Greystone, a leading national commercial real estate finance company, has provided $20,000,000 in HUD-insured financing for a 216-unit affordable housing property in Hialeah, Florida. The FHA financing was originated by Eric Rosenstock, Managing Director in Greystone’s New York office, on behalf of Lewis Swezy of Centennial Management.

Constructed in 2002, Country Club Villas I in Miami-Dade County consists of 10 mid-rise buildings with one-, two-, and three-bedroom units. The $20 million FHA 223(f) loan carries a 35-year term and a low, fixed rate. The property also qualifies for a lower annual MIP (Mortgage Insurance Premium) because it is rent-restricted. In addition to refinancing, loan proceeds enable the borrower to continue with ongoing property maintenance and monetize a portion of their equity.

“My team has had the privilege to finance many projects for Lewis Swezy over the years and we greatly appreciate the relationship,” said Mr. Rosenstock. “We work tirelessly to deliver the right products and solutions for our clients so they can maximize the potential of every property in their portfolio.”

“Our team’s attention to detail throughout the transaction reinforced to us that there is no one better suited than Eric Rosenstock and his team at Greystone to help us achieve our affordable housing strategy in Miami,” said Mr. Lewis Swezy, CEO of Centennial Management. “Greystone’s deep experience in this market meant that our transaction closed quickly and seamlessly – they are truly best-in-class when it comes to multifamily finance, particularly HUD.”

Greystone, a leading national commercial real estate finance company, has provided a $28.4 million HUD-insured loan to refinance a 198-unit multifamily property in Pembroke Park, Florida. The financing was originated by Eric Rosenstock, Managing Director in Greystone’s New York office, on behalf of Centennial Management.

The $28,425,000 HUD-insured financing carries a 35-year term, along with a low, fixed interest rate. Pembroke Gardens, located in Broward County, consists of thirteen, two-floor detached buildings with one-, two-, and three-bedroom units, and the property is income-restricted to residents earning 60% of Area Median income (AMI). Built in 2001, property amenities include a clubhouse / community room, swimming pool and hot tub, two picnic / play areas, on-site laundry facilities, and gated access.

“It has been a pleasure to work with Lewis over the years on improving his real estate debt portfolio and extracting value from the many quality assets he’s developed over the past few decades with sophisticated financings,” said Mr. Rosenstock. “Greystone’s diverse multifamily solutions, particularly our #1 industry HUD execution, are ideal for borrowers seeking a strategic approach to short- or long-term financing.”

“Eric and his team have proved invaluable to my real estate portfolio in helping to realize the benefits of HUD financing over many transactions,” said Mr. Lewis V. Swezy, principal of Centennial Management. “The volume that Eric’s team does is not by chance, rather is a testament to his expertise.”