Greystone has provided a total of $18,580,000 in Fannie Mae Delegated Underwriting and Servicing (DUS®) loans for the acquisition of a two-property multifamily portfolio consisting of 177 units in New Haven County, Connecticut. The transactions were originated by Dan Sacks, Managing Director in Greystone’s New York office on behalf of CSRE Group. Russ Drebin and Jake Weinstein of Meridian Capital Group acted as correspondent.
Greystone was able to leverage Fannie Mae’s Green Rewards program for these transactions, as the borrower is committed to making energy and water usage upgrades to both properties.
The first Fannie Mae loan, for $5,300,000, carries a 10-year term and 30-year amortization, with the first five years of interest-only payments for 511 Main Apartment Homes in West Haven, Connecticut. Originally built in 1926 as an armory, the pet-friendly multifamily community offers 57 one- and two-bedroom market rate rental units with exposed brick, high ceilings and modern finishes, and is close to the area’s beaches and outdoor recreation, local retailers, the University of New Haven, and major highways and rail stations.
The second Fannie Mae loan, for $13,280,000, has a 30-year amortization and features a 12-year term with the first six years of interest-only payments for Hemingway Place in East Haven, Connecticut. Built in 1962, the pet-friendly, garden-style community offers one- and two-bedroom rental units with hardwood floors, eat-in kitchens and washer-dryer hook ups, as well as onsite parking and laundry facilities. The property is in close proximity to downtown New Haven and Yale University, local beaches, outdoor recreation and retailers, and offers convenient access to major highways and rail stations.
“Greystone’s ability to deliver the right financing terms for complex portfolio transactions provides our clients with peace of mind in today’s unprecedented market,” said Mr. Sacks. “Our tenacity, coupled with our comprehensive understanding of the multifamily market, is what keeps our clients coming back.”
“With our Greystone team fully engaged, we knew we could continue expanding our portfolio of multifamily properties in Connecticut,” said. Mr. Chesky Landau, Principal of CSRE Group. “Greystone leads the industry when it comes to seamless execution and client-first service, there’s no reason to work with anyone else in the multifamily space.”