Camber Property Group and Belveron Partners paid $60m for three affordable housing properties in upper Manhattan. The properties, located in Washington Heights, Morningside Heights and West Harlem, total 143 residential units. With this transaction, the assets will now maintain their affordability protection, which was set to expire in five years. Greystone provided $45m in bridge financing for the deal and will pursue permanent HUD-insured financing for the portfolio. The buyers will now have a new 30-year regulatory agreement with the New York City Department of Housing Preservation and Development.
“Financing and preserving affordable housing is at the core of Greystone’s mission, and we were thrilled to lead the acquisition financing for this upper Manhattan portfolio,” said Leor Dimant, vice president at Greystone. “Our bridge loan platform provides competitive terms, and Greystone can execute permanent financing in a seamless process with Fannie Mae, Freddie Mac or HUD.”
