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NEW YORK, Sept. 06, 2022 (GLOBE NEWSWIRE) — Greystone, a number one nationwide industrial actual property finance firm, has offered an $11,044,000 Fannie Mae Delegated Servicing and Underwriting (DUS®) mortgage to refinance Broadway Park Apartments, a 224-unit multifamily property in Houston, Texas. The financing was originated by DJ Elefant, Vice President in Greystone’s New York workplace, on behalf of Broadway Park-SI, LLC. Bolder Capital served because the debt dealer within the transaction. Dan Gillard and the crew in Greystone’s Philadelphia workplace supported Mr. Elefant in closing the transaction.
The $11 million fixed-rate, non-recourse mortgage features a 10-year time period and 4 years of interest-only. The neighborhood is comprised of 108 one-bedroom models, 112 two-bedroom models, and 4 three-bedroom models spanning roughly 166,792 sq. ft. Originally acquired in 2019, the present house owners have invested over $2.5 million in capital enhancements to each the interiors and exterior of the property, considerably upgrading the 1960’s classic property.
“Once again, the borrower did an incredible job upgrading the property and executing on their gameplan,” stated Mr. Elefant. “We were able to get Fannie Mae to really lean in on this one and provide great terms considering the interest rate environment we have been in the past few months. We are thrilled with the outcome for our client and look forward to working together again.”
“As a repeat Greystone client and Fannie Mae borrower, we know what to expect, but today’s market can throw any property investor for a loop,” stated James Shahda, principal of the borrower. “We are thankful to have our Greystone team ready to navigate the changing waters and work on our behalf for the best outcome.”
About Greystone
Greystone is a personal nationwide industrial actual property finance firm with a longtime status as a frontrunner in multifamily and healthcare finance, having ranked as a prime FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are provided via Greystone Servicing Company LLC, Greystone Funding Company LLC and/or different Greystone associates. For extra info, go to www.greystone.com.
PRESS CONTACT:
Karen Marotta
Greystone
212-896-9149
[email protected]
