Greystone Provides $16.6 Million Fannie Mae DUS® Loan to Refinance Multifamily Property in Tallahassee, Florida
Greystone has provided a $16,605,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 168-unit multifamily property in Tallahassee, Florida. The transaction was originated by Kyle Jemtrud, Managing Director at Greystone, on behalf of Pax Properties LLC.
Built in 1974, Renaissance Apartments in Leon County is a garden-style apartment community with 13 buildings consisting of 96 one-bedroom, 96 two-bedroom, and 32 three-bedroom units, along with an onsite pool, community center and laundry facilities. The $16.6 million Fannie Mae financing, which is a permanent takeout of a Greystone bridge loan, carries a 10-year term and a 30-year amortization period, with a low, fixed rate and six years of interest-only payments.
“Greystone’s bridge-to-agency process helps our clients get the right financing they need through all stages of property ownership,” said Mr. Jemtrud. “Our in-depth knowledge of the multifamily marketplace, coupled with our deep lending platform, means we can provide solutions that work in every market cycle.”
“Not only did Greystone provide interim financing for us, but the team delivered a permanent financing solution with exceptional terms in very short order,” said Mr. Justin Ford, principal of Pax Properties LLC. “We are supremely impressed with Greystone’s extensive multifamily lending capabilities and their ability to execute, and look forward to working with them on future transactions.”