Provided a renovated, positive affordable housing solution for residents living in the metro New York City area, where housing costs are high and affordable options are limited.
Project at a Glance
The Rental Assistance Demonstration (RAD) conversion, led by a $21 million permanent loan that replaces previous financing for Martin Luther King Gardens, provides the property owner with $13.4 million in construction funds to renovate the property. The RAD conversion allowed the project to pay off the existing mortgage with a bridge loan while a substantial rehabilitation was designed to revitalize this community and to modernize the property.
To optimize financing in order to preserve the longevity of these properties.
Greystone partnered with the owner to secure a positive financing solution, knowing how critical this property is to the community.
The outcome of this rehabilitation positively benefits members of the community.
- Developer Partner: Martin Luther King Gardens Apartments, Englewood, NJ
- Equity Investor: Federal National Mortgage Association (Fannie Mae)
- RAD Conversion: $21M
“While a RAD conversion can be complex for owners and state financing agencies, it provides the best outcome for residents in the long run. Our team brings expertise in recapitalizing affordable housing, as well as the re-development knowledge so owners know what to expect.”Tanya Eastwood President & CEO