Greystone has provided a $16,050,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) loan to refinance Coventry Village, a 94-unit multifamily property located in Central Islip, New York. The financing was originated by Robert Meehan, Managing Director at Greystone.
Constructed in 1975 and renovated in 2011, Coventry Village is a garden-style community comprised of 94 units across two residential buildings. The property features a mix of one- and two-bedroom apartments and maintains strong occupancy, reflecting stable demand in the Western Suffolk submarket. The non-recourse, fixed-rate loan carries a five-year term and is structured with a 30-year amortization schedule.
“Greystone is pleased to deliver a tailored refinancing solution that supports our client’s long-term ownership strategy,” said Mr. Meehan. “Coventry Village has demonstrated consistent performance, and this financing enables the borrower to capitalize on the property’s stability while maintaining flexibility for future growth.”
“Coventry Village stands out as a stable, well-performing asset in a competitive rental market,” said Matt Albano, Managing Director of GCP Capital Group. “This financing allows ownership to continue executing on a long-term strategy while maintaining a high-quality living environment for residents.”