NEW YORK, NY - Greystone, a leading commercial real estate lending, investment, and advisory company, has provided a $10,500,000 Fannie Mae Delegated Underwriting and Servicing (DUS) loan to refinance an affordable housing property in Mankato, Minnesota. The transaction was originated by Kyle Jemtrud, managing director at Greystone, on behalf of Mankato MAHC LLC.
The $10.5 million in Fannie Mae financing carries a 12-year term at a fixed rate with a 30-year amortization, and four years of interest-only payments. The non-recourse loan refinances River Bluff Apartments, a 150-unit rental community located 80 miles southwest of downtown Minneapolis, which was acquired by the sponsor in 2017.
“Refinancing during a pandemic was not without its challenges, but the sponsors came prepared for the new capital reserves requirements, and were able to harness long-term financing to maintain this critical affordable housing,” said Mr. Jemtrud. “It’s been a pleasure working with this team as they grow their multifamily portfolio.”
“Our mission is to provide quality housing to our community in Minnesota, and Greystone has been a critical part of that process,” said Matthew Teasdale, Key Principal of the sponsor / borrower. “Their guidance in navigating the changes in terms and requirements, as well as Kyle’s local market knowledge, has been invaluable.”
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. For more information, visit www.greystone.com