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Greystone Provides $59.7 Million in Fannie Mae Financing to Acquire Multifamily Property in Washington D.C. Metro Area
Greystone, a leading national commercial real estate finance company, has provided a total of $59,670,000 in Fannie Mae Delegated Underwriting & Servicing (DUS®) financing for the acquisition of a 488-unit multifamily property in Oxon Hill, Maryland. The financing was originated by Eric Rosenstock and Dan Sacks, Managing Directors in Greystone’s New York office.
Constructed in 1963, Oaks at Park South in Prince George’s County consists of 26 garden-style buildings with one-, two- and three-bedroom units. The $60 million non-recourse, structured adjustable rate mortgage (SARM) loan carries a 10-year term and 30-year amortization along with 10 years of interest-only payments. The loan also qualifies for Fannie Mae Multifamily Green Rewards financing program, following the completion of energy and water conversion measures.
“There is no greater compliment than when clients return to Greystone for help in managing their multifamily portfolios,” said Mr. Rosenstock. “Our extensive lending platform and our longstanding commitment to multifamily mean we are willing to be creative, tap into deep resources and find solutions where others cannot.”
“We trust the experts at Greystone to address the financing needs of our growing portfolio of properties,” said Mr. Josh Fink of Quantum Equities, a longtime client of Greystone. “They are a true partner that understands our vision and works tirelessly for us on each transaction, handling our properties as if they were their own.”
Greystone Provides a Total of $68 Million in Fannie Mae Financing for a Multifamily Property in Prince Georges County, Maryland
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.”