Greystone, a leading national commercial real estate finance company, has provided a $51,470,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a multifamily property in Tampa, Florida. The financing was originated by Kyle Jemtrud, Managing Director at Greystone, with Largo Capital’s Orlando office team as correspondent.

The non-recourse $51,470,000 Fannie Mae loan carries a 12-year term, a fixed interest rate, five years of interest-only payments, and a 30-year amortization period. Built in 2020, Affinity, offers one- two- and three-bedroom apartments across five buildings. Amenities at the property include a 24-hour fitness studio, resort style pool area with firepits and grills, game room, and coffee bar.

“We were thrilled to help the borrower secure long-term financing with Fannie Mae and play a role in setting this property up for success in the growing Tampa market,” said Mr. Jemtrud. “When it comes to multifamily lending, our expertise runs deep and our ability to execute is unparalleled.”

“Greystone’s guidance in navigating the changes in terms and requirements, as well as Kyle’s local market knowledge, has been invaluable during this process,” said Michael Wright, President, MMI Development of Orlando. 

Greystone, a leading national commercial real estate finance company, has provided a $16,376,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 168-unit multifamily community in Pensacola, Florida. The fixed-rate, 12-year loan with six years of interest-only payments and a 30-year amortization schedule was originated by Cullen O’Grady, Managing Director in Greystone’s Rockville, MD office.

The Flats at Ninth Avenue, built in 1971, comprises one- and two-bedroom units across 6.79 acres and was 99% occupied at time of close. Community amenities include a pool, bark park, volleyball court, clubhouse, and business center. The property is located in a desirable submarket of Pensacola, just north of I-10 offering quick access to all areas of Pensacola including the Naval Air Station. Three of Pensacola’s top five employers – the University of West Florida, Baptist Health Centers and West Florida Hospital are all within a mile of the property.

The sponsor is a private company and repeat client of Mr. O’Grady’s with a long-established track record and portfolio with Fannie Mae loans for multifamily properties.

“We executed the loan with very favorable Fannie Mae terms, allowing the borrower to achieve a strategic combination of cash-out and to secure a significant decrease in the interest rate,” said Mr. O’Grady. “We are always grateful when trusted clients come to Greystone for agency financing solutions, placing their trust in not only our lending capabilities but also our industry leading expertise.”

Greystone, a leading national commercial real estate finance company, has provided a total of $20 million in Fannie Mae Delegated Underwriting and Servicing (DUS®) loans to refinance two multifamily properties with 168 units in Philadelphia, Pennsylvania. Both transactions were originated by Dan Sacks, Managing Director in Greystone’s New York office.

For the refinancing of Holme Circle in Philadelphia, Greystone provided a fixed rate, $10,500,000 Fannie Mae DUS loan with a 10-year term and 30-year amortization, and four years of interest-only payments. The 102-unit multifamily garden apartment community was constructed in 1964, and Greystone had provided the existing Freddie Mac loan on the property in 2018.

Greystone also provided a fixed rate, $9,600,000 Fannie Mae DUS green loan with a 10-year term, 30-year amortization and four years of interest-only payments for Laverock Place Apartments, a 66-unit mid-rise apartment community built in 1968 in Philadelphia. The loan proceeds refinance the existing Freddie Mac loan on the property, which Greystone also provided in 2018.

“Our team excels at helping clients find the right financing for each of the multifamily properties in their portfolios in every market cycle,” said Mr. Sacks. “Greystone’s commitment to seamless execution and a quick close means that clients can have the flexibility they need to realize their vision for these properties over the long-term.”

Greystone, a leading national commercial real estate finance company, has provided $12,458,000 in Fannie Mae Delegated Underwriting and Servicing (DUS®) financing for a 32-unit student housing property in Boulder, CO. The transaction was originated by Richard Kourbage, managing director at Greystone on behalf of Zargo Invest.

The $12.5 million Fannie Mae loan refinances existing Fannie Mae debt on View House and carries a fixed rate with a 10-year term and 30-year amortization, and five years of interest-only payments. Built in 1968 and located less than one mile from The University of Colorado Boulder, View House is situated on 0.73 acres. The property offers one, two-, and three-bedroom units and is 100% occupied.

Property amenities at View House include laundry facilities, controlled access/gated, and off-street parking, with units featuring vaulted ceilings, in-unit washer and dryer, a separate beverage refrigerator, and additional den space. In addition to the university, View House is within walking distance of Pearl Street Mall and boast views of the Flatirons.

“Despite the challenges the student housing sector has faced during the pandemic nationally, there has been sustained, strong demand for quality housing such as View House,” said Mr. Kourbage. “We are thrilled we could provide a successful refinance on this property, which is a high-quality asset serving the lively CU Boulder community.”

Record volume posted by Fannie Mae and Freddie Mac in 2020

CHICAGO, Feb. 24, 2021 – For the sixth consecutive year, JLL Capital Markets has been recognized as a top producer of affordable housing loans by Fannie Mae and Freddie Mac, the two largest U.S. multifamily housing finance sources.

JLL was ranked as the No. 1 Freddie Mac Affordable Housing Lender and No. 2 Fannie Mae Affordable Housing Lender, based upon 2020 nationwide production volume.  JLL posted record affordable housing loan production of $3.4 billion in debt and equity placement in 2020, more than double 2019 production of $1.7 billion.

“We are truly honored to be recognized as a leader in affordable housing by both Freddie Mac and Fannie Mae,” said C.W. Early, head of JLL’s Affordable Housing Agency Lending Team. “This past year was not without challenges and despite the pandemic we remain committed to the multi-housing affordable market and the clients we serve in that space. We believe strongly that it is imperative to offer creative solutions to help grow, improve and preserve affordable units for the marketplace.” 

“JLL Capital Markets is an industry leader in providing capital and investment advisory services to investors of multifamily housing,” added Brian Ranallo, Senior Managing Director. “Affordable housing specifically has always been a primary focus, and we look forward to growing our partnerships with Freddie Mac and Fannie Mae in delivering mission-driven affordable housing loans.” 

In addition to its work with Fannie Mae and Freddie Mac, JLL also provides financing to the multi-housing market through FHA loan programs, banks, life insurance companies, debt funds and other capital sources.

JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities. 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.  

Greystone, a leading national commercial real estate finance company, has provided a total of $68 million in Fannie Mae financing to acquire a 595-unit multifamily property in Prince Georges County, Maryland. The financing was originated by Dan Sacks and Eric Rosenstock, Managing Directors in Greystone’s New York office, on behalf of Quantum Equities.

The first loan is a $65,860,000, Fannie Mae Delegated Underwriting and Servicing (DUS®) Green Rewards loan that carries a 12-year term and 30-year amortization, with a low fixed interest rate and six years of interest-only payments. The transaction also includes an additional $2,140,000 in Fannie Mae mezzanine financing that carries a 12-year term and 30-year amortization, with full-term interest-only payments. Loan proceeds will be used to continue with ongoing renovations, in addition to purchasing the property.

Borrowers who use Fannie Mae’s Green Rewards program commit to engaging in property upgrades that reduce water and energy consumption.

Constructed in 1963, Regency Pointe is a garden-style apartment community in District Heights that offers 595 one-, two-, and three-bedroom units with modern appliances and finishes, walk-in closets and private outdoor living spaces. Residents can also enjoy the property’s business center, swimming pool and fitness center, picnic and playground areas, on-site laundry facilities and reserved parking. The property is close to retailers and shopping, and offers easy access to Washington DC via the I-495 Capital Beltway and the Washington Metropolitan Area Transit Authority’s Walters Lane bus stop and Suitland metro station.

“We are thrilled that we were able to put together financing terms which are best in class to bring this transaction to life for our client in the current environment,” said Mr. Sacks. “Greystone’s strong partnership with Fannie Mae and industry-leading commitment to service excellence and seamless execution provide our clients with enhanced returns and confidence that their closing is being managed by the best.”