Non-LIHTC RAD Conversion

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.  

The Mission

To optimize financing in order to preserve the longevity of these properties. 

The Partnership

Greystone partnered with the owner to secure a positive financing solution, knowing how critical this property is to the community. 

The People

The outcome of this rehabilitation positively benefits members of the community.

Key Partners

• Developer Partner: Martin Luther King Gardens Apartments, Englewood, NJ
• Equity Investor: Federal National Mortgage Association (Fannie Mae)

Finance Structure

• RAD Conversion: $21M