Dealmaker: Greystone Provides $142M for Multifamily

Greystone, New York, provided $141.7 million in Fannie Mae and Freddie Mac funds for multifamily properties in Pennsylvania and New York.

Lindy Property, Jenkintown, Pa., received a $76.7 million Fannie Mae Delegated Underwriting and Servicing loan to refinance Meadowbrook Apartments, a 531-unit multifamily property in Huntingdon Valley, Pa. The transaction was originated by Dan Sacks in Greystone’s New York office; Meridian Capital Group’s David Fisher served as correspondent.

The new loan carried a 10-year term with interest-only payments. Greystone leveraged Fannie Mae’s Green Rewards program for the transaction because Lindy committed to making energy and water usage improvements to the property.

Greystone also provided a $65 million Freddie Mac loan to The Lions Group, which refinanced One LIC, a newly delivered 20-story apartment property in Long Island City, N.Y. The new 16-year fixed-rate permanent loan refinanced a Bank Leumi construction loan. 

Drew Fletcher, Bryan Grover and Matthew Klauer of Greystone Capital Advisors originated the financing, which was one of the last “pre-stabilized” permanent loans to receive credit approval from the GSE before Freddie Mac suspended its Lease-Up Program due to the COVID-19 pandemic.

Located at 42-10 27th Street, One LIC includes three retail spaces occupied by Starbucks, CityMD and Yoyoso and is adjacent to the Queensboro subway station.

“Closing a loan in New York City during the COVID-19 pandemic posed several unique challenges ranging from non-traditional property inspection and title search to the temporary closure of the retail tenants and inability to show apartments,” Fletcher said.