Greystone has provided a $68,500,000 Fannie Mae Delegated Underwriting and Servicing (DUS) loan to refinance a Section 8 seniors housing property.
Located at 840 8th Avenue, Capitol Apartments offers 278 studio and one-bedroom apartments, including 250 age-restricted Section 8 units and 28 non-age restricted units.
Originally built in 1925 as a hotel, the 18-story property was converted to apartments in the 1970s. Today’s residents have access to amenities such as a community room with library and kitchen, 24-hour security, on-site laundry and a social service worker for assistance with senior services.
The property also has six street-level retail spaces, which are currently occupied by restaurants, a wine bar and other neighborhood vendors.
Rob Meehan and Jon Morales of Greystone originated the loan on behalf of Fifty First Capitol Associates to refinance an existing Fannie Mae loan originated by Greystone.
The new loan carries a 10-year term over 30-year amortization period at a low, fixed rate.
The proceeds allow the borrower to pay yield maintenance, make capital improvements to the property and monetize their existing equity.
“We are thrilled that we could help our client refinance their original Greystone loan on this property in order to secure continued, long-term financing with a primary goal of maintaining much-needed affordable housing for the City’s seniors community,” said Meehan.