Catherine Sheridan Senior Apartments.
NEW YORK CITY - Greystone, a national commercial real estate lender and investment advisory firm, has provided approximately $105 million in HUD-insured financing for the preservation of two New York City affordable housing developments.
Greystone provided a $55 million HUD-insured loan to refinance the Catherine Sheridan Senior Apartments, a 241-unit property totaling an estimated 200,000 square feet at 31-41 23rd St. in Astoria, Queens. Built in 1979, the property is 100 percent affordable Section 8 housing. Greystone's Christine Griffin and Ken Rogozinski originated the loan.
Back in 2019, Greystone also provided $50 million in HUD-insured financing for 199 Avenue B in the East Village. The long-term, fixed-rate financing went to preserving 91 affordable housing units for the next 35 years. The residents' income levels do not exceed 50 percent of area median income.
The complex is a Section 8 property made up of four buildings. The preservation of its affordability is a result of an agreement between owners CDC and LIHC Investment Group, New York City Department of Housing Preservation and Development, New York City Housing Development Corporation and the U.S. Department of Housing and Urban Development.
The financing for both assets will go to a multi-million-dollar renovation plan to preserve the semi-aging properties. In addition, the current value of the assets allows both borrowers to use the remaining proceeds to invest in new affordable housing development projects.
"Greystone's guidance in both preserving our existing affordable housing stock with long-term FHA financing and extracting value from the assets in order to proliferate more affordable housing, was incredibly helpful," said William Hubbard of CDC, the co-owner of 199 Avenue B, in a prepared statement. "There are many parties involved in making a transaction of this complex nature such a success, and the hundreds of residents are the ultimate beneficiaries of this financing."
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
