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10/13/21
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Pennant Housing Group has purchased Harriet Tubman Terrace, a 91-unit, Section 8 HAP property in Berkeley. The acquisition was financed with a $32.5 mil Fannie Mae DUS® Multifamily Affordable Housing (MAH) loan arranged by Greystone.
The six-story, garden-style property was originally constructed in 1976 and caters to a resident population over 62 years of age. It comprises 48 studio and 42 one-bedroom rental units, and one two-bedroom manager’s unit.
The apartment complex’s amenities include an outdoor patio, laundry facilities, and a large community room. The new owner plans an extensive renovation of the property of $60k per unit to include energy efficiency upgrades, roofing, and a lobby refresh.
The loan was originated by Greystone’s Scott Wallace. It carries a 17-year term at a fixed rate with a 35-year amortization.
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