Greystone announced it has closed its first Freddie Mac Fast-Track Co-op Early Rate Lock loan to refinance Rego Park Gardens, a cooperative apartment building in Queens, NY. The $9,500,000 loan was arranged by Andrew Ellis of Greystone and Peter Grazide of Total Real Estate Finance Solutions.
The Freddie Mac Fast-Track Co-op ERL loan includes a 15-year term with a 30-year amortization. Rego Park Gardens is a 527-unit multifamily cooperative property located in the Elmhurst neighborhood of Queens, NY. Located near the Queens Center Mall, Rego Park Gardens is ideally situated near other convenient amenities including public transportation and restaurants.
"Closing our first Fast-Track Co-op ERL loan with Freddie Mac is door-opening for us, as there are many potential clients in the NYC area – where cooperatives are quite popular – that would benefit from this type of financing," said Billy Posey, CEO of Greystone's Freddie Mac and Fannie Mae lending group. “We are continually looking to expand our product offerings, and Freddie Mac has been at the forefront as our partner to ensure there are a variety of financing options with attractive terms for property owners to take advantage of the current favorable interest rate environment.”