Dealmaker: Greystone Provides $130M in Fannie Mae Funds

Greystone, New York, provided $106.9 million in Fannie Mae Delegated Underwriting and Servicing loans for six Texas multifamily properties. 

Rob Russell, Managing Director with Greystone, originated the loans for Intercapital Group, Chicago.

The properties, which total 1,711 residential units, include:

–Wimbledon in Lewisville
–Greenwood Creek in Benbrook
–Catalina Apartments in Lewisville
–Summer Gate Apartments in Irving
–Oaks of Lewisville in Lewisville
–Parc Plaza Apartments in Euliss

Russell said the 10-year loans included three years of interest-only payments followed by a 30-year amortization schedule.  

Greystone also provided a $15.1 million Fannie Mae DUS loan to refinance Bedford Park Apartments in Atlanta. Managing Director Keith Hires originated the seven-year adjustable-rate for Bedford Park Partners, Atlanta. The new financing took out a bridge loan that Greystone arranged in 2014 when Bedford Park Partners acquired the property.

“We’ve been fortunate to have provided Bedford Park Partners with a Freddie Mac Small Balance Loan, a Freddie Mac Affordable loan, a bridge loan to acquire this particular property and now a Fannie Mae DUS loan for permanent financing,” said Greystone Executive Managing Director and Head of Agency Lending Joe Mosley. 

In Raleigh, N.C., Greystone provided a $7.5 million Fannie Mae DUS loan to Forest Edge Townhomes LLC, Raleigh, to refinance 134 units in Forest Edge Townhomes. The asset is a fractured condominium property; the borrower owns 134 of the 138 units. 

Greystone Vice Presidents Dan Sacks and Elie Gabay originated the 10-year fixed-rate loan with a 30-year amortization schedule. 

Mosley said the loan closed in just 24 days and noted that all the property’s units have rents affordable to renters earning 80 percent or less of the area median income, “which helps meet Fannie Mae’s goal of providing workforce housing.”