NEW YORK, March 14, 2024 (GLOBE NEWSWIRE) — Greystone, a leading national commercial real estate finance company, has provided a $57,305,300 HUD-insured 221(d)(4) loan to finance the construction of a 280-unit multifamily property in Fort Myers, Florida. The financing was originated by Joe Averbook and Elie Gabay, both Managing Directors at Greystone, on behalf of Miami-based Alliance companies.
Montego Square is a planned market-rate moderate income multifamily community that will consist of 280 studios, one-, two- and three-bedroom units. Community amenities and common areas will include a clubhouse building, fenced-in swimming pool and deck, fitness room, BBQ grilling area, dog park and EV charging stations. The property will be a 4-building complex spanning 18 acres, and the construction period is estimated at 23 months. Greystone’s HUD-insured construction financing carries both a 40-year term and amortization period at a low, fixed rate.
“Greystone’s expertise in FHA lending programs goes without saying, and we pride ourselves on being both product- and market-knowledgeable to help our clients achieve their goals,” said Mr. Averbook. “It was a true pleasure working with the Alliance team.”
“The Greystone team helped us to steer this project through a global pandemic, severe construction cost increases and interest rate challenges, plus Hurricane Ian. They helped us overcome the greatest of obstacles and got us to the finish line with a below market, attractive financing package,” said Robert Cambo, Managing Partner, Alliance Companies.
About Greystone
Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com.
About Alliance Companies
Alliance Companies is a Statewide Developer of Moderate Income Multi-Family Housing and Public Educational Facilities since 1994. Alliance currently has over 1,200 units in its development pipeline and has completed 35 Public Charter School projects in 16 counties, delivering tuition free education to more than 25,000 families. For more information please visit www.alliancecos.com, www.liveatisla.com and www.sfacs.org.
PRESS CONTACT:
Karen Marotta
Greystone
212-896-9149
Karen.Marotta@greyco.com
