PHILADELPHIA, PA – West Village Group has secured a $ 21.3 million HUD 223 (f) loan to refinance an 86-unit multi-family property in Philadelphia, Pennsylvania.
HUD funding was initiated by Jason Yuen of Greystone on behalf of the West Village Group. Long-term funding represents a permanent exit from three small Freddie Mac loans, which Greystone previously provided in 2017.
The multi-family property, West Village Apartments, consists of three four-story buildings. Located at 800 N. 48e St., the property offers three, four, and five bedroom townhouse-style duplex units. The apartment community includes amenities for residents, such as rooftop terraces, community courtyard and parking.
The loan has a term and amortization of 35 years, as well as a green, fixed rate, low mortgage insurance premium of 0.25% for the term of the loan.
“It is incredibly rewarding when clients come back to us for capital solutions, and we are delighted to have provided a long term, low rate HUD loan on West Village Apartments,” said Yuen of Greystone. “Even with a prepayment penalty on the original three loans on the property, this ongoing financing will result in significant savings for the borrower over time.”