Greystone provides $22.6 million in Fannie Mae DUS®
NEW YORK, Sept. 29, 2022 (GLOBE NEWSWIRE) — Greystone, a leading national commercial real estate finance company, has provided a $22.6 million loan to Fannie Mae Delegated Underwriting & Servicing (DUS ®) to refinance a 262-unit multifamily property in Bryan, Texas. The funding was initiated by Dan Sacks and Harrison Drucker of Greystone’s New York office, on behalf of a Texas-based developer.
Built in 2011, 21 Gramercy Park in Brazos County is a garden-style apartment community comprised of 21 buildings with one-, two-, and three-bedroom units. The fixed rate, non-recourse financing of $22,607,000 has a 10-year term and 30-year amortization, with interest payments over the term. In addition to refinancing, loan proceeds allow the borrower to pursue capital improvements and monetize some of the equity in the property.
“We are delighted that our extensive multi-family expertise, including our nationally-recognized agency lending platform, is helping clients find financing solutions tailored to their property situation,” said Sacks. “Our goal is to provide customers with a superior experience by seamlessly executing every transaction.”
“It was a pleasure to work with this sponsor and deliver flawless execution in a turbulent market. We were able to secure a full and fixed rate loan in less than two weeks which was critical to meet our client’s schedule,” said Mr. Drucker.
Greystone is a national, private commercial real estate finance company with an established reputation as a leader in multifamily and healthcare financing, having been ranked among the top FHA, Fannie Mae and Freddie Mac lenders in these sectors. Loans are offered by Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com.