Greystone announced it has provided a $20 million Freddie Mac loan to refinance a multifamily property in Springfield, New Jersey. The transaction was originated by Dan Sacks in Greystone’s New York office with David Cohen of Meridian Capital Group as correspondent.
The $20 million Freddie Mac financing carries a seven-year term with a 30-year amortization, with the first two years of interest-only payments. Centrally located in Union County, The Cove at Springfield Apartments is a garden-style community consisting of 91 well-appointed 1-, 2-, and 3-bedroom units that include in-unit laundry facilities, and hardwood floors. Residents can enjoy community amenities such as a clubhouse, fitness center and garage parking. The pet-friendly property is in close proximity to major highways, airports and public transportation to New York City, and offers easy access to the area’s employers, colleges and universities, shopping, parks and recreation.
“Our team worked tirelessly to secure the right financing terms and bring this transaction to a quick and seamless close for our client,” said Mr. Sacks. “I’m thrilled that we were able to deliver above and beyond our client’s expectations and prove once again that nothing can derail Greystone’s industry-leading deal close process and commitment to providing a superb client experience.”