Greystone Capital, a New York-based mortgage lender, has provided $9 million-worth of Housing and Urban Development (HUD) loans to multi-family affordable housing properties in the Houston area in Texas.
One of the properties is Lexington Square, an 80-unit Section 8 property in Angleton, TX, that was re-financed with a 30-year HUD 223(f) loan terms. The other was Countryside Village, a 182-unit Section 8 property in Humble, TX. This was refinanced with a 35-year HUD 223(f) loan terms.
National Community Renaissance (CORE), which controls about 75 properties nationwide and is one of the largest non-profit affordable housing developers in the nation, was the developer on both properties.
“Greystone thrives in fostering relationships with clients like CORE, who exemplify what affordable housing can do for its residents,” said Betsy Vartanian, head of FHA lending at Greystone. The transactions were originated by John Williams, a senior mortgage originator at the firm.
Greystone provides mortgage financing across several platforms, including FHA, Fannie Mae, Freddie Mac, USDA, CMBS, bridge loans, mezzanine and other loan programs. Typically, Greystone lends to multifamily and healthcare properties, which can range from affordable housing complexes to senior living, assisted living and rehab or care centers, said Karen Marotta, a spokeswoman for the firm, in an e-mail.
The firm has $1.06 billion in assets under management and a loan servicing portfolio of $13.8 billion. Greystone was founded by Stephen Rosenberg in 1988. The firm is headquartered in New York and has multiple offices throughout the country.