Greystone Advises on $31.2 Million Sale of 188-Unit Affordable Housing Property in Denver

NEW YORK, Jan. 16, 2018 (GLOBE NEWSWIRE) -- Greystone, a real estate lending, investment, and advisory company, announced its Real Estate Advisors group closed the sale of Juanita Nolasco Apartments, a 188-unit affordable housing community in Denver, CO. Greystone’s Aaron Hargrove and Eric Taylor represented the seller, a limited liability entity, in the sale to Jonathan Rose Companies, for $31,250,000 in December 2017.

Juanita Nolasco Apartments, built in 1972 and substantially rehabilitated in 2007/2008 via 4% Low Income Housing Tax Credits, is a 100% Elderly Project-Based Section 8 high-rise building. The income-restricted property offers housing to very low-income elderly and disabled residents. The fully-occupied 13-story property includes a number of modern comforts for residents, including a fitness center.

The sale of Juanita Nolasco Apartments included a number of complex issues, including defeasance of the underlying bonds, recapturing bond float, and a number of agency approvals. Additionally, the property was in year 10 of its 15-year LIHTC compliance period, which required consent for an early exit. All of these existing obstacles were overcome for a closing in under 90 days upon engaging Greystone Real Estate Advisors.

“We are thrilled with the highly competitive sale of Juanita Nolasco Apartments, proving that the asset is a solid investment for Jonathan Rose Companies,” said Aaron Hargrove, Managing Director, Greystone Real Estate Advisors. “That said, tax credit properties present a unique set of challenges in both the acquisition and disposition process, and we have the ability to execute knowledgably and swiftly on our clients’ behalf for an optimal outcome.”

About Greystone Real Estate Advisors, Inc.
Greystone is a real estate lending, investment and advisory company headquartered in New York. Its Real Estate Advisors team provides services in sales, acquisitions, and a full spectrum of advisory services to multifamily, affordable housing and seniors housing owners and investors. For more information, visit www.greyco.com.

About Greystone
Greystone is a real estate lending, investment and advisory company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA and Fannie Mae lender in these sectors. Our range of services includes commercial lending across a variety of platforms such as Fannie Mae, Freddie Mac, CMBS, FHA, USDA, bridge and proprietary loan products. Loans are offered through Greystone Servicing Corporation, Inc., Greystone Funding Corporation and/or other Greystone affiliates. For more information, visit www.greyco.com.

PRESS CONTACT:
Karen Marotta
Greystone
212-896-9149
Karen.Marotta@Greyco.com

Source: Greystone