Dealmaker: Greystone Provides $51M in Fannie Mae Financing

Greystone, New York, provided four Fannie Mae Delegated Underwriting and Servicing loans totaling $50.8 million for multifamily properties in Texas and Florida. 

Tony Spaeth, Managing Director with Greystone, originated three loans totaling $36.8 million to refinance an 811-unit portfolio in Texas. The loans carry 10-year terms with 30-year amortizations, each with a period of interest-only payments.

The refinanced properties include:

–The 248-unit Park at Crestview in Austin, which received $16.7 million with three years of interest-only payments;
–The Park at Ventana in San Antonio, which received $11.5 million with five years of interest-only payments; and
–Villas at Ventana in San Antonio, which received $8.5 million with five years of interest-only payments.

In Orlando, Fla., Greystone provided a $14 million Fannie Mae DUS loan for Cadence Crossing, a 184-unit community. Greystone Managing Director Andrew Ellis originated the loan for Mahesh Desai and Hiren Patel, Principals with Atlantic Multifamily 12. The 15-year fixed-rate loan included a 30-year amortization schedule and will remain interest-only for the first five years.

Cadence Crossing comprises 19 two-story apartment buildings in east Orlando close to Disney World and Universal Studios.

“Market fundamentals in Orlando remain strong for multifamily acquisitions,” said Greystone Executive Managing Director and Head of Agency Lending Joe Mosley. He noted that this transaction represented the sixth loan Greystone provided for this borrower.

Mosley said Greystone also provided an $8.6 million Freddie Mac loan to a large public real estate investment trust to refinance a Class A mid-rise apartment community in Gresham, Ore. Greystone Managing Director Dale Holzer originated the 10-year fixed-rate loan with 10 years of interest-only amortization. The mixed-use property collateral includes 81 rental units and five ground-floor commercial units.