Greystone Provides $10.5 Million in Fannie Mae DUS® Financing for Manufactured Housing Community in Maryland
July 31, 2017
Greystone announced it has provided a $10,500,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan for the refinance of Summerhill Mobile Home Park in Crownsville, MD. The loan was originated by Avrom Forman of Greystone’s New York office with Meir Kessner of Eastern Union Funding as a correspondent on the transaction.
The Fannie Mae financing for Summerhill Mobile Home Park includes a 10-year term at a fixed rate with 30-year amortization. The asset is a 121-pad manufactured housing community located 7 miles west of Annapolis, MD. The owner, Art Silber, plans to reinvest proceeds from the loan into improving the property.
“Greystone’s expertise in the manufactured housing asset class is a true advantage to have on my side as a property owner,” said Mr. Silber. “We are thrilled with the outcome of the financing and look forward to making Summerhill a true asset in our portfolio.”
“Working with senior production manager, Dan Gillard, we were able to secure an additional $2 million in funding above the initial anticipated loan amount, which provides a great deal of flexibility and opportunity to invest in this property and others,” said Mr. Forman, Director, Greystone.