Greystone Provides Freddie Mac Loan for Multifamily Property in Philadelphia
April 26, 2017
Greystone announced it has provided a $3,066,000 Freddie Mac Small Balance Loan for permanent financing of the newly constructed 1701 South Street in Philadelphia, PA. The transaction was originated by Andrew Ellis of Greystone and George Johnson of Rittenhouse Capital Advisors.
Terms of the permanent financing include 10-years at a fixed rate with 3-years of Interest-only and a 30-year amortization.
The subject property is a Class A multifamily building consisting of nine residential units and one commercial space currently occupied by 7-Eleven. The property, owned by JOSS Realty, benefits from a 10-year tax abatement from the City of Philadelphia.
“The Freddie Mac Small Balance Loan program is ideal for borrowers such as JOSS because of its attractive terms, and Greystone’s seamless process which provides property owners confidence in the certainty of execution during an acquisition,” said Mr. Ellis.
Larry Botel, the founding partner of JOSS, added, “Andrew, George and their teams at Greystone and Rittenhouse Capital secured the right financing product and provided excellent service throughout the execution. JOSS Realty looks forward to doing more business with them.”