News: Rhode Island
Posted: March 11, 2022
Fischman of Greystone secures $14.9 million refinancing for Merchants Village Apartments in Westerly
Westerly, RI Greystone has provided a $14.9 million, HUD-insured loan to refinance a 116-unit affordable housing property. The transaction was originated by managing director Lisa Fischman, with Greystone’s New York office.
Merchants Village Apartments on Clark St. was constructed in 1982. The Section 8 affordable housing community consists of one multifamily building with four one-bedroom, eight two-bedroom and four three-bedroom units, and one age-restricted building with 90 one-bedroom and 10 two-bedroom units for adults 62 years of age and older.
The HUD-insured Section 223(f) loan carries a 35-year term and represents 90% loan-to-value. The property also qualifies for a lower annual MIP of 0.25% because it is rent-restricted.
“With interest rates still low, we were able to tap into our FHA lending platform to help our client maximize their equity in this long-time asset,” said Fischman.
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