Greystone Closes $15.9 Million Loan for Multifamily Property in Maryland
October 2, 2013
Greystone announced it has provided $15.9 million in Fannie Mae financing for Whitfield Towne Apartments, a 322-unit property located in Lanham, Maryland. Andrew Ellis, originator in Greystone’s Maryland office, worked closely with the borrower to close the loan.
This latest deal was the culmination of $34.2 million in funds across three loans in the last 18 months on behalf of Avis-R Company of Rockville, Maryland. For Whitfield Towne Apartments, Greystone refinanced a $11.5 million bridge loan, which was closed by Greystone in April 2012, with a $15.9 million Fannie Mae DUS loan. The Greystone bridge loan enabled the borrower to take control of the property and invest approximately $2,375,000 in capital improvements, helping to obtain long-term financing. Greystone worked closely with broker Marc Tropp of Eastern Union Commercial throughout the loan process.
“Through our strong relationship with Fannie Mae and understanding of the borrower’s needs, we were able to provide Whitfield Towne Apartments with not only a temporary financing solution, but a more permanent one as well,” said Billy Posey, CEO of Fannie Mae and Freddie Mac Lending at Greystone. “We see the success of this transaction as a great example of the team’s ability to help secure short-term funding for our clients while keeping long-term financial objectives in mind.”
The Greystone Bridge Program is specifically designed for properties that are either stabilized or are in need of minor to moderate renovation or other value-add strategies. The real estate and finance experience of Greystone guarantees a deep understanding of the market and an ability to find creative solutions for multifamily and healthcare borrowers.
Zion Avissar, President of Avis-R Company stated, “Greystone was able to understand our plans, vision and underutilized potential of Whitfield Towne Apartments. Our team worked incredibly hard to gut-rehab a large percentage of the units and spruce up the asset in a very short amount of time. Greystone was there along the way and was ready with a solid permanent financing package at stabilization. We look forward to working with Greystone in the future as we grow our portfolio and property management platform.”
Greystone, with more than 200 mortgage professionals throughout the United States, is ranked as a top-10 Fannie Mae DUS lender by volume and was the number one FHA lender for 2012. A multifamily industry expert and leader, Greystone offers long term, bridge, gap, Fannie Mae, Freddie Mac, FHA and CMBS lending solutions.