Dealmaker: Greystone Provides $23M in Fannie Mae DUS Loans
Greystone, New York, provided $23.3 million in Fannie Mae Delegated Underwriting and Servicing loans to refinance Michigan and Florida multifamily properties.
In Marquette, Mich., Greystone provided a $12.3 million Fannie DUS loan for One Marquette Place, a six-story building constructed in 2019 with 68 studio, one-, two- and three-bedroom units.
Greystone Director Reuben Dolny and Managing Director John Marr originated the 10-year fixed-rate loan.
Dolny noted the property, formerly brownfield land utilized as industrial docks, is situated along Lake Superior and is Energy Star-certified. “One Marquette Place is primed for long-term agency financing as it’s a high-quality asset with an excellent sponsor that is dedicated to, and invested in, the local area,” he said. “With master plans to expand the complex by adding additional phases, this property will represent a mix of multifamily offerings suited to the varied needs of the Marquette market.”
Greystone also provided an $11 million Fannie Mae DUS loan to refinance Oakwood Apartments, a 124-unit property in Oakland Park, Fla. Kyle Jemtrud, Managing Director at Greystone, originated the transaction for 61-34 Madison Real Estate LLC, Oakland Park.
Built in 1971, Oakwood Apartments in Broward County is a garden-style apartment community with four buildings housing one- and two-bedroom units. The non-recourse 15-year fixed-rate loan closed at a 55 percent loan-to-value ratio.