Greystone provided a $20,000,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 322-unit multifamily community in Lanham, Maryland. The transaction was originated by Cullen O’Grady, Managing Director in Greystone’s Rockville, MD office.
Developed in 1965, Del Vista Apartments comprises 168 one-bedroom, 36 one-bedroom with den, 79 two-bedroom, and 36 three-bedroom units on 14.59 acres. Amenities at the property include a swimming pool, playground, and common laundry room offered in each of the 25 buildings. Located in Prince George’s County, the property has excellent access to major thoroughfares providing direct access to the Washington DC Central Business District and employment centers, including the University of Maryland, the United States Food and Drug Administration’s (FDA) Center for Food Safety and Applied Nutrition, NASA’s Goddard Space Flight Center, and the National Archives II facility.
Greystone sourced the transaction through Marc Tropp, Senior Managing Director of Eastern Union Funding, a key Greystone correspondent. The borrower is a private investor and repeat Fannie Mae, Eastern Union, and Greystone client.
“We executed the loan swiftly with very favorable terms through Fannie Mae’s Streamline Rate Lock process, allowing the Borrower to lock their rate right after application during an extremely turbulent and volatile treasury market,” said Mr. O’Grady. “We are always grateful when trusted clients and correspondents come back to Greystone for Agency financing solutions, placing their trust not only in our lending capabilities but also our industry leading expertise especially during challenging times in the market.”