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12/13/16
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Greystone has provided a $15.9 mil Freddie Mac Targeted Affordable Housing loan for the permanent takeout of a Greystone bridge loan on the Highlander Point multifamily property in Riverside, CA. The 132-unit workforce housing property is encumbered with a Bond Regulatory Agreement issued by the California Statewide Communities Development Authority, which restricts 20% of the units to household earnings 50% or less of area median income.
The new financing is a seven-year floating rate adjustable rate mortgage with two years of interest-only and 76% LTV with full cash-out. To date, the owner has invested $1.4 mil in the property since acquisition, ensuring the 1975-vintage property is preserved for decades to come.
The loan was originated by Dale Holzer of Greystone’s Newport Beach, CA office.
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