Greystone Provides $8 Million to Refinance Philadelphia Multifamily Portfolio
October 16, 2019
Greystone announced it has provided $8,005,000 in total Fannie Mae small loans to refinance a portfolio of multifamily properties in Philadelphia, Penn. The loans were originated by Anthony Cristi of Greystone’s New York office on behalf of La Gioconda Company, a family-owned multifamily property investment firm based in Philadelphia.
The Fannie Mae financing was secured for a total of 10 workforce housing properties totaling 88 units. All properties received fully amortizing Hybrid 7-year adjustable-rate mortgages.
“Fannie Mae financing provides an ideal solution for value-add and refinance strategies, especially in today’s favorable rate environment,” said Mr. Cristi. “Greystone has a robust suite of financing solutions for any capital need, and I am thrilled to have assisted La Gioconda in their quest to extract value from their assets and reduce their debt service.”
“Greystone’s expertise in multifamily refinance has proven a truly valuable part of our property investment strategy,” said borrower Domenico Nigro. “With their guidance, we will be able to optimize and expand our real estate portfolio over time.”