Dealmaker: Greystone Announces Deals in New Jersey, California

(The Roosevelt Village Apartments complex. Image courtesy of Greystone)

Greystone, New York, announced recent deals in New Jersey and California.

For a multifamily community in Carteret, N.J., Greystone provided a nearly $21.6 million Fannie Mae Multifamily Affordable Housing loan for refinancing.

The financing was originated by Ryan Harkins, a Director at Greystone, on behalf of Tryko Partners. The $21,555,000 non-recourse, fixed-rate financing included a 10-year term with 35-year amortization, with seven years of interest-only payments. Loan proceeds will enable the borrower to monetize a portion of its equity in the property.

The 10-building property, Roosevelt Village Apartments, is in central New Jersey.

Additionally, Greystone provided a $15 million Fannie Mae Delegated Underwriting & Servicing loan to refinance a multifamily property called University Village in Hayward, Calif., in the Bay Area.

It was originated by Tim Thompson, Director at Greystone, on behalf of WSB University Village LLC. The $15,080,000 non-recourse, fixed-rate loan features a 10-year term with five years of interest-only payments. The loan proceeds will enable the borrower to continue with ongoing property maintenance.

“Early rate locking this loan helped to increase the proceeds by 5% during underwriting as rent collections increased,” Thompson said. “This is a clear benefit to the borrower, being able to take advantage of a dip in the treasury market and remove interest rate risk to maximize the loan amount.”