Source: Greystone / #Affordable #Housing
NEW YORK, NY - Greystone Servicing Corporation, Inc. (Greystone), a leading national provider of multifamily and commercial mortgage loans, announced it has provided a $45 million Fannie Mae MAH DUS loan for Capitol Apartments, a 278-unit property in New York City. The 10-year, fixed rate loan was originated by Rob Meehan, Director and Brian Liske, Managing Director in Greystone’s New York City office, and includes a 53% loan-to-value (LTV) and a rate of 3.03%.
Leveraging their expertise of the New York City real estate market, Mr. Meehan and Mr. Liske worked to obtain transaction approval within 30 days of receiving a completed application, along with the requested due diligence, and were able to close the deal in 60 days. The loan was used to refinance an existing loan on the property, which consists of 250 Section 8 senior housing apartments, 28 market rate apartments and 6 ground retail stores.
“Our knowledge of the local market, combined with a close relationship with Fannie Mae, allowed us to successfully meet our client’s financing needs in an efficient and thorough manner,” said Billy Posey, Executive Vice President of Greystone Servicing Corporation. “We’re seeing a lot of growth and potential in the New York City real estate market, and look to do more of these deals in the future.”
Greystone & Co., Inc. and its affiliates (Greystone) is a financial services and private investment group whose original core business is real estate lending. Over the years, Greystone has added business lines that are related to, and natural extensions of, its core business. Headquartered in New York with a presence in 35 states and 17 offices throughout the United States, Greystone is active in four major business segments: Mortgage Finance, Proprietary Investment, Healthcare and Real Estate.