NEW YORK—Greystone Funding Corporation has originated $72.7 million in financing for two multifamily housing projects in New York City. The company’s Mordecai Rosenberg, Donny Rosenberg and Traverse Fournier, all managing directors, led the effort to close the transactions.
The first property, a 224-unit building, received approximately $40 million of loan proceeds, which included cash-out to the owner. The second property, comprised of 152 units, generated $32.7 million, also with cash-out to the sponsor.
“More and more property owners are starting to recognize the distinct value that HUD-insured financing can provide to their portfolio – even in New York City, where owners have long relied on 5-10 year bank financing,” said Rosenberg.
Greystone’s FHA group consists of 75 individuals located in eight offices throughout the United States.