Greystone Refinances $22.1 Million 12-Property Multifamily Portfolio in Brooklyn, NY
June 29, 2017
Greystone announced it has provided $22,134,000 in Freddie Mac financing on a 12-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 five and 12 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, Yoel Goldman, received $9.6 million in cash-out proceeds and plans to reinvest capital into each property.
The Brooklyn properties included:
- 165 Central Avenue
- 1358 Dekalb Avenue
- 145 Driggs Avenue
- 136 Kingsland Avenue
- 146 Skillman Street
- 161 Troutman Street
- 191 Troutman Street
- 163 Troutman Street
- 54 Lewis Avenue
- 11 Gunther Place
- 1136 Willoughby Avenue
- 189 Menahan Street
“Freddie Mac’s Small Balance Loan platform allows for maximum proceeds, so owners are able to either re-invest in their portfolio or continue to grow their holdings with additional acquisitions,” said Mr. Cristi. “Greystone’s execution of this financing included an incredible team effort from Adam Reiss and Hope Curtis, as well as our phenomenal underwriting team and closing specialists. Maneuvering an expedited closing for 12 properties was no small feat, and we are proud to have gotten the job done for Mr. Goldman,” he added.
“I’m thrilled with the overall outcome, timing, and proceeds for this refinance, and look forward to working with Greystone again on future transactions,” said Mr. Goldman.
“From the moment our Northeast team took the portfolio under application, we worked incredibly hard with Greystone to execute this deal. Led by senior producer Lamar Myers and underwriting director Ben Schweitzer in the Northeast region, our diligent efforts have ensured this refinance could become a reality,” said Annie Gong, Freddie Mac Multifamily’s production manager for the Eastern Region. “This deal is an excellent example of the superior execution—and certainty—our Small Balance Loan Program can deliver. We work closely with our sellers to find solutions for more complicated transactions, and to ensure our underwriting matches the nuances and strengths that make each property unique.”