Greystone, a leading national commercial real estate finance company, has provided a $22.6 million Fannie Mae Delegated Underwriting & Servicing (DUS®) loan to refinance a 262-unit multifamily property in Bryan, Texas. The financing was originated by Dan Sacks and Harrison Drucker in Greystone’s New York office, on behalf of a Texas-based developer.
Constructed in 2011, 21 Gramercy Park in Brazos County is a garden-style apartment community consisting of 21 buildings with one-, two- and three-bedroom units. The $22,607,000 non-recourse, fixed-rate financing carries a 10-year term and 30-year amortization, with full-term interest-only payments. In addition to refinancing, loan proceeds enable the borrower to continue with capital improvements and monetize a portion of the equity in the property.
“We’re thrilled that our extensive multifamily expertise, including our nationally recognized Agency lending platform, helps clients find financing solutions that are right for their property’s circumstances,” said Mr. Sacks. “Our goal is to provide clients a superior experience by executing seamlessly on every transaction.”
“It was a pleasure working with this sponsor and delivering a seamless execution in a turbulent market. We were able to secure a full-term interest-only loan and rate lock in under two weeks, which was key to meeting our client’s timeframe,” said Mr. Drucker.