Tryko Partners secures $21.6m affordable housing loan for multifamily community in Central N.J.
Tryko Partners announced it has secured a $21.55 million Fannie Mae Multifamily Affordable Housing (MAH) loan to refinance a 101-unit affordable housing property in Carteret, N.J. The financing was originated by Greystone.
Roosevelt Village Apartments in Middlesex County is a 10-building, income- and rent-restricted community situated on approximately 5.2 acres. Constructed in 1969, the property offers one-, two- and three-bedroom townhome-style units, and includes amenities such as on-site parking, playground and a laundry facility. The nonrecourse, fixed-rate financing features a 10-year term and 35-year amortization, with seven years of interest-only payments. In addition to refinancing, loan proceeds enable the borrower to monetize a portion of their equity in the property.