Greystone Provides $21.6 Million Loan for Affordable Housing Property in Carteret, New Jersey

by Channing Hamilton

CARTERET, N.J. — Greystone has provided a $21.6 million Fannie Mae Multifamily Affordable Housing loan to refinance an affordable housing community in the Middlesex County city of Carteret. The non-recourse, fixed-rate financing features a 10-year term and 35-year amortization, with seven years of interest-only payments. Ryan Harkins of Greystone originated the financing on behalf of the borrower, Tryko Partners.

Roosevelt Village Apartments comprises 101 units across 10 buildings on a 5.2-acre site. The property is income and rent-restricted. However, details regarding these restrictions were not disclosed. Built in 1969, the property offers one-, two- and three-bedroom townhome-style units. Amenities include on-site parking, a playground and a laundry facility.

You may also like