Greystone, a New York City-based commercial real estate finance company, has provided a $15 million HUD 207/223(f) loan to refinance 100 Prospect St., a 94-unit multifamily property in Stamford.
The property was originally constructed between 1977 and 1981 as two adjacent office towers and was converted to residential use in 2008; it is managed by CDC Development. The new HUD-insured financing is a permanent exit from an existing bridge loan utilized for acquisition of the property and includes a 35-year fixed-rate term.
The financing was originated by Lori DiMartino, vice president at Greystone.
“HUD-insured financing is an excellent choice for multifamily investors to consider in today’s rising interest rate environment, with its lower, fixed rates and flexible options for interest rate reductions down the road if rates fall,” said DiMartino.
