Printer Friendly

Ginnie Mae sets a $147M record.

American Property Financing announced a $147.5 million Ginnie Mae securitization for Manhattan Park Apartments, the largest single multifamily property financing in the history of Ginnie Mae.

Constructed on Roosevelt Island in New York City in the late 1980s, the complex contains 1,107 apartments in five buildings. Twenty percent of the apartments are reserved for low-income elderly residents. The seniors, who live in a separate building, receive housing assistance through a Section 8 project-based program from the U.S. Department of Housing and Urban Development.

This transaction was made possible through a tax-exempt bond offering issued by the New York City Housing Development Corporation. The refinanced $147.5 million mortgage will carry a 26.5-year term that will be fully amortized on a straight-line basis.

"Manhattan Park is a well-maintained rental property that demonstrates HUD's commitment to provide affordable, decent and safe housing for market-rate and low-income residents in urban environments such as New York City," said Theodore B. Foster, Ginnie Mae's vice president for mortgage-backed securities. "Ginnie Mae congratulates APF and NYC HDC on this significant achievement," he added.

APF Chairman Alan Wiener concurred: "This project provides further proof of APF's and Ginnie Mae's commitment to support affordable housing in America's great urban centers."

Ginnie Mae was created by Congress in 1968 as part of HUD.

As the only issuer of mortgage-backed securities guaranteed by the U. S. government, Ginnie Mae helped 2.4 million Americans become homeowners in 2003, and some 30 million Americans since its creation, resulting in more than $2 trillion in residential mortgages.
COPYRIGHT 2004 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2004, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:American Property Financing
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Jun 23, 2004
Words:259
Previous Article:Sonnenblick arranges $425M Broadway mortgage.
Next Article:Two Trees inks high profile DUMBO lease.
Topics:


Related Articles
Walter Buczynski and Darrell Swanson.
Condo for non-profits to announce buyers.
High-yield twins: agency bonds are as safe as Treasuries, yet offer more kick.
APF provides $94m for Gateway Plaza deal.
High yields, on the house: if you're worried about rising interest rates, Ginnie Mae funds are safe.
US MBS market.
ARM yourself with real estate's abbreviations.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters