Greystone, a leading commercial real estate lending, investment, and advisory company, announced it has provided a total of $11,727,000 in Fannie Mae loans to refinance a portfolio of multifamily properties in Brooklyn, New York. The loans were originated by Anthony Cristi in Greystone’s New York office on behalf of Zalmen Wagschal.
The four separate Fannie Mae loans, closed in under 2 weeks from the application date, are all 7-year Hybrid Adjustable Rate Mortgages (ARMs), secured to refinance the following properties comprising 6-12 units in the Bushwick and Bedford-Stuyvesant neighborhoods:
- 867-869 Knickerbocker Avenue;
- 221 Himrod Street;
- 299 Throop Avenue; and
- 634 Wilson Avenue.
“When an owner is both prepared and motivated, the loan process can be quick and efficient,” said Mr. Cristi. “That said, it took an incredible amount of cooperation among all parties, including Fannie Mae, to close this financing in just 10 days.”
“The relatively shorter-term period of a hybrid loan enables an owner to perform value-add improvements to a property, acting as a bridge of sorts, to a longer-term solution once the property is reappraised and ready to be refinanced,” added Mr. Cristi.