Greystone provided a $19.2 million Fannie Mae loan as part of a $32.25 property acquisition by AMS Acquisitions in Bayonne, NJ. The loan was originated by Avrom Forman of Greystone’s New York office.
The seven-year Fannie Mae loan includes six years of interest-only payments and a 30-year amortization. The 85-unit complex is spread over two five-story buildings comprising studio, one-, and two-bedroom units, and was completely gut renovated in 2013. The acquired property includes three undeveloped parking lot parcels, which AMS Acquisitions intends to develop into additional multifamily housing.
“To reach the finish line with this transaction, we had to coordinate with many investment partners and obtain a release from Fannie Mae for the existing parking lots,” said Mr. Forman. “Because of the unique scenario, we were in a position to show the client that Greystone goes above and beyond to exceed expectation and deliver results.”
“We are very excited about the potential for this property, and Greystone guided us through the process very diligently and with great attention to detail,” said AMS Acquisitions Principal Michael Mitnick. “We look forward to working with Greystone again as we continue to build our property portfolio.”