鈥檚 commercial mortgage business has provided a $102m (鈧�90.2m) loan to Jonathan Rose Companies to help the company鈥檚 acquisition of a US affordable and elderly housing property.
Last month, Jonathan Rose Companies, The NHP Foundation and Nuveen acquired Shore Hill Housing for around $150m from NYU Langone. The property consists of two 14-story buildings with 558 total units.
Finance said it has provided the Freddie Mac acquisition loan for Shore Hill Housing in the Bay Ridge neighbourhood of Brooklyn.
The 10-year, fixed-rate loan will be used by the borrower to acquire the property, complete repairs related to green efficiency upgrades and cover transaction costs.
Alex Viorst, a principal at PGIM Real Estate Finance, said: 鈥淭his financing will help preserve an important affordable housing property in a neighborhood of Brooklyn where rents continue to rise.
鈥淲e are proud to partner with the Jonathan Rose Companies on this significant investment in affordable seniors housing in New York City.鈥�
