NEW YORK, NY - Greystone, a real estate lending, investment, and advisory company, announced it has provided a $35,500,000 Fannie Mae Delegated Underwriting and Servicing (DUS) loan to refinance a newly-constructed multifamily property, Fitzroy Chenal, in Little Rock, AR. The transaction was originated by Clint Darby, a Managing Director at Greystone.
The $35.5 million near stabilization Fannie Mae loan carries a 12-year term and 30-year amortization period at a low, fixed rate. The 294-unit Fitzroy Chenal is a new construction property offering a range of amenities including a community clubhouse, pool, recreational lounge, fitness center, business center, cybercafé with high speed internet, conference room, game room, poker/wine room, storage units, interior mailroom, golf simulator, dog-wash station, dog park, and electric charging stations.
“The key aspect of this financing being a success for the borrower was monitoring the leasing activity from the early stages and engaging with the Agencies’ timing for rate lock,” said Mr. Darby. “We are constantly monitoring for the optimal time to lock in, and this lease-up loan product from Fannie Mae provides a fantastic long-term option for a construction financing exit while the property becomes stabilized.”
“We leaned on Clint and his team to execute the best terms for this refinance in conjunction with the earliest point we could rate lock with rates being so advantageous,” said Brandon Huffman, Principal for the borrowing entity. “We are incredibly proud of this new project, and the high demand so far has validated our efforts in bringing high-quality housing to the Little Rock market.”
About Greystone: Greystone is a real estate lending, investment, and advisory company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Our range of services includes commercial lending across a variety of platforms such as Fannie Mae, Freddie Mac, CMBS, FHA, USDA, bridge and proprietary loan products. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates.