Hallmark Companies’ McPine Apartments in Arcadia (Source: Google)
The affordable housing arm of Manhattan-based Greystone assembled $130 million of financing to rehabilitate 24 apartment properties in rural Florida, mostly in the central and northern regions of the state.
A provider of recapitalization and rehabilitation services to owners of affordable housing, Greystone Affordable Housing Initiatives LLC assembled the $130 million financing package on behalf of Atlanta-based Hallmark Companies, the owner of the 1,058-unit portfolio of Florida apartments.
The biggest component of the financing is proceeds from a $41.6 million tax-exempt bond issue by Osceola County, one of 12 Florida counties where Hallmark owns apartment buildings catering to low-income tenants. [more]