Greystone Closes $38.75 Million CMBS Deal
September 26, 2013
Greystone today announced it has closed a CMBS transaction for $38.75 million on behalf of a suburban Cleveland-based multifamily property owner. The loan was originated by Greystone Managing Director Donny Rosenberg. Managing Directors Robert Russell and John Palmer coordinated the underwriting, diligence and closing.
The $38.75 million CMBS loan was structured with a 10-year term with only three years of interest and at a rate of 2.35% over ten year swaps. Greystone’s team worked quickly and efficiently to close the deal in only 35 days and expects to close a number of additional deals before the end of the year.
“This deal is a fantastic example of Greystone’s comprehensive CMBS offering and truly represents the great collaboration and effort that went into completing this transaction,” said Rob Russell. “The expertise and experience of our team ensures that we continue to provide clients with creative products that meet their borrowing needs and exceed their expectations, and we look forward to providing more great deals in the near future.”
Launched earlier this year, Greystone’s CMBS program provides clients with additional loan options and supplements the firm’s robust Fannie Mae, Freddie Mac and FHA services.
With more than 200 mortgage professionals throughout the United States, Greystone is a multifamily industry expert and leader. Greystone’s experience working with FHA, Fannie Mae and Freddie Mac, along with its expertise in the multifamily and healthcare lending business, allows the firm to provide clients across the United States with innovative solutions that fit their individual needs. In 2012, Greystone originated approximately $3.4 billion of Fannie Mae, Freddie Mac, Affordable, FHA and Bridge multifamily business.