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| Sterling Pointe apartments, Oxford, AL |
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| Betsy Vartanian |
New York, NY – Nov. 4, 2013 – Greystone, a leading national
provider of multifamily and healthcare mortgage loans, today announced it has
provided $5.35 million in HUD financing for the Sterling Pointe
affordable housing community in Oxford, Alabama.
John Williams, originator in Greystone’s New York
office, worked to close the loan.
The refinancing was
structured as a 30-year fully amortizing HUD 223(f) loan. Sterling Pointe
Apartments is professionally managed by HSI Management, Inc., a full service
property management firm specializing in affordable housing.
Sterling Pointe, located between Birmingham and Atlanta, GA,
is a 144-unit affordable housing rental community built in 1974, with 125 units
under a Section 8 HAP contract and 19 units reserved for Section 236
rentals.
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| John Williams |
“The combination of
low debt service and a 30-year term helps further our mission in preserving and
providing housing for those who need it most,” said Douglas Trivers, CFO
of HSI Management, Inc.
“Greystone has been a trusted partner in helping HSI
refinance and preserve our affordable housing communities, and Sterling Pointe
is the latest example of a property that will benefit from our ongoing
partnership,” he added.
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| Douglas Trivers |
“We have truly
enjoyed working with HSI Management and helping to arrange incredibly favorable
financing to preserve critical affordable housing resources in Oxford,
Alabama,” said Betsy Vartanian, head of FHA lending at Greystone.
“Given
the age of the property, we recognized repairs and improvements would be
necessary, and the high loan-to-value ratio offered by the 223(f) program
enabled them to include repair and improvement costs within the loan.”
For a complete
copy of the company’s news release, please contact:
Karen Marotta
PR Manager
Greystone
152 W. 57th Street
New York, NY 10019
212-896-9149 direct
917-902-7073 mobile
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