Last week, Greystone announced two HUD refinances for senior care clients and followed up with a third, this time to refinance a 174-unit Section 8 senior apartment community in Pomona, California. Shana Daby of Greystone handled the transaction on behalf of AMCAL, a developer of multifamily properties in California, Texas and Washington. The $29.9 million loan comes with a fixed interest rate and 35-year term and amortization.
Loan proceeds in hand, AMCAL will be able to make capital improvements and set up a debt service reserve. They will also take some equity out. AMCAL originally built the community in 2002 with six mid-rise buildings, with elevators, offering both one- and two-bedroom options.