Greystone Provides $35 Million Fannie Mae DUS® Loan to Refinance Multifamily Property in California
Greystone has provided a $35,000,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 515-unit multifamily community in Colton, California. The transaction was originated by Ana Ramos, managing director in Greystone’s Los Angeles office with Dan LuVisi of Marketplace Capital acting as correspondent.
The Fannie Mae loan carries a 15-year term and 30-year amortization at low leverage (below 50% LTV) and a low, fixed interest rate (below 3%) resulting in approximately $10 million in cash-out proceeds.
Located at 2069 West San Bernardino Avenue in San Bernardino County, Westcourt Apartments comprises 137 one-bedroom/one-bath units and 378 two-bedroom/two-bath units. On-site amenities at the property include an onsite office/clubhouse; fitness center; three swimming pools; two hot tubs; playground; tennis court; laundry facilities; storage rooms; and controlled access.
“While there are many challenges for property investors as a result of the pandemic, there are also new opportunities due to sustained, low interest rates, and the potential for cash-out,” said Ms. Ramos. “Fannie Mae financing is an excellent choice for long-term, low-rate commercial mortgages for sponsors that have a proven track record. Greystone is expeditious and passionate about finding the best fit for our clients during the challenges California is facing environmentally, economically, and under the veil of COVID-19.”