NEW YORK, May 15, 2023 (GLOBE NEWSWIRE) — Greystone, a leading national commercial real estate finance company, has provided a $34,028,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) loan for a 268-unit multifamily property in Pensacola, Florida. The financing was originated by Carter King, Managing Director at Greystone, on behalf of Hallmark DE Nottingham, LLC, a repeat client of the firm.
Constructed in 2002, The Lakes at Nottingham in Escambia County is a garden-style apartment community consisting of 17 buildings and featuring one-, two- and three-bedroom units. The $34,028,000 non-recourse, fixed-rate financing carries a five-year term and 30-year amortization, with two years of interest-only payments. In addition to refinancing the balance of an existing Fannie Mae loan, which had been provided by Greystone, loan proceeds enable the borrower to monetize a portion of their equity.
“We are deeply appreciative when clients turn to Greystone for multiple projects in their portfolios,” said Mr. King. “We’re here to partner with our clients and leverage our extensive multifamily lending platform so they can achieve their desired outcome for every property.”
“When it comes to multifamily, Greystone is an easy choice – our team’s expertise results in a smooth and seamless transaction every time,” said Mr. Martin H. Petersen, principal of the borrower. “We consider Greystone to be a trusted partner because their ability to navigate the complex world of multifamily finance consistently produces an outstanding outcome for 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.