Greystone Provides $14.5 Million Fannie Mae Loan to Refinance an Affordable Housing Property in Woodland, CA
Greystone, a leading national commercial real estate finance company, has provided a $14.5 million Fannie Mae Delegated Underwriting and Servicing (DUS®) Multifamily Affordable Loan (MAH) loan to refinance a 173-unit affordable housing property in Woodland, CA. The financing was originated by Dale Holzer, Managing Director at Greystone.
The $14,550,000 Fannie Mae loan carries a 10-year term and 30-year amortization, along with a low, fixed rate. Woodmark Apartments consists of 14 garden-style apartment buildings, offering one-, two- and three-bedroom units. Residents of the community enjoy access to the business center, fitness center, swimming pool, playground, and basketball court. The property was built in 2000 using 4% Low Income Housing Tax Credits and Tax Exempt Bond Financing. All of the units are set aside at 60% or less than area median income (AMI).
“Our deep experience with Fannie Mae and its products has equipped us to provide the client with a financing solution tailored to their needs,” said Mr. Holzer. “We are thrilled to help play a role in making this refinance happen for our client.” “Greystone’s understanding of the nuances of the local market, and of the particulars of the multifamily space, are unparalleled,” said Bob Korda, key principal of the borrower.