Greystone provides Fannie Mae with financing for a multifamily property in Washington, D.C. through the HAND Housing Equity in Action partnership

Developer Ayesha Johnson and Greystone (Kenya Pleasant and Alicia Cotton-Doney)

Greystone, one of the nation’s leading commercial real estate finance companies, provided a $900,000 loan to Fannie Mae to refinance a multifamily property in Washington, D.C., as part of the Equity in Action initiative launched by the Housing Association of Nonprofit Developers (HAND), the Washington-area premier. member association advocating for the production and preservation of affordable housing. The funding was initiated by Alicia Cotton-Doney, Senior Managing Director of Greystone, on behalf of The Ayesha M. Johnson Revocable Trust.

Greystone and HAND launched Equity in Action in 2021 to increase access to working capital for BIPOC property developers who face challenges with access to capital, asset-based wealth generation and economic mobility. HAND members enjoy direct access to advisory and financing solutions for the construction, refinancing, recapitalization and acquisition of affordable housing, including access to the #1 rated FHA lending platform of Greystone.

Built in 1974 and acquired in 2005, 4905 Nach in the Deanwood neighborhood of the District of Columbia, is a mid-rise building consisting of 12 units. The $900,000 fixed-rate, non-recourse Fannie Mae loan has a 10-year term and 30-year amortization period, along with three years of interest-only payments and a loan-to-value (LTV) ratio of 54%. In addition to the refinancing, the loan proceeds allow the borrower to continue to operate the property and monetize some of their equity.

“For decades, advocates have pointed to patterns of discrimination in the lending industry that have perpetuated barriers for BIPOC developers to access the capital they need to execute their plans to create affordable housing,” said Heather Raspberry. , executive director of HAND. “Equity in Action disrupts this system while ensuring that BIPOC developers and their future residents have real opportunities to thrive.”

“We are excited to leverage our extensive multi-family lending platform and expertise to secure the right financing for our client,” Ms. Cotton-Doney said. “Greystone is deeply committed to making quality housing accessible to all communities. We hope that other BIPOC commercial borrowers will tap into the resources available through the Equity in Action program to help solve the housing crisis in Washington, DC.

“Through Heather Raspberry and the impactful work of HAND, I have begun a journey with Greystone as my lending partner. The closing of this transaction is the culmination of a collaborative effort and purposeful intentions,” said Ms. Ayesha Johnson, Borrower Manager “Alicia and the rest of the Greystone team have been both supportive and attentive to my specific needs and as a result, current and future residents of this property will benefit for years to come. come. HAND and Greystone together gave us
access to the knowledge and capital that allow us to maintain livable spaces and improve and beautify our community, one building at a time.

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