Heritage Affordable Communities takes ownership of multifamily properties in New York City

Heritage Affordable Communities has acquired two multifamily properties in New York City with the help of Greystone, which provided $17.5 million in Fannie Mae loans for the acquisition. The transaction involves 151 units.

The majority of the loan went toward the acquisition of Highland Avenue Senior Apartments, an 88-unit midrise seniors housing apartment property in Yonkers, N.Y., which was constructed in 2008.

A smaller share of the Fannie Mae loan went to the acquisition of 2120 Hughes Ave., a 63-unit multifamily apartment property in the Bronx that was built in 1995.