Greystone has provided an $18,213,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 142-unit multifamily community in Lanham, Maryland. The transaction was originated by Cullen O'Grady, managing director in Greystone’s Rockville, Maryland office.
Developed in 1965, Lilly Gardens contains 142-units including 42 one-bedroom units; 25 one-bedroom units with a den; 68 two-bedroom units; and seven three-bedroom units spread across 6.23 acres. Project amenities include on-site leasing office, parking, a playground, a swimming pool, and eight common laundry areas. Located in Prince George’s County, the property has excellent access to major thoroughfares which provide direct access to the Washington D.C. central business district and employment centers.
Greystone sourced the transaction through Marc Tropp, Senior Managing Director of Eastern Union Funding. The borrower is a private investor and repeat Fannie Mae, Eastern Union, and Greystone client.
“We executed the loan with very favorable Fannie Mae terms, allowing the borrower to achieve a strategic combination of cash-out and to secure a significant decrease in the interest rate,” said Mr. O’Grady. “We are always grateful when trusted clients and correspondents come to Greystone for agency financing solutions, placing their trust not only in our lending capabilities but also our industry leading expertise.”