NEW YORK, Nov. 04, 2020 (GLOBE NEWSWIRE) — Greystone, a leading national commercial real estate finance company, has provided a $6,500,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a multifamily property on 29th Street in Astoria, Queens. The transaction was originated by Jason Yuen, director at Greystone with George Eliopoulos of Velios Capital acting as correspondent.
The $6.5 million Fannie Mae loan has a fixed rate 10-year term. The non-recourse loan refinances Madrid Towers, a 58-unit six-story elevator building located on the east side of 29th Street between 31st Avenue and 30th Drive.
“We are so pleased to assist this long-time family owner of 35 years in refinancing this well-located asset in Queens at a historically low full-term interest-only rate,” said Mr. Yuen. “The entire deal team at Greystone, including Brent Carter along with George at Velios, was instrumental in ensuring a timely closing.”
“I wish to thank Jason and team for their professionalism and working with our firm to achieve the investment goals of our client,” said Mr. Eliopoulos, principal, Velios Capital. “We look forward to working with Greystone again in the very near future.”
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.