Greystone Originates $6.6 Million Loan for Florida Multifamily Property
August 29, 2013
Greystone originated a $6.652 million loanfor Ravenwood of Kissimmee, a 185-unit multifamily property located in Kissimmee, Florida. The deal was brought to Greystone by David Metzger ofEastern Union Commercial and was completed by Andrew Ellis, originator in Greystone’s Rockville, Maryland office.
Greystone will service the loan provided through FreddieMac’s Targeted Affordable Housing (TAH) Program. As a Freddie Mac TargetedAffordable Housing and Seniors Housing Seller/Servicer, Greystone is one of aselect number of firms able to originate, underwrite and close affordablemultifamily and seniors housing loans on behalf of Freddie Mac.
“Greystone strives to offer our clients a robust set ofoptions to meet their financing needs,” said Jeff Englund who leads theAffordable Housing group at Greystone. “Our long-standing relationship withHUD, Freddie Mac and Fannie Mae, and our range of CMBS and interim lendingprograms allow us to provide a full range of financing solutions across thenation.”
Ravenwood of Kissimmee is an Expiring Use Low IncomeHousing Tax Credits garden-style apartment project, comprised of one, two, andthree-bedroom floor plans. A Land Use Restriction Agreement with the FloridaHousing Finance Agency results in 100% of the units being restricted tohouseholds earning at or below 60% area median income.
David Shweky, Managing Member of DLS Partners, LLC said,“We enjoyed working with Greystone and Freddie Mac to acquire Ravenwood ofKissimmee. We look forward to working with Greystone again as we continue tofocus on upside investments in Florida that will allow us to maximize investmentreturns to our investors and provide affordable and enjoyable housing to ourtenants.”
Greystone’s multifamily and healthcare mortgage lending group consists of over 200 individuals located in offices throughout the United States. Greystone is the leading FHA multifamily lender (approved for its TaxCredit pilot program) and is ranked as a top-ten Fannie Mae multifamily Lender.