Greystone has provided a $25,449,000 loan for acquisition of a 145-unit multifamily portfolio in New Haven, Connecticut. The financing was originated by Rob Meehan, Managing Director at Greystone and Avrom Forman, Director at Greystone, on behalf of Broadway Elm LLC.
The Greystone loan, a new private-label offering, with competitive, shorter loan terms and flexible pre-payment options, carries a 10-year term with a fixed rate and a 30-year amortization, and includes interest-only payments for five years. The portfolio, acquired for $35,000,000, comprises six midrise properties in New Haven spread across 1.17 acres with a total gross square footage of 116,763 and 74,094 in rentable area. Community amenities at the property consist of bike storage, picnic area/dog park, a small office, a rooftop lounge, study nooks, and a laundry room.
“I’m thrilled to be able to offer a solution that fits the client’s need for this acquisition,” said Mr. Meehan. “We’re always seeking ways to develop new financing options for our clients as the market evolves, and are pleased to offer a private-label solution when banks or other debt options may not fit the bill.”
“Greystone strives to exceed expectations, and with the many financing options available to us as property investors, we are pleased with the experience working with Rob and his team,” said Jacob Feldman, principal of the borrower. “We are grateful to have Greystone as a resource and advisor as we grow our portfolio.”