West Village Group Secures HUD Loan for 86-Unit Multifamily
The firm obtained the long-term $21.3 million financing from Greystone, in order to refinance the Philadelphia community.
PHILADELPHIA, PA – West Village Group has secured a $21.3 million HUD 223(f) loan to refinance an 86-unit multifamily property in Philadelphia, PA.
The HUD-insured financing was originated by Greystone’s Jason Yuen, on behalf of West Village Group. The long-term financing represents a permanent exit from three small Freddie Mac loans, which Greystone previously provided in 2017.
The multifamily property, West Village Apartments, consists of three four-story buildings. Located at 800 N. 48th St., the property offers three-, four- and five-bedroom units as townhome-style duplexes. The apartment community features resident amenities, such as roof decks, a community courtyard and parking.
The loan carries a 35-year term and amortization, as well as a low, fixed-rate and Green Mortgage Insurance Premium of .25% for the duration of the loan.
“It’s incredibly gratifying when clients return to us for capital solutions, and we are thrilled to have provided a long-term, low-rate HUD loan on West Village Apartments,” says Greystone’s Yuen. “Even with a prepayment penalty from the original three loans on the property, this permanent financing will result in significant savings for the borrower over time.”