Greystone Refinances $21 Million 8-Property Multifamily Portfolio in Brooklyn, NY
September 26, 2017
Greystone announced it has provided $20,849,000 in Freddie Mac financing on an 8-property portfolio in Brooklyn, NY. The loans were originated by Anthony Cristi of Greystone’s New York office.
The refinanced properties, which all contain between 6 and 35 units, all received 5-year fixed rate Freddie Mac Small Balance Loans which include an additional 15-years floating and 1 year of interest-only at 80% LTV. The property owner, Steve Lubin, received $6.1 million in cash-out proceeds and plans to reinvest capital into each property.
The Brooklyn properties included:
- 1060 Hancock Street
- 1315 Sutter Avenue
- 135 Dupont Street
- 187 Rochester Avenue
- 1904 Nostrand Avenue
- 4515 Snyder Avenue
- 802 Park Place
- 809 Park Place
“Greystone’s depth of knowledge in the Brooklyn real estate market and experience with Freddie Mac’s Small Balance Loan platform generated a very positive result for our client, Greystone and our partner Freddie Mac,” said Mr. Cristi. “We have been very successful at executing portfolio refinances with the Freddie Mac Small Balance product and it continues to be extremely competitive in the New York market.”
“We’re very pleased to join our strong partner Greystone in this transaction, which highlights Freddie Mac’s growing small balance portfolio business,” said Stephen Johnson, vice president, Small Balance Loan Business at Freddie Mac Multifamily. “These transactions—which are pools of individual, small balance loans—are becoming a larger part of our overall production. They represent a vital opportunity to fully utilize our strategic advantage—specifically, our ‘hands-on’ approach to assessment, valuation and execution. Our approach, combined with portfolio scale, means more affordable units at a lower cost, with the same on-time delivery.”
“Greystone is a trusted partner in the refinance process, helping to identify which assets could benefit from Freddie Mac’s favorable terms, and helping us to get across the finish line in time with 8 properties at once,” said Mr. Lubin.