Friday, 23 July 2026 – Greystone provided a non-recourse, fixed-rate, Fannie Mae-backed loan for the developer's Pine Town Houses Section 8 garden apartment complex in Long Beach, N.Y. The $46.8 million deal was originated by Eric Rosenstock, Senior Managing Director at Greystone, and Jeff Englund, Executive Vice President. It has a ten-year term with five years of interest-only payments, followed by a 35-year amortisation schedule.
Eric Rosenstock stated that Greystone understands the complexities of financing affordable housing in every market cycle. The Pine Town Houses property, built in 1975 at 151 East Pine Street, comprises eight two-storey buildings with 130 residential units, ranging from one to four bedrooms.
Extensive Modernisations Planned
The property, which is supported by long-term Section 8 Housing Assistance Payments, will undergo a “moderate rehabilitation project” as part of the refinancing, Greystone announced. In addition, Greystone provided Fannie Mae-backed loans totalling $25.7 million and $19.4 million for Metropolitan Realty Group's Hudson View II and Hudson View III properties in the Hamilton Heights neighbourhood of Northern Manhattan.
Metropolitan Realty Group had previously acquired the portfolio of 129 Section 8 units from the Aminim Group for $45 million. Planned modernisations across all three properties include interior unit renovations, building systems upgrades, and enhancements to common areas, according to Greystone.
Scott Jaffee, President of Metropolitan Realty Group, emphasised that the preservation of affordable housing remains one of the industry's most critical priorities. Each transaction represents an opportunity to enable owners to secure long-term financing that strengthens their properties, preserves affordability, and supports the communities relying on these vital housing resources.
