Greystone Provides $18.8 Million in Fannie Mae DUS© Financing to Refinance a Multifamily Property in Tucson, Arizona
December 23, 2019
Greystone announced it has provided an $18,780,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 205-unit multifamily property in Tucson, Arizona. The transaction was originated by Judah Rosenberg in Greystone’s Los Angeles office.
Greystone represented property owners GJP Financial, Berger Investment Group and Robson Communities in the transaction.
The $18.8 million Fannie Mae loan, which refinances a bridge loan that was used to purchase the property in 2017, carries a 10-year, fixed term over a 30-year amortization period at a low, fixed rate, with two years of interest-only payments.
Located in Tucson near the University of Arizona and Pima Community College’s West Campus, The Ledges at West Campus were originally built and operated as student housing. The current owners began converting the property to conventional multifamily housing when they purchased it in 2017. Today, the Ledges offers pet-friendly units with one to four bedrooms, stainless steel appliances, in-unit laundry, and private patios or balconies. Some of the property’s on-site amenities include two pools, spa, clubhouse, business center and on-site storage. The property is within close proximity to the Fourth Avenue Business District, restaurants, cafes, and local nightlife.
“Our clients chose Greystone because of the flexible options available that complement the Fannie Mae offering, such as potential mezzanine financing,” said Mr. Rosenberg. “Our team’s creativity and speed of execution resulted in excellent deal terms and more proceeds than our clients had sought initially. They were thrilled, which is what we aim for with every Greystone transaction.”
“Greystone delivered above and beyond what we thought possible,” said Howard Berger of Berger Investment Group. “We thought we had a complicated transaction, but our team took each of the so-called challenges in stride and used them as opportunities to benefit this property. We look forward to continuing our relationship with Greystone in the near future.”