Greystone, a leading national commercial real estate finance company, has provided a $12,985,600 HUD-insured 207/223(f) loan to refinance an affordable housing property in Hartford, CT. The financing was originated by Eric Rosenstock, Jesse Yodice, and Daniel Daskal of Greystone.

Tuscan Brotherhood Homes I & II is a 170-unit rent-restricted community spread over 12 buildings and comprised of studio, one-, and two-bedroom units. Built in 1976 as affordable housing, 99% of the units today are set aside for income-qualified residents and subsidized with project-based rental assistance. The HUD-insured financing carries a 35-year term.

“HUD-insured multifamily financing is an attractive solution for affordable housing sponsors because it enables a long mortgage term and a lower interest rate than typical bank financing,” said Mr. Yodice. “We are thrilled to have been recently re-affirmed as the leading HUD lender for multifamily housing*, and are truly gratified when clients return to us to help optimize their portfolio assets.”