has provided a $9,745,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan
to refinance a multifamily portfolio consisting of 24 units in Brooklyn, New York. The transaction was originated by Jason Yuen of Greystone, with Abe Weinstock acting as correspondent.
The properties – 1624 East 12th Street in Midwood and 116, 118, 118A, 120 Seigel Street in Williamsburg – were constructed by the borrower in 2006 and 2008, respectively, and consist of a mix of one-, two-, and three-bedroom units. The non-recourse, fixed rate $9.7 million loan carries a 10-year term and 30-year amortization, with two years of interest-only payments and 74% loan-to-value (LTV).
“Greystone’s specialty is tapping our deep well of multifamily resources to navigate through complex transactions, and we love partnering with clients who have a strong connection to, and pride of ownership in, their properties,” said Mr. Yuen. “This financing was no exception - our team worked tirelessly to ensure a swift closing that satisfied all of the parties and we look forward to delighting this client again in the future.”
“Jason and his team at Greystone are true partners who take unusual care to raise the bar on every transaction,” said Mr. Weinstock, correspondent on this transaction. “I value their insights and the level of care and service they provide to my clients, which is why I look forward to more successful closings with Greystone down the road.”