Deal Close
June 25, 2026
Type
Multifamily, 46 units
Price
$3,200,000
Alyssa DeBono
National Affordable Team
Executive Summary
This 100% project-based Section 8 property marked Greysteel’s first transaction on behalf of Related Companies, one of the largest institutional real estate firms in the country, sourced through straightforward cold calling.
The sale involved assuming an existing HUD 223(f) loan at 2.93% — a debt assumption combined with an ownership assignment, requiring a modified HUD transfer-of-physical-assets package the team worked through directly with the agency.
The Challenge
Assuming HUD-insured debt alongside an ownership transfer triggers a more complex regulatory package than a typical sale, and HUD’s own process — including not finalizing the transaction until after the deal itself closes and the modification is recorded — added procedural uncertainty the team had to manage in real time.
The Solution
Greysteel worked closely with the seller’s counsel and the buyer through every stage of the HUD approval and modified transfer package, securing preliminary HUD approval roughly five weeks before closing and coordinating the recording sequence required to finalize the assumption.
Results
- $3,200,000 sale price on a 100% project-based Section 8 asset
- HUD 223(f) loan assumed at a 2.93% rate, maturing in 2055
- First engagement with Related Companies, opening a relationship with a major institutional client
- Buyer positioned to scale its Wisconsin affordable housing portfolio using the same assumption playbook
“Greysteel sourced the buyer through proactive cold calling and structured the sale around the assumption of an existing HUD 223(f) loan featuring a 2.93% interest rate. The team successfully navigated the complex HUD transfer and loan assumption process, delivering a creative solution for a buyer focused on expanding its affordable housing portfolio in Wisconsin.” — Alyssa DeBono, Greysteel Lead Deal Contact, Affordable Team
Greysteel Advisory Expertise
Greysteel is a commercial real estate advisory firm specializing in investment sales and debt and structured finance, serving private investors, middle-market operators, and institutional clients nationwide.
The firm provides sector-focused advisory across multifamily, healthcare, and affordable housing and other commercial real estate asset classes, delivering market intelligence, capital markets expertise, and disciplined execution.
