily Investors, LP (ATAX), which serves over $ 1 billion in. manages assets consisting primarily of mortgage bonds intended for apartment building and permanent financing. Combined with Greystone’s extensive experience and skills in structuring financing solutions for the affordable sector, Lappin Associates is a leading local development consultant whose director has over 35 years of experience navigating state, state and local regulatory and tax requirements. Lappin Associates is led by Michael Lappin, former CEO of Community Preservation Corporation. While at CPC, he oversaw the maintenance and development of nearly 95,000 affordable units in NYC.
“The country’s affordable housing stock – and New York City in particular – is in crisis, but there is a proven method of realizing real estate through government-backed loans and a strategic plan for long-term modernization and efficiency, both financially and physically to obtain. “Said Stephen Rosenberg, CEO and founder of Greystone. “We believe this joint venture will bring together the strongest affordable housing providers to breathe new life into critical residential properties, and we look forward to contributing to both private and non-profit owners and their many residents.”
“Well over one and a half million low- and middle-income New Yorkers live in private and nonprofit rental homes. Many of these apartments are old and urgently need to be modernized. In the current crisis, almost all of these apartments are financially stressed and need a lifeline. Through the borrowing technique introduced by CPC in the 1970s and 80s that preserved tens of thousands of homes, our work with Greystone will seek to provide a safety net for those homes. By taking advantage of today’s historically low interest rates, combined with the help of the state and private capital markets, this living space can remain physically and financially strong and offer affordable and healthy living space for this and the next generation. Our initiative with Greystone can be an example of how this can be done meaningfully in New York and other urban centers, ”said Michael Lappin, founding partner of Lappin Associates.
Greystone is a real estate lending, investment and advisory firm with an established reputation as a leader in multi-family and healthcare finance, ranked as one of the top FHA, Fannie Mae and Freddie Mac lenders in these sectors. Our range of services includes commercial loans across a variety of platforms including Fannie Mae, Freddie Mac, CMBS, FHA, USDA, bridging and proprietary loan products. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC, and / or other Greystone affiliates. For more information, visit www.greyco.com.
About Lappin Associates
Lappin Associates provides advisory and advisory services to nonprofits, religious organizations, and private developers. It is a subsidiary of MLappin Associates, founded in 2014 by the former 31-year-old President of Community Preservation Corporation. The facilities focus on providing support and advice on a wide range of policies and opportunities for affordable housing.