Greystone, a leading national commercial real estate finance company, has provided a $35 million Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 165-unit multifamily property in Brookfield, Connecticut. The financing was originated by Dan Sacks, Senior Managing Director, and Avi Kozlowski, Managing Director, at Greystone, with Platinum Capital Group acting as correspondent on the transaction.

Barnbeck Place Apartments consists of studio, one- and two-bedroom units and is 98.2% occupied. The property’s amenities include a clubhouse, fitness center and yoga room. Built in 2015, Barnbeck Place is a mid-rise residential complex that includes affordable housing, with 20% of the units reserved for residents earning 80% AMI. In addition to the Land Use Restriction Agreement in place, the new Fannie Mae financing includes a fixed-rate, five-year term with a 35-year amortization and is interest-only for the first three years.

“This asset is critical to providing affordable housing in Brookfield, where the vacancy rate is only around 5% and the population is growing over time,” said Mr. Sacks. “A gem in the market, the owners have secured long-term financing that will benefit the residents for many years.”

Greystone, a leading national commercial real estate finance firm, has provided a $15,326,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 208-unit multifamily property in Lindenwold, New Jersey. The transaction was originated by Dan Sacks, Managing Director in Greystone’s New York office, with Jack Miller of Platinum Capital Group acting as the correspondent on behalf of Goldcrest Properties.

The $15.3 million Fannie Mae loan, which refinances an existing Greystone bridge loan used to purchase the property in 2019, carries a 12-year term, three years of interest-only payments, and 30-year amortization. For the transaction, Greystone leveraged Fannie Mae’s Green Rewards program, as the borrower committed to using a portion of the loan proceeds for making energy and water usage upgrades to the property.  

Originally built in 1971, Kingsrow Apartment Homes is a garden-style community consisting of one- and two-bedroom units featuring walk-in closets, dishwashers, and in-unit laundry hook ups (in select units). Residents enjoy access to the property’s swimming pool, and picnic areas, as well as laundry facilities and onsite parking. The pet-friendly property is close to local shopping and a nearby train station offers easy access to downtown Philadelphia, just 15 miles away. Its proximity to major highways enables residents to commute to employment centers in nearby Camden and Cherry Hill, as well as Philadelphia.

“We excel at helping clients expand their real estate portfolios and we are extremely grateful when they keep coming back to us to do so,” said Mr. Sacks. “We are thrilled that we have been able to see this transaction through from the very beginning, and we look forward to working with Goldcrest Properties again in the future.”

“This is our seventh transaction with the Greystone team in about a year’s time – the level of service and attention to detail is the best in the business,” said Hillel Hertz, principal borrower and CEO of Goldcrest Properties, which owns and manages approximately 900 multifamily units in the Pennsylvania/New Jersey market. “Our team has consistently been able to recognize our needs and work creatively within the constraints of a fast-changing market to get us financing terms that exceed our expectations.”