MLappin & Associates announced a joint venture with Greystone that aims to deploy billions in capital for the financing, preservation and stabilization of affordable multifamily housing. Greystone is a leading commercial real estate lending, investment, and advisory company. The joint venture will source long-term, low-rate Fannie Mae, Freddie Mac and HUD-insured loans that will enable owners of affordable multifamily projects to complete moderate renovations in order to prolong the life of their properties.
The environment for the creation and protection of affordable housing has become even more challenging in the age of COVID-19. Owners must find creative solutions to address the growing demand for affordable housing. Greystone and Lappin Associates are combining strengths to provide a life raft for affordable properties. Greystone is the #1 multifamily and healthcare provider of HUD-insured loans, a top provider of Fannie Mae and Freddie Mac affordable housing loans, and is the General Partner of America First Multifamily Investors, L.P. (Nasdaq: ATAX), which manages over $1 billion in assets consisting primarily of mortgage revenue bonds intended for multifamily affordable housing construction and permanent financing.
Over one and a half million low and moderate-income New Yorkers live in privately-owned rental housing. Much of this housing needs critical upgrading. In the current crisis, almost all of this housing is stressed financially and needs a life line. Our partnership with Greystone seeks to provide a safety net. By leveraging today’s historically low interest rates, combined with help from government and the private capital markets, this housing can remain physically and financially strong and provide affordable and healthy housing for this generation and the next.
Financing is available for acquisition, preservation and renovation of both market-rate and affordable housing, for rental housing and cooperatives. Our team can enter into joint ventures for select development projects.
Please contact us at (646) 979-8076 to discuss your financing needs. We look forward to speaking with you.