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New Owner of The Wescott Secures Financing

Greystone Arranges $55.2M Freddie Mac Loan on Stamford Multifamily
February 9, 2018
AJH Management has secured $55.2 million in new Freddie Mac financing on its year-end acquisition of The Wescott, a 261-unit multifamily building at 1450 Washington Blvd. in Stamford, CT.

Dan Sacks of Greystone’s New York office, in conjunction with Greystone’s Affordable Lending team, arranged the financing package on behalf of the owner. The Freddie Mac Targeted Affordable Housing loan was placed with a New Jersey-based investment group. It carries a seven-year adjustable rate.

In addition to providing the Freddie Mac loan, Greystone introduced the borrower to a preferred equity source for the transaction, enabling the buyer to achieve 90% of the total acquisition price in financing.

Built in 1986, the 438,834-square-foot, income-restricted high-rise is located on 3.2 acres in the Downtown Stamford Multifamily submarket of Fairfield County. It features a fitness center, gameroom, dry cleaning service and more. The property has been sbustanially renovated over the past five years, according to a corporate release from Greystone, and restricts 20% of its units to households earning 80% or less of the average median income for the area.

"With its close proximity to New York City, Stamford is attracting both young professionals and families," noted Sacks. "This acquisition represents a fantastic investment for my client, and its affordable housing component ensures that there will be much-needed housing for all income types in such a vibrant, growing suburb in the Metro NYC region."
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