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West Village Group Secures HUD Loan for 86-Unit Multifamily

PHILADELPHIA, PA – West Village Group has secured a $21.3 million HUD 223(f) loan to refinance an 86-unit multifamily property in Philadelphia, PA.

The HUD-insured financing was originated by Greystone’s Jason Yuen, on behalf of West Village Group. The long-term financing represents a permanent exit from three small Freddie Mac loans, which Greystone previously provided in 2017.

The multifamily property, West Village Apartments, consists of three four-story buildings. Located at 800 N. 48th St., the property offers three-, four- and five-bedroom units as townhome-style duplexes. The apartment community features resident amenities, such as roof decks, a community courtyard and parking.

The loan carries a 35-year term and amortization, as well as a low, fixed-rate and Green Mortgage Insurance Premium of .25% for the duration of the loan.

“It’s incredibly gratifying when clients return to us for capital solutions, and we are thrilled to have provided a long-term, low-rate HUD loan on West Village Apartments,” says Greystone’s Yuen. “Even with a prepayment penalty from the original three loans on the property, this permanent financing will result in significant savings for the borrower over time.”
Reprinted with permission from the Wed, 21 Jul 2021 01:58:34 EDT online edition of GlobeSt © 2021 ALM Media Properties, LLC. All rights reserved. Further duplication without permission is prohibited, contact 877-256-2472 or reprints@alm.com.