Greystone provided an $11,050,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 124-unit multifamily property in Oakland Park, Florida. The transaction was originated by Kyle Jemtrud, Managing Director at Greystone, on behalf of 61-34 Madison Real Estate LLC.
Built in 1971, Oakwood Apartments in Broward County is a garden-style apartment community with four buildings consisting of one- and two-bedroom units, in addition to an onsite pool and laundry facilities. The non-recourse $11 million Fannie Mae loan carries a 15-year term and a 30-year amortization period, as well as a fixed interest rate and a 55% loan-to-value (LTV).
“We were thrilled to help our client secure the right long-term financing with Fannie Mae for this property,” said Mr. Jemtrud. “When it comes to navigating the multifamily lending process amid changing market dynamics, our clients always benefit from our deep lending platform, our extensive multifamily expertise and our ability to execute.”
“We couldn’t be happier - our Greystone team was able to get us the capital we needed and the long-term financing solution we desired,” said Mr. Sinisa Fljankovic, principal of 61-34 Madison Real Estate LLC. “Our Greystone team stayed focused on getting the deal done seamlessly and quickly so that we could stay focused on managing this property and others in our portfolio.”