Dealmaker: Greystone Provides $102M in Fannie Mae Funds

Greystone, New York, provided $102.3 million in Fannie Mae Delegated Underwriting and Servicing loans for apartment properties in Maryland and Connecticut.

In Lanham, Md.. the firm provided a $68.7 million Fannie Mae DUS loan secured by 486-unit The Glendale Apartments. Managing Director Dan Sacks and Vice President Eric Rosenstock originated the loan from the firm’s New York office.

The financing carried a 12-year fixed rate and six years of interest-only payments.

Quantum Equities, New York, acquired The Glendale Apartments on July 31. Nearby demand drivers include the NASA Goddard Space Flight Center and the University of Maryland College Park.

“The market fundamentals for the Lanham market are on an upswing, enabling Quantum to leverage growing rental demand and increased rents in the area,” Rosenstock said.

Sacks also originated a $33.6 million Fannie Mae DUS loan for Park Square West, a Stamford, Conn., multifamily community. The property changed hands in August for $42 million.

The 12-year fixed-rate Fannie Mae acquisition financing included five years of interest-only payments.

Built in 2001, Park Square West totals 143 units, 20 percent reserved for renters earning less than 50 percent of area median income.

“With its central location, recent renovations and affordability component, Park Square West is poised to be an in-demand property in the Stamford market for some time to come,” Sacks said.

Greystone also provided a $36 million HUD-insured permanent loan to refinance Miami Stadium Apartments. Rosenstock originated the transaction. The 336-unit community was built on the former site of the Miami Marlins minor league baseball team’s stadium. The 35-year fully amortizing FHA financing replaces a Fannie Mae loan.

“Given that this is a fully affordable housing community, HUD enables underwriting the value of the asset using nearby market-rate rents as opposed to the property’s restricted affordable rental income, which was very beneficial on this transaction,” Rosenstock said.