Greystone has provided $8,900,000 in total Fannie Mae Delegated Underwriting and Servicing (DUS®) loans to refinance two multifamily communities in Melbourne and Tampa, Florida. The fixed-rate, 10 and 15-year term loans with 25-year amortization schedules and full-term interest-only were originated by Cullen O’Grady, managing director in Greystone’s Rockville, MD office.
The first loan refinances Meadowdale Apartments, a 65-unit cardinal-style multifamily property community on 4.18 acres developed in 1984. The second loan refinances Curiosity Creek Apartments, an 83-unit cardinal-style multifamily property community on 4.10 acres developed in 1982. Both properties were 100% occupied at closing and are located in well-diversified industry workforce housing areas and strong suburban rental submarkets.
The sponsor is a private company and repeat Greystone client with a strong-established track record and portfolio of Fannie Mae loans for multifamily properties.
“We executed both loans swiftly with full-term interest-only and very favorable terms through Fannie Mae’s Streamline Rate Lock process, allowing the borrower to lock their rate after application during an extremely turbulent and volatile treasury market,” said Mr. O’Grady. “The borrower was able to achieve a strategic combination of cash-out and to secure a significant decrease in the interest rate on both transactions. We are always grateful when clients come to Greystone for agency financing solutions, placing their trust not only in our lending capabilities but also our industry leading expertise especially during challenging times in the market.”