Grower Housing Development Fund Corporation has provided a $35.6 million loan to refinance an affordable apartment portfolio in Brooklyn, New York. The 251-unit portfolio is located in Williamsburg and consists of eight buildings. The Fannie Mae 10-year fixed-rate loan includes 5 years of interest-only payments and 35 years amortization, as well as $8 million for renovations to preserve long term affordability with approximately $250,000 allocated for green improvements as part of the rehabilitation project.
Walker & Dunlop’s Affordable team arranged the refinance on behalf of an unidentified borrower with a team led by Frank Cassidy and John Gilmore who worked alongside New York City Housing Preservation & Development (HPD) and New York City Housing Authority (NYCHA). This Moderate Rehabilitation Loan will help ensure that these units remain affordable housing options for many years to come.
