NEW YORK, Feb. 13, 2024 (GLOBE NEWSWIRE) — Greystone, a leading national commercial real estate finance company, has provided a $41,664,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) loan to refinance a 280-unit multifamily property in Cape Coral, Florida. The financing was originated by Kyle Jemtrud, Managing Director at Greystone, with Kevin Coscia of Largo Capital acting as correspondent.
Constructed in 2022, The Palms at Cape Coral in Lee County is a garden-style apartment community with five buildings featuring one-, two- and three-bedroom units. The property’s amenities include a clubhouse, fitness center, swimming pool, pet park and pickleball court. The $41,664,000 non-recourse, fixed-rate Fannie Mae loan features a 10-year term and 30-year amortization, with five years of interest-only payments.
“We truly appreciate that our client chose Greystone again for finding the right long-term financing for another property in their portfolio,” said Mr. Jemtrud. “When it comes to navigating the multifamily lending process, clients rely on our extensive industry expertise and deep lending platform for solutions that meet their needs in any market.”
“We are thrilled that Greystone was able to refinance this property and set us up for long-term success,” said Mr. Bryan Young, principal of the borrower. “Once again, we are impressed with Greystone’s multifamily capabilities and high standard of service excellence – they are a true partner who delivers invaluable insights on every transaction.”
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.
PRESS CONTACT:
Karen Marotta
Greystone
212-896-9149
Karen.Marotta@greyco.com
