Greystone Refinances Philadelphia Multifamily Complex for $20 Million
November 17, 2017
Greystone announced it has provided $20,130,000 in Freddie Mac financing for West Village, an 86-unit apartment community in West Philadelphia, PA. The loans were originated by Jason Yuen of Greystone’s New York office.
Consisting of 3 separate parcels, West Village is a newly-constructed multifamily complex comprising 3-, 4- and 5-bedroom units. All units are “townhome style” duplexes with upgraded finishes. The community offers a range of amenities for residents including parking, roof decks for some units, and a community courtyard.
The property, owned by West Village Group, was financed with three separate Freddie Mac Small Balance Loans, all carrying 10-year terms and Interest-only for three years with 30-year amortization schedules.
“Based on the borrower’s acquisition strategy of creating a community from contiguous parcels developed over time, Greystone applied a similar financing strategy in providing a separate loan for each parcel,” said Mr. Yuen. “This enabled West Village Group to take advantage of the favorable terms offered by Freddie Mac and its Small Balance Loan program.”
“The financing of West Village is another example of the speed, pricing and certainty of execution Freddie Mac’s Small Balance Loan Program provides,” said Stephen Johnson, vice president, Small Balance Loan Business at Freddie Mac Multifamily. “Most importantly, it underscores the program’s flexibility. We’re committed to working with our lender partners to deliver a product that meets their client’s needs – and their bottom line.”