Roosevelt Village Apartments at 100 Roosevelt Ave. in Carteret — Courtesy: Greystone
By Joshua Burd
Greystone has provided a nearly $22 million loan to refinance a 10-building, 101-unit affordable housing property in Carteret.
The real estate finance company on Tuesday said the borrower, Tryko Partners, will also use the proceeds to monetize a portion of its equity in Roosevelt Village Apartments at 100 Roosevelt Ave. Ryan Harkins, a director at Greystone, originated the Fannie Mae Multifamily Affordable Housing loan on the borrower’s behalf.
“This was a pretty seamless execution in what continues to be a challenging lending environment,” Harkins said. “Having the opportunity to pair up with a best-in-class borrower like Tryko and deliver efficient results in this market is what sets Greystone apart from our peers. Our deep lending platform and extensive multifamily expertise mean we are uniquely equipped to help clients realize the vision they have for every property in their portfolio.”
Constructed in 1969, Roosevelt Village is made up of townhome-style units with one to three bedrooms and amenities such as on-site parking, a playground and a laundry facility, according to a news release. The $21.56 million non-recourse, fixed-rate financing has a 10-year term and a 35-year amortization, with seven years of interest-only payments.
“Given the challenging lending environment with which we are all now confronted, we are happy that the team at Greystone enabled us to refinance Roosevelt Apartments and continue to preserve affordable housing for our residents,” said Isaac Sassoon, of Tryko Partners.
