Greystone Refreshes Affordable Housing Assets
- Aug 27, 2015
Two affordable housing properties in Las Vegas have gotten their second wind with the help of Greystone, which secured recently two loans totaling $30.7 million.
The real estate lending, investment and advisory firm arranged $13 million acquisition financing for Santa Monica, Calif.-based Allied Argenta. The latter used the proceeds to acquire the Summerhill Apartments, a 221-unit community located at 3630 East Owens Ave. The 35-year FHA-insured loan included rehabilitation costs as well.
The second loan was a $17.7 million refinancing for the Villanova Apartments, a 348-unit community constructed in 2002. The property, which was built using 4 percent low-income housing tax credits and tax-exempt bonds, is restricted to 60 percent AMI. According to Yardi Matrix property records, the community is owned by Fore Property Co.
“Greystone’s expertise in both FHA and agency financing has enabled us to navigate the unique Las Vegas market, where demand for affordable housing that often needs rehabilitation or recapitalization is common,” Joe Mosley, executive managing director & head of agency lending at Greystone, said in a statement.
Image courtesy of Yardi Matrix