Greystone Provides $48 Million in Fannie Mae Green Financing for Acquisition of Multifamily Property in Lansing, Michigan
Greystone has provided a $48,000,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) green loan to acquire a 406-unit multifamily property in Okemos, Michigan. The financing was originated by Richard Kourbage, Managing Director in Greystone’s New York office, on behalf of the joint venture between Gray Capital and LRE Management.
Constructed in 1989, Club Meridian in Ingham County is a garden-style community consisting of 17 three-story buildings with 120 one-, 284 two- and 2 three-bedroom units. The $48,000,000 non-recourse Fannie Mae Multifamily Green Rewards loan carries a 10-year term with full term interest-only payments and 9.5 years of yield maintenance. The financing enables the borrower to make renovations to the property as well as complete the acquisition.
“We’re committed to securing the right financing for our clients and we have the deep experience and an extensive multifamily lending platform that enables us to do so,” said Mr. Kourbage. “We strive to delight our clients by exceeding their expectations for service and execution on every transaction.”
“Greystone executed beyond our expectations once again, and we are thrilled with the outcome of the financing for this exciting acquisition,” said Mr. Eric Londa, principal of the borrower. “Greystone’s reputation as the leader in multifamily finance is well-deserved and we look forward to continuing our relationship with them as a lending partner.”