NEW YORK, NY - Greystone, a leading national commercial real estate finance company, has provided a $15,080,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) loan to refinance a 68-unit multifamily property in Hayward, California. The financing was originated by Tim Thompson, Director at Greystone, on behalf of WSB University Village LLC.
Constructed in 1964, University Village in Alameda County is a garden-style apartment community offering one- and two-bedroom units as well as on-site parking, laundry facilities and a fitness center. The $15,080,000 non-recourse, fixed-rate loan features a 10-year term with five years of interest-only payments. In addition to refinancing, the loan proceeds will enable the borrower to continue with ongoing property maintenance.
“Early rate locking this loan helped to increase the proceeds by 5% during underwriting as rent collections increased,” Mr. Thompson explained. “This is a clear benefit to the borrower, being able to take advantage of a dip in the treasury market and remove interest rate risk to maximize the loan amount.”
“Clients trust Greystone to provide the right solutions for their unique circumstances, thanks to our deep multifamily expertise and extensive lending platform,” Mr. Thompson added. “Our goal is to delight clients at every stage of a transaction by raising the bar on service excellence and execution on each project.”
“Our Greystone team enabled us to quickly secure the long-term financing we needed because of their incredible expertise and focused attention to the details of our project,” said Mr. Michael Ruder, principal of the borrower. “We’ve been at this for quite some time and are deeply impressed with the caliber of Greystone – we look forward to working with them again on future projects.”
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