Greystone has provided a total of $59,670,000 in Fannie Mae Delegated Underwriting & Servicing (DUS®) financing for the acquisition of a 488-unit multifamily property in Oxon Hill, Maryland. The financing was originated by Eric Rosenstock and Dan Sacks, Managing Directors in Greystone’s New York office.
Constructed in 1963, Oaks at Park South in Prince George’s County consists of 26 garden-style buildings with one-, two- and three-bedroom units. The $60 million non-recourse, structured adjustable rate mortgage (SARM) loan carries a 10-year term and 30-year amortization along with 10 years of interest-only payments. The loan also qualifies for Fannie Mae Multifamily Green Rewards financing program, following the completion of energy and water conversion measures.
“There is no greater compliment than when clients return to Greystone for help in managing their multifamily portfolios,” said Mr. Rosenstock. “Our extensive lending platform and our longstanding commitment to multifamily mean we are willing to be creative, tap into deep resources and find solutions where others cannot.” “We trust the experts at Greystone to address the financing needs of our growing portfolio of properties,” said Mr. Josh Fink of Quantum Equities, a longtime client of Greystone. “They are a true partner that understands our vision and works tirelessly for us on each transaction, handling our properties as if they were their own.”