Greystone, a leading commercial real estate lending, investment, and advisory company, has provided a $34,419,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 266-unit multifamily property in Lubbock, Texas. The transaction was originated by Steven Mumford in Greystone’s Atlanta office on behalf of Avalon Estates, with Peter Sharp of Eastpoint Funding and Kirk Slemmer of Promenade Lending as advisors to the borrower.  

The $34.4 million Fannie Mae financing has a 12-year term and 30-year amortization, with five years of interest only payments. The loan enables the borrower to consolidate three construction loans into permanent financing, continue with ongoing improvements, and monetize their existing equity. Construction on the property began in 2017 and was completed in three phases through 2019.

Catalina West is a garden-style apartment community consisting of 30 residential buildings with one-, two- and three-bedroom open-concept units offering modern amenities and finishes, in-unit laundry hook ups, and private garages. Residents also enjoy access to a community clubhouse and 24-hour Peloton® fitness center, pool, grilling stations, outdoor lounge and dog park. Located just a few miles from Texas Tech University, the property is minutes from the West End Shopping Center’s retail shops, restaurants and services.

“We are delighted that we can help our client access the right financing through our extensive platform and bring this property’s construction phase to a successful close,” said Mr. Mumford. “Our team’s trademark commitment to service and industry-leading execution resulted in a seamless and quick transaction for our client, even as the Covid-19 pandemic added a new layer of deal complexity.”

“I cannot express how grateful we are to the Greystone experts who saw this deal through to the finish line,” said Mr. Olov Nasiell, principal at Avalon Estates. “The passion, creativity and commitment of Greystone’s professionals is unparalleled – it’s what drew us to the company years ago. And though this transaction is completed, we look forward to working with our Greystone team again in the future.”

Greystone, a leading national commercial real estate lending, investment, and advisory company, has provided a $45,770,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan for the acquisition of a 321-unit multifamily property in Ambler, Pennsylvania. The transaction was originated by Dan Sacks in Greystone’s New York office on behalf of Woods Realty Associates.

The $45.8 million Fannie Mae loan carries a 12-year term with a 30-year amortization, with the first six years of interest-only payments. A portion of the loan proceeds will also go toward completing property renovations and interior unit upgrades.

Originally built in 1974, The Woods Apartments is a garden style, multifamily apartment community consisting of one-, two-, and four-bedroom-units featuring stainless steel appliances and high end finishes. Located in Montgomery County, the suburban property is near the Main Line’s major employers, retailers and community services, and is served by SEPTA’s Ambler station and Interstate 276, which offer easy access to the city center of Philadelphia.

“There is no higher compliment than when long-standing clients return to us to help them expand their real estate portfolio,” said Mr. Sacks. “We are thrilled to get the right financing terms in place for Woods Realty once again, and look forward to working with them on future projects.”

“We rely on Greystone for the professionalism, creativity, and can-do tenacity that they bring to every transaction,” said Mr. Isaac Scheinerman, managing member of Woods Realty Associates. “Under every circumstance – including these unprecedented times – they remain unflappable and dedicated on getting our deals done seamlessly and efficiently.”

Greystone, a leading commercial real estate lending, investment, and advisory company, has provided a $17,800,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 208-unit multifamily property in Fairburn, Georgia. The transaction was originated by Keith Hires in Greystone’s Atlanta office.  

The $17.8 million Fannie Mae loan carries a 12-year term and 30-year amortization, with two years of interest only payments. The refinancing enables the borrower to continue the property’s ongoing renovations, as well as monetize their existing equity.

Built in 2001, Cambridge Faire Apartment Homes is a pet-friendly, garden-style apartment community featuring 208 one-, two- and three-bedroom units with upgraded finishes and new appliances, as well as in-unit laundry hook ups. Residents enjoy access to the community’s pool and fitness center, clubhouse, sports courts, dog park and car wash. Located near Interstate 85 in the southwest region of metro Atlanta, the property is a short drive from Hartsfield-Jackson International Airport, and offers easy access to many restaurants and retailers, as well as to Atlanta’s central business district.

“We love helping clients access our extensive platform for the right type of long-term permanent financing, regardless of market conditions,” said Mr. Hires. “We strive to make it as easy and seamless as possible for clients realize their long-term vision for their investment, in every transaction we do for them.”

Greystone, a leading national commercial real estate lending, investment, and advisory company, has provided a $6,534,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 100-unit multifamily property in Ohio. The transaction was originated by Jason Yuen in Greystone’s New York office.

The $6.5 million Fannie Mae loan carries a 10-year term with a 30-year amortization, with the first three years of interest-only payments. Located in Marion County, Professional Park Apartments is a garden style, multifamily apartment community consisting of 100 garden- and townhome-style units that span over 7.114 acres.

“We were thrilled to work with The West 5 Group and Jeff Seidenfeld, and we look forward to working with them on future projects,” said Mr. Yuen.

Greystone, a leading national commercial real estate lending, investment, and advisory company, has provided a $26,558,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 297-unit multifamily property in Delaware. The transaction was originated by Dan Sacks in Greystone’s New York office.

The $26.6 million Fannie Mae loan carries a 10-year term with a 30-year amortization, with the first three years of interest-only payments.

Located in New Castle County, Liberty Square is a garden style, multifamily apartment community spanning 13.8 acres. The property includes amenities for residents, such as a swimming pool, playhouse, playground, tennis court, and laundry facilities in each building.

“After having worked with our clients on a number of properties in Pennsylvania, we are thrilled to help expand their portfolio into Delaware,” said Mr. Sacks. “It is extremely gratifying when clients come back to us showing they believe in our ability to meet their capital needs.”

“We value our longstanding relationship with Greystone, and we are thrilled at the outcome of this refinancing, which enables us to continue expansion in the multifamily sector,” said Shmuel Tress.

Greystone, a leading national commercial real estate lending, investment, and advisory company, has provided a $12,075,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 36-unit multifamily property in Chicago, IL. The transaction was originated by Clint Darby in Greystone’s Chicago office with 925 Chicago Investment Partners LLC.  

The $12.1 million Fannie Mae Near Stabilization loan carries a 10-year term with a 30-year amortization, with the first four years of interest-only payments. This permanent loan represents an exit from construction financing.

Located in the River West neighborhood of Chicago, Germain House is a mixed-use property with ground-floor retail and loft-style units. The building was converted from commercial office-use to residential in 2018, including new amenities for residents such as a fitness center, clubhouse, pool, bike room, and rooftop deck.

“Our clients were able to repurpose this vintage commercial building into a collection of highly desirable, unique market-rate units - a great addition to the River West area,” said Mr. Darby. “We are thrilled to have provided the permanent financing solution as the project becomes stabilized, and congratulate them on a job well done. We look forward to working with them on future projects.”

“This development project was a labor of love for us, and we are thrilled with the outcome for long-term financing, and for Greystone’s guidance along the way,” said Ted Thilman, Principal, Rockwell Property Co.