Greystone Originates $45 Million in Financing for Affordable Housing Multifamily Property in New York City
August 6, 2012
Greystone announced it has provided a $45 million Fannie Mae MAH loan for Capitol Apartments, a 278-unit property in New York City. The 10-year, fixed rate loan was originated by Rob Meehan, Director, Jonathan Morales, Director, and Brian Liske, Managing Director in Greystone’s New York City office, and includes a 53% loan-to-value (LTV) and a rate of 3.03%.
Leveraging their expertise of the New York City real estate market, Mr. Meehan and Mr. 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 Servicing Corporation. “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.”