Greystone, a leading national commercial real estate finance company, has provided a total of $102,686,000 in Fannie Mae Delegated Underwriting and Servicing (DUS®) loans for the acquisition of a 752-unit multifamily property in Des Plaines, Illinois. The transaction was originated by Dan Sacks and Eric Rosenstock, Managing Directors in Greystone’s New York office, on behalf of Bayshore Properties, a long-time client.
The financing includes a $95,870,000 non-recourse, fixed-rate Fannie Mae loan with a 10-year term and 30-year amortization, as well as three years of interest-only payments. The second loan is a non-recourse, fixed-rate DUS Lender Affiliate (DLA) mezzanine loan for $6,816,000 with a 10-year term and full-term interest-only payments. Greystone was able to leverage Fannie Mae’s Green Rewards program for the financing, as the borrower is committed to making energy and water usage upgrades to the property.
Park Ridge Commons, located in Cook County, is a 48-building garden style apartment community constructed in 1965 that consists of 752 one-bedroom and two-bedroom units, as well as a clubhouse with fitness center, pool and outdoor sports courts. The property is located near O’Hare International Airport and is easily accessible to Chicago from Interstates 90 and 294.
“We keep coming back to Greystone because of their deep expertise in multifamily and the local market – they secure the most optimal financing terms for our capital needs for every property in our portfolio,” said Nick Kozul, principal of Bayshore Properties. “The process couldn’t be smoother or more seamless, which is why we trust Greystone with our most important transactions.”
“Our number one goal in every transaction is to exceed our clients’ expectations by delivering the best financing options for them in every market,” said Mr. Sacks. “We know our clients have a choice and work hard to earn our clients’ trust on every project – and there is no greater thank you than when they choose to come back to Greystone for their next deal.”
Greystone, a leading national commercial real estate finance company, has provided a $31 million Fannie Mae Delegated Underwriting and Servicing (DUS®) Green Rewards loan to refinance a 189-unit multifamily property in Louisville, KY. The financing was originated by Michael Zukerman, Managing Director at Greystone on behalf of Dearborn Capital Partners LLC.
The $30,975,000 Fannie Mae loan carries a 10-year term and 30-year amortization, along with a low, fixed rate. Germantown Mill Lofts was originally constructed in 1889 and operated as a fabric mill through the mid-20th Century. After subsequent use as a retail facility, the property was eventually converted into residential units and completed in 2017. The substantial rehabilitation included significant environmental remediation, qualifying the project for Fannie Mae Green Rewards incentives. In addition to the studio, one-, and two-bedroom units, Germantown Mill Lofts includes a fitness center, community pool, outdoor grilling area, bocce ball court, pet park and spa, and clubhouse.
“Working with the Dearborn team was truly a pleasure as this property – rich in history – was brought from its 19th Century roots to the 21st Century from an energy efficiency standpoint, and now provides shelter to hundreds of Louisville residents,” said Mr. Zukerman. “We look forward to working with Dearborn on future transactions.”
"When we hired Greystone to take us through the Fannie Mae refinance process at Germantown Mill Lofts, they expertly advised us on all aspects of the transaction from environmental to income and valuation, and helped us to maximize proceeds,” said Todd Underhill, key principal of the borrower. “We are extremely pleased and intend to work with Greystone on many future transactions."
Greystone, a leading national commercial real estate finance company, has provided an $8,972,000 Fannie Mae Delegated Underwriting Services (DUS®) loan to refinance a 116-unit multifamily property in Hoover, Alabama. The transaction was originated by Keith Hires and Carter King, Managing Directors at Greystone, on behalf of Fillmore Capital Partners.
The non-recourse, fixed-rate, interest-only $9 million Fannie Mae loan for The Benton Apartment Homes carries a 10-year term. Located in Jefferson County within the Birmingham MSA, Benton Apartments is 100% occupied and comprises 24 one-bedroom, 76 two-bedroom, and 16 three-bedroom residential units. The property includes amenities such as a clubhouse with business center, playground, and swimming pool.
“We are very excited about our acquisition of this strong performing asset in a premiere, high growth submarket of Birmingham, which is our first acquisition in Alabama and a logical expansion for our portfolio, which includes over 3,500 units in Georgia,” said Michael O. Reinardy, Chief Acquisitions Officer at Fillmore Capital Partners.
“Fillmore has been a pleasure to work with over the years, and we are honored to have played an integral role in helping them to grow their multifamily investment portfolio in the U.S.,” said Mr. Hires.
Greystone Provides $13.4 Million in Fannie Mae Financing for Two Multifamily Properties in Louisiana
Greystone, a leading national commercial real estate finance company, has provided $13.4 million in total Fannie Mae Delegated Underwriting Services (DUS®) loans to refinance two multifamily properties in Baton Rouge, Louisiana. The loans were originated by Keith Hires and Carter King, Managing Directors at Greystone, on behalf of Patrician Management.
An $8,100,000 Fannie Mae loan was provided for Bienville Towers, covering 160 units of the 200-unit fractured condominium property located at 2100 College Drive. The non-recourse loan carries a 10-year fixed rate with a 30-year amortization and four years of interest-only payments. Amenities at the property include two swimming pools and four laundry centers.
A $5,339,250 Fannie Mae loan was provided for Parc at Mid City, an 88-unit property located at 1100 South Foster Drive. The non-recourse loan also carries a 10-year fixed rate with a 30-year amortization and the first 5 years of interest-only payments. On-site amenities at the property include a swimming pool, a barbeque / picnic area, and a community laundry center.
“The timing to refinance these two properties was right, and the borrower received favorable terms for both properties, given the rising occupancy demand and strong fundamentals for multifamily in the Baton Rouge market,” said Mr. Hires. “Greystone’s deep expertise and knowledge of Fannie Mae financing products serve as a strength for borrowers like Patrician.”
“Greystone has been an incredible partner over the years as we’ve worked on optimizing our portfolio,” said Alex Lewis, operating partner of the borrower. ‘We appreciate their guidance on refinancing and their industry experience in multifamily.”
Greystone, a leading national commercial real estate finance company, has provided a $15.9 million Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 19-unit multifamily property in Beverly Hills, CA. The new permanent financing was originated by Dale Holzer, Managing Director at Greystone.
The $15,966,500 Fannie Mae loan carries a 10-year term and along with a low, fixed rate and ten years of interest-only payments. Purchased in 2003 by the current owners, Park Rodeo Apartments was built in 1937, and comprises studio, one-, two-, and three-bedroom units. The restored Old Hollywood courtyard style apartment building is situated on iconic Rodeo Drive and includes amenities such as a fitness room and parking garage.
“This quintessential Beverly Hills apartment community is a gem in the sponsors’ portfolio, and it’s been a pleasure helping them extract the property’s value and increase cash flow with a permanent Fannie Mae loan,” said Mr. Holzer. “We look forward to future transactions with the team as they grow their portfolio.”
Greystone, a leading national commercial real estate finance company, has provided a total of $26,800,000 in Fannie Mae Small Loans to refinance seven multifamily properties in Los Angeles. The transactions were originated by Nash Midzi of Greystone on behalf of Mr. Hal Marshall Sears and Michel Roy-led partnerships.
The portfolio of 10-year, fixed-rate loans, which financed a total of 236 units, included:
· A $5,465,000 loan for a 48-unit property on South Hobart Boulevard;
· A $4,823,000 loan for a 45-unit property on South Harvard Boulevard;
· A $2,195,000 loan for a 24-unit property on Gramercy Drive;
· A $3,420,000 loan for a 34-unit property on Ingraham Street;
· A $3,247,000 loan for a 28-unit property on Garfield Place;
· A $3,170,000 loan for a 22-unit property on Commonwealth Ave; and
· A $4,480,000 loan for a 35-unit property on South Wilton Place.
“As a leading provider of Fannie Mae small loans, Greystone’s execution is top-notch, and we ensure that our clients’ needs come first,” said Mr. Midzi.
“Nash and his team members did an excellent job with the execution of this portfolio refinance, which has helped our team improve cashflows and better serve our tenants.” said Mr. Hal Sears. “Greystone is a critical partner for commercial real estate investors, particularly in the LA market.”
