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.”  



Greystone, a leading national commercial real estate finance company, has provided a $16,970,000 Fannie Mae Delegated Underwriting Services (DUS®) loan to refinance a 258-unit multifamily property in Hopkinsville, KY. The transaction was originated by Lorie Hanson, Managing Director at Greystone.

The 10-year, fixed-rate Fannie Mae loan for Aspen Meadow includes interest-only payments for the full term of the loan. Acquired in October 2020, the property has received nearly $1 million in capital expenditures including both interior and exterior upgrades and to the common amenities. 

“The borrowers were wonderful to work with and moved quickly to take advantage of an early rate lock, in an increasing interest rate environment,” said Ms. Hanson. “They have invested in a long-term hold of the property and this Fannie Mae refinance enables them to preserve this asset. It was a pleasure working with them and we are thrilled the outcome.”


Greystone, a leading national commercial real estate finance company, has provided a $33,717,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan for the acquisition of a 324-unit multifamily property in Jonesboro, Arkansas. The financing was originated by Eric Rosenstock and Dan Sacks, Co-Managing Directors in Greystone’s New York office, on behalf of CLK Properties.

Constructed in 2011, Willow Creek Apartments in Craighead County consists of 12 garden-style buildings with one-, two- and three-bedroom units. The $33.7 million non-recourse Fannie Mae Green Mortgage loan carries a 10-year term and 30-year amortization along with full-term, interest-only payments. The property has received Energy Star Certification for Fannie Mae’s Green Building Certification, which recognizes the top 25% of the most energy-efficient buildings within its class.

“We work hard to earn our clients’ trust on every transaction, so there is no greater ‘vote of confidence’ than when a client comes to Greystone for help in financing additions to their portfolios,” said Mr. Rosenstock. “We couple our extensive expertise in multifamily lending with a deep commitment to serving clients well for an experience they won’t get anywhere else.”

“Our Greystone team truly understands the nuances of multifamily financing, which benefits us not only at closing but at every stage of the transaction,” said Mr. Craig Koenigsberg, CEO of CLK Properties and a valued client of Greystone. “Greystone is our trusted partner because they believe in our vision for each of our properties and then work tirelessly to help us make the vision a reality.”

The Willow Creek Apartments sale was brokered by Aaron Jungreis and David Wildes of Rosewood Realty Group. “The completion of this transaction further highlights the success of Rosewood and Greystone’s correspondent relationship and I’m happy to add this to the list of wins,” added Mr. Jungreis.


Greystone, a leading national commercial real estate finance company, has provided a $12,350,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance an existing 68-unit multifamily property in Marquette, Michigan. The transaction, contributing to the redevelopment of industrial brownfield land on Marquette’s waterfront, was originated by Reuben Dolny and John Marr of Greystone.

The $12.3 million Fannie Mae loan carries a 10-year term at a fixed rate, with a 30-year amortization. Constructed in 2019, One Marquette Place is a six-story rental building with a mix of studio, one-, two-, and three-bedroom units and includes a rooftop terrace and community room along with common-area amenities such as an exercise room and stunning lake views. The property, formerly brownfield land utilized as industrial docks, is situated along Lake Superior and is Energy Star Certified. The sponsor has created an architectural master plan to beautify the shoreline with multifamily, hospitality, mixed-use and public green and walking space.

“One Marquette Place is primed for long-term Agency financing as it’s a high-quality asset with an excellent sponsor that is dedicated to, and invested in, the local area,” said Mr. Dolny. “With master plans to expand the complex by adding additional phases, this property will represent a mix of multifamily offerings suited to the varied needs of the Marquette market, and we are thrilled to have completed the first phase of refinancing.”

“We are grateful to Greystone for their guidance and expertise on the financing for One Marquette Place as we work toward executing our master plan for Marquette’s shoreline,” said Mr. Barry Polzin, key principal of the borrower, developer, and architect for the project, Barry J Polzin Architects. “This transformational project was handled with responsiveness, knowledge and customer service beyond our expectations, all of which is a critical for the success of this type of deal.”




JLL Capital Markets arranged the refinancing for the 100-unit Nolan Mains in Edina, Minnesota

MINNEAPOLIS, March 16, 2022 – JLL Capital Markets announced that it has arranged a $67 million refinancing for Nolan Mains, a 100-unit, mixed-used, mid-rise apartment community located in the 50th and France neighborhood of Edina, Minnesota.

JLL worked on behalf of the borrower, Buhl Investors and Saturday Properties, to secure the Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.

Built in 2019, Nolan Main was a public-private partnership with the City of Edina, helping transform and revitalize their historic downtown area. In addition to the 100 luxury units, there are 16 retailers and two-levels of underground parking. Community amenities include a rooftop bar, spa with sauna and steam room, fitness center, a sunroom, a fenced dog run, gourmet chef 's kitchen, indoor and outdoor fireplace and seating area, club room and golf simulator.

The property is located in a live-work-play community with high barriers to entry. Additionally, the location offers walkability to the numerous shopping and dining options within the area.

The JLL Capital Markets Debt Advisory Team representing the borrower was led by Managing Director Scott Loving and Analyst Will Hintz.

“The borrower’s execution of this development from concept to stabilization has been incredibly impressive,” said Loving. “The property’s unique characteristics, including a valuation per unit that was significantly higher than any other multi-housing property in the market and its total of 16 retail tenants, required a complex refinancing. The borrower achieved multiple goals with the refinancing, including securing long-term, non-recourse debt with a significant interest-only period, while returning a portion the initial capital to its investors.” 

Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.


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