NEW YORK, Aug. 01, 2023 (GLOBE NEWSWIRE) — Greystone, a leading national commercial real estate finance company, has provided a $18,296,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) loan to refinance a 154-unit multifamily property in Brooklyn, New York. The financing was originated by Anthony Cristi, Managing Director at Greystone.
Located in the Bedford-Stuyvesant neighborhood of Brooklyn, 400 Herkimer Street is situated on 18 acres of land and is contained in one six-story residential building. Built in 1965, the property boasts units ranging from studios, to one-, two-, and three-bedroom units. The fixed-rate Fannie Mae financing includes a 10-year term and 30-year amortization.
“With today’s market volatility, it’s critical to lock in an interest rate when they dip,” said Mr. Cristi. “It’s my mission to help my clients achieve their property portfolio goals, and Greystone has the tools at hand to help me do so.”
“Anthony and his team are uniquely knowledgeable about the Brooklyn multifamily market and Agency lending, which ensures that we are given the best options for the market at any given time,” said Amarbin Ahmed, principal of the borrower. “We are thrilled with the outcome, enabling us to extract capital and complete obtaining ownership interest in this core property of our portfolio.”
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.