Greystone Provides $37.5 Million in Fannie Mae DUS® Financing for Multifamily Properties in Delaware and New Jersey
Greystone has provided $37,511,000 in Fannie Mae Delegated Underwriting and Servicing (DUS®) loans for the acquisition of three multifamily properties totaling 272 units in Delaware and New Jersey. The transactions were originated by Dan Sacks, Managing Director in Greystone’s New York office, on behalf of long-time client, Goldcrest Management. Jack Miller of Platinum Capital Group acted as correspondent on the transaction.
Greystone secured a non-recourse $25,069,000 Fannie Mae loan to acquire The Garrison in New Castle, Delaware, a 120-unit midrise multifamily apartment property constructed in 2019. The fixed rate loan carries a 12-year term with a 30-year amortization and five years of interest-only payments.
Greystone also provided a fixed rate $12,442,000 Fannie Mae Green Rewards loan featuring a 12-year term and 30-year amortization, with five years of interest-only payments for the acquisition of a two-property multifamily portfolio in Vineland, New Jersey. Regency Court is a 104-unit garden style apartment community constructed in 1971 and Chestnut Court a 48-unit garden style apartment community built in 1948.
“I can think of no greater affirmation of the quality of Greystone’s services than when clients repeatedly ask us to partner with them on their deals,” said Mr. Sacks. “We recognize that clients have a choice, and we are honored when they continue to choose Greystone. We aim to outperform on service and execution expectations on every engagement, so that clients who come back to us enjoy an even better experience than the one they remembered.”
“The Greystone team is integral to our success because they consistently leverage their deep expertise in the multifamily market and lending resources to meet the needs of my expanding portfolio,” said Mr. Hillel Hertz, principal of Hillcrest MH. “Their passion for multifamily is matched only by their pursuit of excellence on every transaction, and that’s exactly what I want in a partner.”