Greystone Refinances Two South Florida Multifamily Properties for $28 Million
April 16, 2014
Greystone announced it provided financing for two multifamily properties in South Florida totaling $28 million. The separate transactions were originated by Serafino Tobia, Director at Greystone.
St. Croix Apartments is a 246-unit complex in Lauderdale Lakes and Eagle Pointe Apartments in a 192-unit complex in Pompano Beach. The HUD financing was provided on behalf of Cornerstone Group of Hollywood, FL.
“We are thrilled to refinance at historically low rates with HUD financing for these properties, and look forward to working with Greystone on future transactions as the lending environment remains ripe,” said Jorge Lopez, Co-founder and President at Cornerstone Group.
“Cornerstone is a valued Greystone client and incredibly dynamic multifamily property owner and manager in Florida. Being able to take advantage of lower rates with long-term HUD financing provides them with an advantage to ensure further growth, and will benefit both of these properties for years to come,” said Betsy Vartanian, head of FHA lending at Greystone.
Greystone provides mortgage finance solutions across multiple platforms, including FHA, Fannie Mae, Freddie Mac, USDA, CMBS, bridge, mezzanine and other proprietary loan programs. In 2013, Greystone ranked #1 in combined multifamily and healthcare FHA lending, #3 in Affordable Housing as a Fannie Mae DUS lender, and as a top-5 Freddie Mac lender for seniors housing.