REBusinessOnline

Greystone Provides $20M HUD Loan for Refinancing of Philadelphia Multifamily Property

PHILADELPHIA — Greystone has provided a $20 million HUD-insured loan for the refinancing of Croydon Hall Apartments, a 127-unit multifamily property near Philadelphia’s University City neighborhood. Originally built in 1925 and renovated in 2012, the property houses one, two- and three-bedroom units. Jason Yuen of Greystone originated the financing, which was structured with a fixed interest rate, 35-year term and a 35-year amortization schedule. The borrower was an entity doing business as 49th & Spruce Associates LP.

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