Cristi of Greystone originates $20.84 million in Freddie Mac financing for portfolio

October 17, 2017 - Financial Digest
Anthony Cristi, Greystone

Brooklyn, NY Greystone has provided $20.849 million in Freddie Mac financing on an eight-property portfolio. The loans were originated by Anthony Cristi of Greystone’s N.Y. office.

The refinanced properties, which all contain between six and 35 units, all received five-year fixed-rate Freddie Mac Small Balance Loans which include an additional 15-years floating and one-year of interest-only at 80% LTV. The property owner, Steve Lubin, received $6.1 million in cash-out proceeds and plans to reinvest capital into each property.

The properties included:

• 1060 Hancock St.

• 1315 Sutter Ave.

• 135 Dupont St.

• 187 Rochester Ave.

• 1904 Nostrand Ave.

• 4515 Snyder Ave.

• 802 Park Pl.

• 809 Park Pl.

“Greystone’s depth of knowledge in the Brooklyn real estate market and experience with Freddie Mac’s Small Balance Loan platform generated a very positive result for our client, Greystone and our partner Freddie Mac,” said Cristi. “We have been very successful at executing portfolio refinances with the Freddie Mac Small Balance product and it continues to be extremely competitive in the N.Y. market.”

“We’re very pleased to join our strong partner Greystone in this transaction, which highlights Freddie Mac’s growing small balance portfolio business,” said Stephen Johnson, VP, Small Balance Loan Business at Freddie Mac Multifamily. 

“These transactions—which are pools of individual, small balance loans—are becoming a larger part of our overall production. They represent a vital opportunity to fully utilize our strategic advantage—specifically, our ‘hands-on’ approach to assessment, valuation and execution. Our approach, combined with portfolio scale, means more affordable units at a lower cost, with the same on-time delivery.”

“Greystone is a trusted partner in the refinance process, helping to identify which assets could benefit from Freddie Mac’s favorable terms, and helping us to get across the finish line in time with 8 properties at once,” said Lubin.

187 Rochester Avenue - Brooklyn, NY

 

1904 Nostrand Avenue - Brooklyn, NY

 

 

More from the New York Real Estate Journal