**Greystone Provides $90M Loan for Yonkers Multifamily Property**
Greystone, a leading national commercial real estate finance company, has provided a $90 million Fannie Mae Delegated Underwriting & Servicing (DUS) Affordable Housing (MAH) loan to refinance a 317-unit multifamily property in Yonkers, NY. The financing, arranged on behalf of Metropolitan Realty, was originated by Eric Rosenstock, senior managing director in Greystone’s New York office.
The $89,989,000 non-recourse, fixed-rate DUS financing includes a five-year term and a 35-year amortization schedule, with two years of interest-only payments. Built in 1974 and located at 77 Locust Hill Avenue in Yonkers, Cromwell Towers Apartments is a 12-story building comprising one-, two-, and three-bedroom income- and rent-restricted units.
The property, encumbered by bonds and Low-Income Housing Tax Credits (LIHTC), is supported by a long-term Housing Assistance Payment (HAP) contract covering 99% of the units. Upon closing, the contract will convert into a new 27-year HAP agreement, ensuring that all units remain restricted to residents earning 60% of the Area Median Income.
