Greystone Provides $19.5 Million in both Senior and Mezzanine Fannie Mae Loans for Texas Property Acquisition
September 9, 2019
Greystone announced it has provided two Fannie Mae loans totaling $19.5 million to finance the acquisition of a 216-unit multifamily property in Haltom City, TX.
In addition to a Fannie Mae Delegated Underwriting and Servicing (DUS®) Green Rewards loan of $18,237,000, Greystone provided a $1,269,000 Delegated Lender Affiliate (DLA) Mezzanine loan to supplement the first mortgage. Both non-recourse loans, funded simultaneously, carry 12-year terms with different fixed interest rates. With a minimum of $1 million, a Fannie Mae DLA mezzanine loan must accompany a senior mortgage that carries a minimum amount of $10 million, and is secured by a 100% pledge of the equity interests in the borrower.
“Greystone’s mezzanine platform, highlighted by this innovative product from Fannie Mae, is a complementary option to assist property investors in completing the capital stack on acquisitions and refinancings,” said Anthony Alicea, head of production for Greystone portfolio lending group.