Midwest Hub Generates Continued Multifamily Lending Activity, Bringing YTD Total to $154m
Greystone announced that the firm’s Chicago office has closed 12 transactions in the third quarter of 2013, for a total of over $30 million in volume. The success builds upon Greystone’s production momentum in the Midwest for the first half of the year - which saw an outstanding 35 deals originated, including 16 in Q2 - and brings the total number of loans closed in 2013 to 47, for approximately $154 million.
Greystone’s extensive relationship with Fannie Mae and real estate financing expertise has enabled the firm to provide borrowers with fast-closing, long-term loans at the most attractive rates available. Notable deals completed throughout Q2 and Q3 include:
- $16.9 million Fannie Mae DUS® Loan for Lofton Place Apartments, a 280-unit apartment community in Tampa, Florida. Dan Rosenberg, of Cohen Financial, sourced the loan as a correspondent of Greystone.
- $7.675 million Bridge Loan for Azalea Apartments in Greenville, South Carolina, also sourced by Dan Rosenberg of Cohen Financial.
- $6.06 million cash-out refinance for a 122-unit affordable housing complex in the Edgewater neighborhood on Chicago’s North Side. Joseph Schwimmer of Preferred Capital Group, a correspondent of Greystone, sourced the loan.
- $3.6 million for Crestline Villa Apartments, a 144-unit property located in Alsip, Illinois. The deal provided cash-out financing, including funds to make improvements to the property. Tom Reckley, Director in Greystone’s Chicago office, closed the transaction.
- $3.3 million cash-out refinance, representing 100% loan-to-cost after 15 months of ownership, for a 59-unit property located in the West Rogers Park neighborhood, in Chicago, Illinois. The loan was also sourced by Joseph Schwimmer of Preferred Capital Group, as a correspondent of Greystone.
- $2.468 million for 2515 W. Jerome, a 36-unit property located in the Rogers Park neighborhood on the North Side of Chicago, Illinois. The deal provided 80% acquisition financing, and Sujal Parikh, Director in Greystone’s Chicago office, closed the transaction.
“We are pleased with the Q3 production volume out of the Chicago office, especially considering the significant increase in rates that began earlier this year,” said Clint Darby, Managing Director in Greystone’s Chicago office. “Our pipeline has been strong throughout the year. We closed over $50 million in Q2 alone. Rising rates impacted applications but we have seen strong activity throughout the third quarter, especially on the sale / acquisition side.”
Greystone is ranked as a top-10 Fannie Mae lender by volume nationally, and was the number one FHA lender for 2012. In addition to Fannie Mae and FHA products, Greystone also offers Bridge and CMBS loans.