Greystone Provides a Total of $68 Million in Fannie Mae Financing for a Multifamily Property in Prince Georges County, Maryland
Greystone has provided a total of $68 million in Fannie Mae financing to acquire a 595-unit multifamily property in Prince Georges County, Maryland. The financing was originated by Dan Sacks and Eric Rosenstock, Managing Directors in Greystone’s New York office, on behalf of Quantum Equities.
The first loan is a $65,860,000, Fannie Mae Delegated Underwriting and Servicing (DUS®) Green Rewards loan that carries a 12-year term and 30-year amortization, with a low fixed interest rate and six years of interest-only payments. The transaction also includes an additional $2,140,000 in Fannie Mae mezzanine financing that carries a 12-year term and 30-year amortization, with full-term interest-only payments. Loan proceeds will be used to continue with ongoing renovations, in addition to purchasing the property.
Borrowers who use Fannie Mae’s Green Rewards program commit to engaging in property upgrades that reduce water and energy consumption.
Constructed in 1963, Regency Pointe is a garden-style apartment community in District Heights that offers 595 one-, two-, and three-bedroom units with modern appliances and finishes, walk-in closets and private outdoor living spaces. Residents can also enjoy the property’s business center, swimming pool and fitness center, picnic and playground areas, on-site laundry facilities and reserved parking. The property is close to retailers and shopping, and offers easy access to Washington DC via the I-495 Capital Beltway and the Washington Metropolitan Area Transit Authority’s Walters Lane bus stop and Suitland metro station.
“We are thrilled that we were able to put together financing terms which are best in class to bring this transaction to life for our client in the current environment,” said Mr. Sacks. “Greystone’s strong partnership with Fannie Mae and industry-leading commitment to service excellence and seamless execution provide our clients with enhanced returns and confidence that their closing is being managed by the best.”