Dealmaker: Greystone Provides $73M in Fannie Mae Funds

Greystone, New York, provided $72.5 in Fannie Mae funds for multifamily communities in Arizona and California. 

Greystone Managing Director Tony Spaeth originated two Fannie Mae Delegated Underwriting and Servicing loans totaling $45.5 million to refinance 1,009 units in Phoenix. 

Both Fannie Mae DUS loans carry identical 10-year terms with 30-year amortizations. Valencia Park received $19.3 million and Granite Bay received $26.2 million. The properties delivered in 1983 and 1980, respectively.

“The Phoenix multifamily market is thriving and benefiting from a great refinance environment,” said Joe Mosley, Executive Managing Director and head of Agency lending with Greystone. 

In San Francisco, Greystone Vice President Jeff Stiel originated a $27 million Fannie Mae Multifamily Affordable Housing loan to refinance Glenridge Cooperative Apartments. He noted that the transaction marks Greystone’s first affordable cooperative housing deal.

The loan carries a 30-year term with a 30-year amortizing structure. It allowed affordable cooperative group owners Glenridge Apartments Residential Council Inc. to pay off two HUD loans and also provided funds for renovations and seismic retrofits. 

Glenridge Cooperative Apartments, built in 1968, consists of 275 units with 75 percent of units under HUD’s Section 8 rental assistance payment program. 

“We knew that the Fannie Mae affordable product would work for the GARCI board as it would allow them to obtain proceeds for mandatory state-compliant repairs in addition to meeting their refinancing requirements,” Mosley said.  

“Our property had atypical land-use restrictions from our existing HUD loan that Greystone was able to evaluate and work with Fannie Mae to get the loan funded,” said GARCI Board President Fred Butler. He noted that the loan supported affordable housing to low- and moderate-income families in a city with one of the highest residential rental costs in the country.