NEW YORK, April 14, 2022 (GLOBE NEWSWIRE) — Greystone, a number one nationwide industrial actual property finance firm, has supplied a $16,605,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) mortgage to refinance a 168-unit multifamily property in Tallahassee, Florida. The transaction was originated by Kyle Jemtrud, Managing Director at Greystone, on behalf of Pax Properties LLC.
Inbuilt 1974, Renaissance Residences in Leon County is a garden-style condominium group with 13 buildings consisting of 96 one-bedroom, 96 two-bedroom, and 32 three-bedroom items, together with an onsite pool, group middle and laundry amenities. The $16.6 million Fannie Mae financing, which is a everlasting takeout of a Greystone bridge mortgage, carries a 10-year time period and a 30-year amortization interval, with a low, fastened fee and 6 years of interest-only funds.
“Greystone’s bridge-to-agency course of helps our shoppers get the precise financing they want by means of all phases of property possession,” stated Mr. Jemtrud. “Our in-depth data of the multifamily market, coupled with our deep lending platform, means we will present options that work in each market cycle.”
“Not solely did Greystone present interim financing for us, however the crew delivered a everlasting financing answer with distinctive phrases in very brief order,” stated Mr. Justin Ford, principal of Pax Properties LLC. “We’re supremely impressed with Greystone’s intensive multifamily lending capabilities and their potential to execute, and stay up for working with them on future transactions.”
Greystone is a non-public nationwide industrial actual property finance firm with a longtime repute 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 by means of Greystone Servicing Firm LLC, Greystone Funding Firm LLC and/or different Greystone associates. For extra info, go to www.greystone.com.