Metropolitan Realty Group Secures $46.8 Million Loan From Fannie Mae To Acquire Pine Town Houses

The 130-unit Pine Town Houses affordable housing complex is located at 151 East Pine Street in Long Beach, N.Y., within the Long Island market. The acquisition involved a loan amount of $46,800,000, which is backed by Fannie Mae, earmarked for both acquisition and refinancing alongside plans for moderate rehabilitation and property upgrades.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $46,800,000
• Lender: Fannie Mae
• Landlord: Scott Jaffee - Metropolitan Realty Group
• Broker Representatives: Eric Rosenstock & Jeff Englund - Greystone

Metropolitan Realty Group, represented by Scott Jaffee, has secured the financing through Greystone, represented by brokers Eric Rosenstock and Jeff Englund. The transaction aims to enhance the living conditions at the property through planned upgrades following its acquisition.