FORT LAUDERDALE, FL—New York City-based Greystone reports it has provided $28 million in financing for two South Florida multifamily projects located in Lauderdale Lakes and Pompano Beach.
The HUD refinancing transactions are for Hollywood, FL-based Cornerstone Group's St. Croix Apartments, a 246-unit complex in Lauderdale Lakes, and Eagle Pointe Apartments, a 192-unit complex in Pompano Beach.
“We are thrilled to refinance at historically low rates with HUD financing for these properties, and look forward to working with Greystone on future transactions as the lending environment remains ripe,” says Jorge Lopez, co-founder and President at Cornerstone Group.
“Cornerstone is a valued Greystone client and incredibly dynamic multifamily property owner and manager in Florida. Being able to take advantage of lower rates with long-term HUD financing provides them with an advantage to ensure further growth, and will benefit both of these properties for years to come,” adds Betsy Vartanian, head of FHA lending at Greystone.
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