Greystone Provides $7.1 Million to Refinance Multifamily Portfolio in Philadelphia
August 8, 2019
Greystone has provided two Freddie Mac Small Balance Loans totaling $7,149,000 to refinance a nine-property, 77-unit multifamily portfolio in Philadelphia, Pennsylvania. The transactions were originated by Anthony Cristi, managing director in Greystone’s New York office, on behalf of Greenzang Properties.
The first financing, a $5,074,000 20-year hybrid loan based on a 30-year amortization, has a five-year fixed rate period and five years of interest only payments. The loan is for six multifamily properties with a total of 50 residential units and three commercial units.
The second financing is a $2,075,000 20-year hybrid loan also based on a 30-year amortization. The loan is for three multifamily properties that offer a total of 22 residential units, as well as one commercial unit.
The portfolio is comprised of three- or four-story pet-friendly buildings featuring studio, one-, two-, three-, and four-bedroom units with modern, upscale amenities and classic details. They are located in the vibrant Rittenhouse Square and Washington Square neighborhoods near Center City, and offer a variety of dining, entertainment and shopping options, as well as easy access to Philadelphia’s various employers, colleges and universities.
“Transactions involving multiple properties can demand flexibility and an understanding of the nuances of the local market opportunity. In this case, the Center City submarket is thriving and offers excellent rental dynamics,” said Mr. Cristi.
“We were thrilled by the way that the Greystone team applied its expertise to bring these two loans to close quickly and seamlessly,” said Michael Greenzang, principal of Greenzang Properties, which owns and manages over 1,200 properties in Philadelphia. “We look forward to expanding our relationship with Greystone as we expand our multifamily portfolio across this region.”