NEW YORK, March 02, 2021 (GLOBE NEWSWIRE) – Gray stone, a leading national commercial real estate finance company, has provided a $ 10.9 million HUD-insured loan to refinance a 174-unit apartment building in Miami, Florida. The funding was provided by Eric Rosenstock, Managing Director in Greystone’s New York office, on behalf of Vizcaya Affordable Corp.
The $ 10,915,700 HUD insured funding under Section 223 (f) has a term of 35 years and a payback of 40 years with a low fixed rate. Year of construction 1997, Vizcaya Villas Apartments consists of two, four-story elevator buildings with units with one, two, three and four bedrooms. Facilities include a common room, picnic area and on-site laundry facilities. Located near the intersection of the Dolphin and Palmetto Expressways, the hotel offers easy access to Miami’s colleges and universities, employers, entertainment, dining and shopping.
“We pride ourselves on guiding our customers through every phase of their project lifecycle and every turn of the market,” said Mr. Rosenstock. “Our multi-family expertise, coupled with our industry-leading service and the seamless processing of every transaction, are the reasons why our customers trust us throughout the entire life cycle of their portfolios.”
“My Greystone team know my real estate is my passion, and most importantly, they know that people need more than ‘apartments’, they need a home,” said Lewis V. Swezy, director of Vizcaya Affordable Corp. “Over the years, our Greystone experiences have been extraordinary, so we have no reason to go elsewhere when it comes to finding the right financing for our apartment building portfolio.”
Greystone is a national commercial real estate finance company with an established reputation as a leader in multi-family and healthcare finance, rated as a leading FHA, Fannie Mae and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC, and / or other Greystone affiliates. For more information, visit www.greystone.com.