Greystone Provides $6.5 Million in Freddie Mac Financing for Multifamily Property in New Jersey
August 7, 2019
Category: Freddie Mac, Multifamily
Greystone has provided a $6.5 million Freddie Mac Small Balance Loan (SBL) to refinance a 53-unit multifamily property in East Orange, New Jersey. The transaction was originated by Jason Yuen in Greystone’s New York office, on behalf of Rockledge Clinton LLC. Red Oak Capital Advisors arranged the financing for the borrower.
The $6,500,000 financing is a non-recourse adjustable rate mortgage with a fixed rate for five years and a 30-year amortization period. Built in 1927, 49 South Clinton Street is a four-story, elevator building comprising one-, two- and three-bedroom apartments, with on-site laundry and parking.
“Serving the workforce housing market is a Greystone specialty – we take pride in helping our clients in this segment of the multifamily market,” said Mr. Yuen. As a Top lender for both Freddie Mac and Fannie Mae small loan transactions, Greystone has consistently originated over $1 billion in loans for this category, which includes financing for multifamily properties between 5 and 50 units and loans from $1 million up to $7.5 million.
“I would like to thank Jason Yuen, Fred Levine, and the entire Greystone team for their hard work and effort in closing my recent New Jersey based multifamily refinancing through Freddie Mac. They were professional and creative at every stage and ultimately accomplished exactly what was promised. Overall, the transaction was smooth and efficient, and I very much look forward to working with Greystone again on future transactions,” said Marc Watkins, president of Rockledge Clinton, LLC.
“The entire Greystone team was diligent, responsive, and communicated clearly on a regular basis throughout the transaction,” said Samuel Guss, president of Red Oak Capital Advisors. “And most importantly for us and for our long-time client, Greystone closed the loan as quoted and on time.”