Greystone has granted a $12,985,600 HUD-insured 207/223(f) loan to refinance Tuscan Brotherhood Homes I & II in Hartford, CT. The financing from HUD carries a 35-year term and was facilitated by Eric Rosenstock, Jesse Yodice and Daniel Daskal of Greystone.
Tuscan Brotherhood Homes I & II is an affordable housing property located at 40 Montville St. that was built in 1976. It consists of 170 units spread across twelve buildings with studio, one-, and two-bedroom options. Currently, ninety-nine percent of the units are reserved for income-qualified residents and subsidized through project-based rental assistance.
According to Yodice: “HUD-insured multifamily financing is an excellent solution for sponsors of affordable housing because it offers a longer mortgage term and lower interest rate compared to traditional bank financing.” He also expressed his satisfaction with being recognized as the top lender for multifamily housing by HUD once again while highlighting their commitment to helping clients optimize their portfolio assets.
