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Morningside North Secures $70M in Fannie Mae Financing

Financed under the Fannie Mae MBS as Tax-Exempt Bond (M.TEB) program, the borrower received tax-exempt financing from the Illinois Housing Development Authority (IHDA) in the form of long-term bonds.

Jeff Englund, head of the affordable housing lending group at Greystone. Jeff Englund, head of the affordable housing lending group at Greystone

CHICAGO—The ownership of the Morningside North Apartments here has secured a $70.4-million Fannie Mae loan provided by New York City-based Greystone that will help finance planned renovations at the 256-unit affordable property.

Morningside North Apartments, under a 20-year Section 8 HAP contract, reserves 100% of its units for very-low income families that earn 60% of area median income or less. The term of the new Fannie Mae loan is 17 years with 15-year yield maintenance.

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John Jordan

John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.

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