Greystone Provides $22.5 Million FHA-insured Loan for Memphis Apartment Complex
October 27, 2015
Deal is First to Close on Greystone’s Fast-Track HUD Platform, Cutting Processing and Time to Closing by 50%
Greystone announced it has provided a $22,500,000 FHA-insured loan to refinance Grand Island Apartments, a 204-unit multifamily property located in Memphis, TN. The loan was closed in under seven months through Fast-Track HUD processing and was originated by Jason Stein and Clint Darby of Greystone.
The HUD loan carries both a 35-year term and 35-year amortization with a low interest rate. The property, Grand Island Apartments, is a gated apartment community on coastal Mud Island in downtown Memphis with luxury amenities including a clubhouse, swimming pool, fitness center and movie theater.
“Over the past year, Greystone has been laser focused on streamlining our internal HUD underwriting process utilizing technology, expedited workflow management, and enhanced hands-on support for our clients,” said Mordecai Rosenberg, head of Greystone’s FHA lending group. “Our goal is to be both the easiest lender in the country to work with and the easiest lender in the country to work for, and our new underwriting process enabled us to far exceed our client’s expectations on timing.”
Fast-Track HUD processing is a new component of Greystone’s FHA lending platform and has allowed the firm to reduce the average time from application to closing by 50%.