Lending - Fannie Mae - $14M
Greystone provided a $14,175,000 Fannie Mae DUS loan to refinance the Bradley Court apartment community in Windsor Locks, CT. The loan was originated by Avrom Forman of Greystone’s New York office with Jacob Schmuckler of Meridian Capital Group acting as correspondent.
The 12-year Fannie Mae loan includes six years of interest-only payments and a 30-year amortization at 75% LTV. Bradley Court comprises 1, 2, and 3-bedroom units in five separate buildings with a swimming pool and picnic area. The 146-unit market-rate multifamily complex, built in the 1960s, is spread over 14 acres of property and has received significant capital expenditure improvements by the current owner.
“After a series of significant renovations and capital invested in Bradley Court, the property is a prime example of quality and much-needed workforce housing in suburban Connecticut,” said Mr. Forman.