Atlantic Housing Foundation has obtained a $21 million refinancing loan for Windover Oaks Apartments, a 238-unit multifamily community located in Titusville, Fla. The HUD-insured 223(f) funds were originated by Greystone and carry a 35-year term and amortization.
According to Greystone, the loan proceeds enable the borrower to continue with ongoing property maintenance and to monetize a portion of its equity.
Built in 1984, Windover Oaks Apartments includes 20 garden-style apartment buildings sectioned into one-, two- and three-bedroom units, 180 of which are designated as affordable housing. Common-area amenities include a clubhouse, swimming pool, outdoor sports courts, playground, laundry room and car care center. Units average 771 square feet, with mean rents of $1,241 a month, according to Yardi Matrix information.
Dallas-based Atlantic Housing Foundation has been the property’s owner and manager since 2005. The company, which specializes in affordable housing preservation, owns and operates over 8,000 units of across five states.
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Miryam Reinitz-Kops, vice president of Greystone Capital Advisors and Managing Director Jon Morales procured the loan.
Greystone remains active across the spectrum of multifamily lending. Recent financing facilitated by the company includes a $115 million loan for an NYC affordable housing portfolio, $46 million in refinancing for a student housing property in Boston and a $452 million collateralized loan offering backed by bridge loans encumbering 46 senior housing properties in 13 states.
A pronounced affordable housing gap
Brevard County, which is east of Orlando and includes Cape Canaveral alongside the coastal cities around it, has a serious affordable housing shortage. The Palm Bay metro region, which includes Brevard, has a shortfall of 2,829 units affordable to households earning at or below 80 percent of the area median income of $79,407, according to the Atlanta Fed.
Roughly a quarter of rental households in Brevard are classified as severely rent-burdened, paying more than half of their income for rent.
In response to the shortage, some projects have started recently in the region. In Titusville, Housing Trust Group broke ground in August on Forest Glen, an 80-unit affordable housing development that will be available to seniors. The property will be open to those earning 40 percent and 60 percent of the area median income.
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