Greystone Provides $15.9 Million Fannie Mae Loan to Refinance Historic Beverly Hills Apartment Community
Greystone has provided a $15.9 million Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 19-unit multifamily property in Beverly Hills, CA. The new permanent financing was originated by Dale Holzer, Managing Director at Greystone.
The $15,966,500 Fannie Mae loan carries a 10-year term and along with a low, fixed-rate and ten years of interest-only payments. Purchased in 2003 by the current owners, Park Rodeo Apartments was built in 1937, and comprises studio, one-, two-, and three-bedroom units. The restored Old Hollywood courtyard-style apartment building is situated on iconic Rodeo Drive and includes amenities such as a fitness room and parking garage.
“This quintessential Beverly Hills apartment community is a gem in the sponsors’ portfolio, and it’s been a pleasure helping them extract the property’s value and increase cash flow with a permanent Fannie Mae loan,” said Mr. Holzer. “We look forward to future transactions with the team as they grow their portfolio.”