$67M Financing Secured for Affordable Housing Portfolio

NEW YORK, NY – Conquest Housing and BLVD Communities have secured $67.5 million in bridge financing for a five-property affordable housing portfolio.

Greystone closed the financing, alongside joint-venture partners Cushman & Wakefield and a Greystone Monticello affiliate, which funded the refinancing.

The refinancing transaction encompasses a 619-unit portfolio of Section 8 HAP properties. The suburban, garden-style communities are located in Toms River, NJ, Toledo, OH, Maurnelle, AR and Milwaukee, WI. Each of the affordable housing properties were built between 1960 and 1987.

For the transaction, the Greystone loan origination team was led by Eliav Dan, Gary Stellato and Max Spelling, the Cushman & Wakefield team was led by Rob Rubano, Marc Renard, Keith Padien, Brian Share, Joseph Lieske and Ernesto Sanchez, and the Greystone Monticello financing team consisted of Alan Litt, Tom Lally, Joseph Borenstein and Jonathan Cohen.

“It was a pleasure working with the sponsor, alongside our partners at Cushman & Wakefield and Greystone Monticello, to deliver a seamless execution during an otherwise volatile market,” says Greystone’s Eliav Dan.

Dan adds, “This transaction exemplifies the synergies of our recently closed Cushman & Wakefield Greystone joint venture, whereby we can offer our clients a full suite of financing products and solutions, unparalleled capital markets expertise, and sales / advisory services.”