Greystone has originated $91,851,000 in Fannie Mae financing to support the refinance and acquisition of three affordable housing communities in New York on behalf of Metropolitan Realty Group. Senior managing director Eric Rosenstock and executive vice president Jeff Englund led the origination effort, arranging non-recourse, fixed-rate agency debt across the portfolio.
The portfolio includes three affordable multifamily assets that are slated for moderate rehabilitation as part of the overall transaction structure. One of the properties, Pine Town Houses, is a 130-unit garden-style apartment community built in 1975 and located in Long Beach, NY. The other assets, Hudson View II and Hudson View III, are situated in Northern Manhattan’s Hamilton Heights neighborhood and together comprise 129 residential apartments along with 11 commercial spaces.
Across the three communities, the Fannie Mae execution provides long-term, fixed-rate financing that aligns with the assets’ existing affordability profile. Each loan is non-recourse to the borrower, giving Metropolitan Realty Group agency-backed leverage while limiting recourse exposure at the ownership level. The loans carry a 10-year term with the first five years structured as interest-only payments, followed by a 35-year amortization schedule for the remainder of the term.
The properties are all supported by long-term Section 8 Housing Assistance Payments contracts, reinforcing the portfolio’s role within the region’s supply of regulated affordable housing. In addition to the HAP contracts, each community is subject to long-term affordability restrictions that govern the rent and income levels at the properties. The moderate rehabilitation planned under the new capital structure is expected to be carried out within this regulated framework.
On the investment sales side of the transaction, Ariel Property Advisors recently arranged the acquisition of Hudson View II and III. That assignment involved the transfer of the Northern Manhattan properties while the broader financing package from Greystone provided the agency debt capital used for both acquisition and refinance objectives within the three-asset portfolio.
The combination of Fannie Mae financing, non-recourse structure, and Section 8-backed revenue streams underscores the integration of federal housing support programs with private capital in maintaining and improving affordable multifamily stock. For Metropolitan Realty Group, the execution consolidates long-term financing on the properties while setting up a capital plan for property upgrades under stable, fixed-rate debt.
