NEW YORK, NY - Greystone, a leading national commercial real estate finance company, has provided a $15 million HUD 207/223(f) loan to refinance a 94-unit multifamily property in Stamford, Connecticut. The financing was originated by Lori DiMartino, Vice President at Greystone.
100 Prospect Street, originally constructed between 1977 and 1981 as two adjacent office towers, was converted to residential use in 2008. The property offers common area amenities such as an exercise room, community room and roof terrace. The Stamford market population and number of households is projected to exhibit growth through 2027, according to Novogradac research, indicating long-term strength for multifamily demand in this area.
The new HUD-insured financing, which is a permanent exit from an existing bridge loan utilized for acquisition of the property, includes a 35-year fixed-rate term.
“HUD-insured financing is an excellent choice for multifamily investors to consider in today’s rising interest rate environment, with its lower, fixed rates and flexible options for interest rate reductions down the road if rates fall,” said Ms. DiMartino.
About Greystone: Greystone is a private national commercial real estate finance 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. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com