Greystone, a leading national commercial real estate finance company, has provided a $62,746,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) Green Rewards loan to refinance a 330-unit multifamily property in Lehi, Utah. The financing was originated by Lorie Hanson, Managing Director at Greystone, with Johnny Clawson from The Clawson Group, Inc. acting as correspondent.

Constructed in 2020, Lehi Tech is mid-rise apartment community with five elevator buildings that features one- and two-bedroom units. The $62,746,000 non-recourse, fixed-rate financing carries a 10-year term and 30-year amortization, with full-term interest-only payments. The property achieved a Fannie Mae Green Globes certification for its energy and water usage upgrades. In addition to refinancing, loan proceeds enable the borrower to monetize a portion of their equity in the property.

“At Greystone, we get excited about helping clients secure the right financing solutions and ensuring they have a seamless and superior service experience,” said Ms. Hanson. “We’re always thrilled when clients come back to Greystone for our deep multifamily capabilities – to us, there is no greater thank you.”

“It’s always an easy decision to choose Greystone – they are experts in multifamily finance and a true partner on every transaction,” said Mr. Bryan R. Wrigley, principal of the borrower. “Regardless of whether our issues are complex or straightforward, our Greystone team brings valuable insights and a level of care that exceed our expectations, every time.” 

“We appreciate Greystone’s guidance and knowledge of the multifamily finance landscape, making this refinance a successful transaction,” added Mr. Mike Christensen and Mr. Kevin Garn, both key principals to the borrower.

Greystone, a leading national commercial real estate finance company, has provided a total of $44,200,000 in Fannie Mae Delegated Underwriting and Servicing (DUS®) senior proceeds and mezzanine proceeds for the $49,500,000 acquisition of a 344-unit multifamily property in Mount Prospect, Illinois. The financing was originated by Dan Sacks and Eric Rosenstock, Co-Managing Directors at Greystone, on behalf of Bayshore Properties, a longtime client of the firm. 

Constructed in 1973, Mount Prospect Greens Apartments consists of 14 garden-style buildings with one-, two- and three-bedroom units. The first mortgage, a $40,788,000 non-recourse Fannie Mae loan, carries a 10-year term and 30-year amortization along with six years of interest-only payments. The loan also qualifies for Fannie Mae Multifamily Green Rewards financing program, following the completion of energy and water conversation measures.

Greystone also secured for the borrower a $3,412,000 Fannie Mae DUS Lender Affiliate (DLA) mezzanine financing on the property, which includes a 10-year term that is co-terminus with the first mortgage and full-term interest only payments.

“We consider it an honor to serve clients again and again – we view every transaction as an opportunity to provide an even higher quality experience than the last,” said Mr. Sacks. “Clients trust Greystone not only because of our extensive multifamily lending platform or our deep expertise – our demonstrated commitment to executing on their vision is what brings them back.”

“Greystone is the leader in multifamily finance and the partner we lean on for helping us grow our portfolio of properties,” said Mr. Nick Kozul, CEO of Bayshore Properties. “They understand our vision and work tirelessly for us on every transaction, with service and execution standards that no one else can touch.” 

Greystone, a leading national commercial real estate finance company, has provided a $48,000,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) green loan to acquire a 406-unit multifamily property in Okemos, Michigan. The financing was originated by Richard Kourbage, Managing Director in Greystone’s New York office, on behalf of the joint venture between Gray Capital and LRE Management. 

Constructed in 1989, Club Meridian in Ingham County is a garden-style community consisting of 17 three-story buildings with 120 one-, 284 two- and 2 three-bedroom units. The $48,000,000 non-recourse Fannie Mae Multifamily Green Rewards loan carries a 10-year term with full term interest-only payments and 9.5 years of yield maintenance. The financing enables the borrower to make renovations to the property as well as complete the acquisition. 

“We’re committed to securing the right financing for our clients and we have the deep experience and an extensive multifamily lending platform that enables us to do so,” said Mr. Kourbage. “We strive to delight our clients by exceeding their expectations for service and execution on every transaction.”

“Greystone executed beyond our expectations once again, and we are thrilled with the outcome of the financing for this exciting acquisition,” said Mr. Eric Londa, principal of the borrower. “Greystone’s reputation as the leader in multifamily finance is well-deserved and we look forward to continuing our relationship with them as a lending partner.”

Greystone, a leading national commercial real estate finance company, has provided $20,661,000 in Fannie Mae Delegated Underwriting Services (DUS®) financing for two multifamily properties in Rexburg, Idaho. The transaction was originated by Lorie Hanson, Managing Director at Greystone.

The 264-unit multifamily portfolio properties are located a half mile apart and serve a student population of BYU-Idaho and residents of Rexburg with a mix of one- and two-bedroom units. Both properties were refinanced with 10-year term Fannie Mae loans from their original acquisition financing secured in 2020.

“Quality housing in Rexburg is critical to the general and student population in the area, as is evident by the 100% occupancy of both subjects, and we are thrilled to have helped the borrower secure this long-term financing solution as they grow and optimize their portfolio,” said Ms. Hanson. 

Greystone, a leading national commercial real estate finance company, has provided a $21,464,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 144-unit multifamily community in Herndon, Virginia. The transaction was originated by Cullen O’Grady, managing director in Greystone’s Rockville, MD office.

Developed in 1964 and rehabbed in 1989, Parkridge Gardens Apartments comprises 78 one-bedroom, 54 two-bedroom, and 12 three-bedroom townhome units on 6.80 acres. Project amenities include a leasing office, BBQ/picnic area, playground, common laundry facility and free access to the Herndon Community Center. Located in Fairfax County, the property has had excellent historical occupancy and access to major thoroughfares, including the Silver Metro line which provides direct access to the Washington DC central business district and major employment centers, including Amazon.

The borrower is a private investor and repeat Fannie Mae client.

“We executed the loan swiftly with very favorable terms through Fannie Mae’s Streamline Rate Lock process, allowing the borrower to lock their rate after application during an extremely turbulent and volatile treasury market,” said Mr. O’Grady. “We are always grateful when clients come to Greystone for agency financing solutions, placing their trust not only in our lending capabilities but also our industry leading expertise especially during challenging times in the market.”

Greystone, a leading national commercial real estate finance company, has provided a total of $74,300,000 in Fannie Mae Delegated Underwriting Servicing (DUS®) loans to refinance a 574-unit multifamily portfolio of affordable housing in Newark, NJ. The transaction was originated by Hope Curtis, Director at Greystone.

The mission-driven Fannie Mae financing includes acquisition debt as five separate loans on a total of 17 multifamily properties, all carrying 10-year terms and 30-year amortization periods. The properties range in size from 9 units to 108 units each, with the rent-regulated units deemed affordable housing for residents at both 80% and 60% of Area Median Income (AMI).

“It was such a pleasure working with our borrower to provide the financing for these simultaneous acquisitions, which will truly benefit the residents of Newark in the long term,” said Ms. Curtis. “It’s critical to preserve the country’s affordable housing stock, and Greystone is committed to working with property investors to help them achieve this goal.”