Real Estate

Affordable NYC Properties Score $57M Refi

West Farms Estates. Image via Google Street View

Metropolitan Realty Group has secured $57.3 million in refinancing for two affordable housing properties totaling 395 units across two New York City boroughs. Greystone originated the Fannie Mae DUS loans.

The 330-unit West Farms Estates in the Bronx received a $45 million GSE-backed multifamily affordable housing loan. The fixed-rate mortgage has a two-year interest-only period across a 10-year maturity and a 30-year amortization period.

The 65-unit Fulton Street South in Brooklyn also received an agency-backed MAH loan, totaling $12.3 million. This mortgage also has a fixed interest rate with a two-year interest-only period, but a longer, 12-year term and an amortization period of 30 years.

The new loans retire three mortgages totaling $33 million funded by Signature Bank over the course of the past decade, according to public records.

Two boroughs, two properties

West Farms Estates, at 1314 W. Farms Road in the Bronx, encompasses three six-story buildings and offers studios along with one- to three-bedroom apartments. The single-building Brooklyn property, at 1330 Fulton St., comprises one- and two-bedroom units. Both properties are Section 8 communities built in 1931 and 1985, respectively. 

West Farms Estates features an interior courtyard along with a laundry facility and also includes a grocery store. The property is less than 2 miles from the Bronx Zoo and roughly 6 miles south of CUNY Lehman College. Some 15 miles away, Fulton Street South is within 2 miles of Prospect Park and less than 5 miles from Lower Manhattan.

The Greystone team originating the financing package included Managing Director Eric Rosenstock and Senior Managing Director Jeff Englund. Last month, Greystone also originated $25.8 million for a 115-unit Staten Island property. 

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