NEW YORK, April 25, 2024 (GLOBE NEWSWIRE) — Greystone, a leading national commercial real estate finance company, has provided a $20,197,000 Freddie Mac Optigo® loan to refinance a construction loan for a 110-unit multifamily property in Philadelphia, Pennsylvania. The financing was originated by Steven Vainer, a Managing Director at Greystone.
Ray Philly is a Class A, mixed-use, mid-rise apartment building located on North American Street in the Olde/South Kensington neighborhood of the North/Frankford/Holmesburg Philadelphia submarket and was recently constructed and completed in 2023 by co-developers Six Acre Capital and Ray. Amenities for tenants include a fitness center, rooftop garden, sunken living room, and coworking lounge with a kitchen. The property is comprised primarily of studio, one-, and two-bedroom units, with commercial tenants in the building including Linden Ave Studio, Michelle Lopez Studio, and South Kensington Community Partners, Inc. The Freddie Mac Optigo® financing carries a five-year term at a fixed rate, with a 30-year amortization.
“Ray Philly is a key addition to the Olde/South Kensington submarket of Philadelphia, which is seeing rapid growth from an influx of young professionals, and this property caters to their needs,” said Mr. Vainer. “Working with our client on this construction take-out was both complex and gratifying, with a solid solution via Freddie Mac that will provide long-term stability for the asset.”
“We’re happy to report that Ray Philly is 99% leased since welcoming our first residents less than one year ago,” said Will Kluczkowski, Ray’s Head of Real Estate. “We’re proud to have worked with Greystone on the refinancing. The building’s contextual design and focus on cultural programming has differentiated it in the market, resulting in a unique tenant experience and high retention rates thus far.”
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.
About Ray
Ray is a residential development company that is focused on developing space that makes art and culture accessible through daily experiences. Ray’s design approach is aesthetically dynamic, historically informed, and influenced by cultural precedents and practicality with an in-house interior design team which has deep experience in multi-family and hospitality design and processes. Founder Dasha Zhukova Niarchos was inspired to apply her work within cultural institutions and public art spaces into a new category of the built environment. Dasha established the Garage Museum of Contemporary Art in 2008, seeking to create a space devoted to the discovery and exploration of global art and culture. Her experience at the museum, particularly observing how people interacted with both the art and architecture, was the catalyst for launching Ray. https://www.rayisaplace.com/
PRESS CONTACT:
Karen Marotta
Greystone
212-896-9149
Karen.Marotta@greyco.com
