Greystone Provides $11 Million Fannie Mae DUS Loan to Refinance a Multifamily Property in Michigan
March 27, 2019
Greystone, a real estate lending, investment, and advisory company, announced it has provided an $11,250,000 Fannie Mae Delegated Underwriting and Servicing (DUS) loan to refinance a 302-unit multifamily property in Ypsilanti, Michigan. The transaction was sourced by Cary Belovicz, executive managing director of Greystone Bel Real Estate Advisors, and originated by John Marr, a managing director at Greystone.
The $11.3 million Fannie Mae loan carries a 10-year term and 30-year amortization period. Located in the heart of Ypsilanti, the Ranches of Rosebrook offers 302 market-rate, 650-square foot two-bedroom, 1-bath ground level units within easy access to downtown Ypsilanti, I-94, Depot Town, Eastern Michigan University and Washtenaw College. Residents of the pet-friendly property enjoy access to on-site laundry and parking in a convenient, quiet neighborhood setting.
“When it came time to refinance, our client trusted in us because of the breadth of our access to an extended lending platform, but importantly, because of the trusted relationship he had built with our team through prior transactions,” said Mr. Belovicz. “Our team was able to exceed client expectations by quickly securing the financing needed to continue with ongoing property management, as well as monetize a portion of his equity.”