Greystone has closed a $46.8 million Fannie Mae-backed loan for Metropolitan Realty Group's acquisition and refinancing of Pine Town Houses, a Section 8 apartment complex in Long Beach, New York. The nonrecourse, fixed-rate debt financed the 232-unit garden-style development.

The loan structure protects the borrower from personal liability, a standard feature for seasoned affordable housing operators. Fannie Mae backing provides Metropolitan Realty Group with favorable terms typical of agency lending for properties serving low-income residents.

Section 8 housing remains a critical asset class for lenders and developers. Long Island continues to face affordability pressures, making stabilized Section 8 properties attractive for acquisition and refinancing. Pine Town Houses generates predictable cash flow through HUD subsidy contracts, which appeal to lenders seeking stable returns with minimal vacancy risk.

For Long Island renters, this transaction signals continued investment in affordable stock. Metropolitan Realty Group's ability to refinance the property at favorable rates ensures the complex remains financially viable and committed to serving low-income households. The Fannie Mae backing underscores government support for preserving existing affordable inventory rather than relying solely on new construction.

Greystone's involvement reflects its portfolio focus on affordable housing and workforce development properties. The lender has backed hundreds of similar transactions across the country, making it a primary source of financing for Section 8 operators seeking refinancing opportunities.

The deal closes amid tighter lending conditions for multifamily properties generally, but agency-backed loans for Section 8 complexes remain relatively stable. Predictable HUD income streams and lower default rates keep these loans attractive to Fannie Mae and investors in mortgage-backed securities.

For current tenants at Pine Town Houses, the refinancing provides operational stability. For the developer, the fixed-rate structure locks in