Greystone Provides $91.3 Million in Fannie Mae DUS® Loans to Refinance 1,406-Unit Tucson Multifamily Portfolio
June 11, 2020
Category: Fannie Mae, Multifamily
Greystone announced it has provided $91,279,000 in Fannie Mae Delegated Underwriting and Servicing (DUS®) loans to refinance a 1,406-unit multifamily portfolio in Tucson, AZ. The separate transactions were originated by Daniel Wolins, managing director at Greystone, on behalf of HSL Properties.
The $91.3 million in Fannie Mae financings all carry 10-year terms at a fixed rate with a 30-year amortization, and five years of interest-only payments. The non-recourse loans refinance four separate properties in Tucson: the 242-unit Canyon Creek; 256-unit Ridgepoint; 336-unit Catalina Canyon; and 572-unit Sycamore Creek.
“The new lending landscape has certainly introduced some challenges for multifamily property investors, but we have helped them to adapt and thrive with the capital options that are available,” said Mr. Wolins. “Greystone works diligently to be hyper-informed on local markets, changes in loan terms and rates, and to be able to provide a broad array of capital solutions when needed. We are very happy to team up with HSL again on these properties, which are long-held assets in their portfolio. They are a premier owner / operator in Tucson with unparalleled market knowledge.”
“We trust our Greystone team to deliver above our expectations and are thrilled to have been able to close this financing during a pandemic, especially with credit markets being more challenged than ever,” said Omar Mireles, president, HSL Properties.