NEW YORK, Jan. 15, 2021 (GLOBE NEWSWIRE) — Greystone, a leading national commercial real estate finance company, has provided $11,401,000 in total Fannie Mae Delegated Underwriting and Servicing (DUS®) loans to refinance two multifamily communities in Lakeland and Port Orange, Florida. The fixed-rate, 10-year term loans with 25-year amortization schedules were originated by Cullen O’Grady, Managing Director in Greystone’s Rockville, MD office.
The Fannie Mae loans refinance Crystal Court Apartments, a 152-unit cardinal-style multifamily property community on 9.56 acres developed in two phases in 1982 and 1986, and Coral Bay Villas, a 68-unit cardinal-style multifamily property community on 4.60 acres developed in 1986. Both properties boast 100% occupancy and contain amenities including private patio entrances, washer/dryer connections as well as on-site community laundry rooms. Both properties are located in well-diversified industry workforce housing areas with strong suburban rental submarkets outside of downtown Tampa and Daytona Beach, respectively.
The sponsor is a private company and repeat Greystone client with a strong-established track record and portfolio with Fannie Mae loans for multifamily properties.
“We executed both loans with very favorable Fannie Mae terms, allowing the borrower to achieve a strategic combination of cash-out and to secure a significant decrease in the interest rate on both transactions,” said Mr. O’Grady. “We are always grateful when clients return to Greystone for agency financing solutions, placing their trust in not only our lending capabilities but also our industry leading expertise.”
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.