Greystone Provides $29M HUD Loan for Affordable Housing Property in Palm Beach County
MANGONIA PARK, FLA. — Greystone has provided a $29 million HUD loan to refinance Hampton Court Apartments, a 288-unit affordable housing property in the Palm Beach County town of Mangonia Park. Fred Levine of Greystone originated the financing on behalf of the borrower, North Miami-based Royal Castle Development.
The HUD 223(f) financing carries a 35-year term and 35-year amortization schedule, along with a low, fixed interest rate. The property has a LIHTC land-use restriction agreement (LURA) that requires limits on tenant income and rent restrictions for all units.
Hampton Court Apartments is located on 4761 N Australian Ave., about nine miles from the Palm Beach International Airport. Constructed by the borrower in 2000, the property consists of 19 apartment buildings featuring two- and three-bedroom units with updated appliances, washer/dryer hook-ups and private outdoor living spaces. Amenities to the gated community include a clubhouse and business center, swimming pool, fitness center, tennis court, picnic and playground area, laundry facility and onsite parking.