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September 24, 2020
Greystone, of New York, announced that it has secured a $13.9 million HUD-insured loan to refinance the 80-unit Savoy at Lake City. Greystone's Shana Daby and Lorie Hanson arranged the fixed-rate, non-recourse loan, which has 40-year term and amortization. Daby said in a statement, “Our expansive HUD lending platform and deep market expertise enable us to deliver the right terms — which, in this case meant significantly reducing annual debt service.” That five-story affordable senior housing project is owned by an EB-5 investor fund led by Steve Smith, and was completed in 2017. Smith said in a statement, “We couldn't be happier with the end result, and we look forward to working with Greystone on our other portfolio properties.” The Savoy project began in 2008, got its master use permit in 2010, then ran into financing difficulties owing to the great recession. HUD money and Federal Housing Administration financing were also part of the original capital stack, arranged by CBRE in 2015.