UPDATE – Greystone Provides $16.5 Million in Fannie Mae DUS® Financing for Affordable Housing Portfolio in Tennessee

NEW YORK, June 30, 2023 (GLOBE NEWSWIRE) -- Greystone, a leading national commercial real estate finance company, has provided a total of $16,497,000 in Fannie Mae Delegated Underwriting & Servicing (DUS®) Multifamily Affordable Housing (MAH) loans for the acquisition of a 484-unit affordable housing portfolio in Tennessee. The financing was originated by Dan Sacks, Ilan Bassali, and Avi Kozlowski in Greystone’s New York office on behalf of Heritage Affordable Communities and Vitus Group, LLC.

The Fannie Mae financing includes six separate loans on six multifamily properties located throughout eastern Tennessee. All loans feature five-year terms with three years of yield maintenance, and a maximum loan-to-value of 75 percent. The properties are as follows:

  • Deer Run Apartments, located in Rockwood in Roane County, a 72-unit property built in 2006.
  • Oak Crest Apartments, located in Knoxwood in Knox County, a 72-unit property built in 2007.
  • Northgate Crossing Apartments, located in Hixson in Hamilton County, a 108-unit property built in 2009.
  • Hidden Oaks Apartments, located in Greeneville in Greene County, a 72-unit property built in 2006.
  • Town Creek Village Apartments, located in Lenoir City in Loudon County, a 96-unit property built in 2010.
  • Whispering Meadows, located in Erwin in Unicoi County, a 64-unit property built in 2003.

“We are creative in leveraging our extensive experience and lending platform, as well as our strong relationship with Fannie Mae, so that our clients can achieve their portfolio goals,” said Mr. Sacks. “We’re deeply committed to bringing financing solutions that help our clients provide quality affordable housing for families in communities across the country, aligning with Heritage Affordable Communities’ mission statement,” said Ilan Bassali, Director at Greystone.

“Greystone’s passion for affordable housing was clearly evident throughout every phase of this transaction,” said Mr. Hajibay, principal of the borrower. “From our initial meetings through the final closing, our Greystone team worked to ensure that no detail was unattended and that the entire experience was seamless given the transaction’s complexities.”

“The current market environment is providing unique opportunities in affordable housing in the Tennessee region,” said Vidit Hirani, Associate at Heritage Affordable Communities. “Additionally, our strong partnership with Greystone and their proven track record were instrumental to complete this complex transaction.”

About Greystone
Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com.

Karen Marotta