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NEW YORK, NY - Greystone, a leading national commercial real estate finance company, has provided a $14,920,000 HUD-insured loan to refinance a 116-unit affordable housing property in Westerly, Rhode Island. The transaction was originated by Lisa Fischman, Managing Director in Greystone’s New York office. Merchants Village Apartments, located at 25 Clark Street in Westerly, Washington County, was constructed in 1982. The Section 8 affordable housing community consists of one multifamily. ....
Indiana Senior Community Lands $24M HUD Loan The 220-unit property in Elkhart, Ind., offers independent living, assisted living, memory care and rehabilitation services. Feb102021 Image courtesy of Greystone The non-for-profit Hubbard Hill Retirement Community in Elkhart, Ind., has received a $23.9 million in HUD-insured refinancing, provided by Greystone. The recently expanded 220-unit property offers independent and assisted living, long-term skilled nursing and short-term rehab, as well as memory care services to seniors 55 and over. The section 223(a)(7) loan has a 30-year amortization period with a low fixed-rate interest rate. The note retires a previous HUD loan and a higher-rate construction loan that backed a recent expansion plan. With the new debt in place, the property is expected to save an annual $280,000. ....