Greystone Provides $20 Million in Fannie Mae Financing for Philadelphia Properties
Greystone has provided a total of $20 million in Fannie Mae Delegated Underwriting and Servicing (DUS®) loans to refinance two multifamily properties with 168 units in Philadelphia, Pennsylvania. Both transactions were originated by Dan Sacks, Managing Director in Greystone’s New York office.
For the refinancing of Holme Circle in Philadelphia, Greystone provided a fixed rate, $10,500,000 Fannie Mae DUS loan with a 10-year term and 30-year amortization, and four years of interest-only payments. The 102-unit multifamily garden apartment community was constructed in 1964, and Greystone had provided the existing Freddie Mac loan on the property in 2018.
Greystone also provided a fixed rate, $9,600,000 Fannie Mae DUS green loan with a 10-year term, 30-year amortization and four years of interest-only payments for Laverock Place Apartments, a 66-unit mid-rise apartment community built in 1968 in Philadelphia. The loan proceeds refinance the existing Freddie Mac loan on the property, which Greystone also provided in 2018.
“Our team excels at helping clients find the right financing for each of the multifamily properties in their portfolios in every market cycle,” said Mr. Sacks. “Greystone’s commitment to seamless execution and a quick close means that clients can have the flexibility they need to realize their vision for these properties over the long-term.”