Greystone has provided a $19.7 million Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 48-unit multifamily property in Glen Ellyn, IL. The permanent construction exit financing was originated by Alison Coen, Senior Managing Director at Greystone on behalf of REVA Development Partners, LLC.
The $19,700,000 Fannie Mae loan carries a 10-year term and 30-year amortization, along with a low, fixed rate and five years of interest-only payments. Avere on Duane was built in 2021, comprises one- and two-bedroom units, and is currently 100% occupied. Builder REVA included a number of luxury amenities and is in the process of developing an adjacent vacant site into a park for use by residents of Avere on Duane.
“The location, amenities and quality of this housing is top-notch, evidenced by immediate strong occupancy, so it is no surprise that REVA seamlessly transitioned into long-term Fannie Mae financing,” said Ms. Coen. “We look forward to future transactions with the REVA team as they grow their portfolio.”
“Greystone’s knowledge in such a varied range of capital solutions is an invaluable resource to us,” said Warren James, key principal of the borrower. “We are thrilled with the outcome for Avere on Duane and for the residents who are enjoying the property as it continues to evolve into an urban oasis.”