Greystone Servicing Corp., Inc., a leading national provider of multifamily and commercial mortgage loans, has provided a $45 million Fannie Mae MAH DUS loan for Capitol Apartments, a 278-unit property located at 840 8th Ave. The 10-year, fixed rate loan was originated by Rob Meehan, director and Brian Liske, managing director in Greystone's local office, and includes a 53% loan-to-value (LTV) and a rate of 3.03%.
Leveraging their expertise of the local real estate market, Meehan and Liske worked to obtain transaction approval within 30 days of receiving a completed application, along with the requested due diligence, and were able to close the deal in 60 days. The loan was used to refinance an existing loan on the property, which consists of 250 Section 8 senior housing apartments, 28 market rate apartments and 6 ground retail stores.
"Our knowledge of the local market, combined with a close relationship with Fannie Mae, allowed us to successfully meet our client's financing needs in an efficient and thorough manner," said Billy Posey, executive vice president of Greystone. "We're seeing a lot of growth and potential in the New York City real estate market, and look to do more of these deals in the future." Tags: