Greystone has provided an $11,050,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) loan for a 135-unit multifamily property in Meriden, Connecticut. The financing was originated by Dan Sacks, Senior Managing Director at Greystone, on behalf of Kennedy Holdings LLC, a long-time client.
Constructed in 1921, The Kennedy Building in New Haven County is a five-story midrise building offering studio apartments, as well as one- and two-bedroom units. The $11,050,000 non-recourse, fixed-rate financing carries a ten-year term and 30-year amortization, with seven years of interest-only payments. The loan proceeds will refinance an existing Greystone loan on the property and enable the borrower to monetize their equity in the property.
“Clients trust us because we carefully consider the complexities of their entire portfolio and circumstances when structuring products for their needs,” said Mr. Sacks. “We work through every phase of a property’s lifecycle and leverage our deep lending resources across the capital stack to secure long-term financing to help them achieve their vision.”
“Once again, Greystone was able to secure a financing solution that will help us reach our long-term goals for this property,” said Mr. Benjamin Weinstein, principal of the borrower. “Dan’s team are professionals who perform at the highest level – they are exceptional at what they do in every sense.”