NEW YORK, April 14, 2022 (GLOBE NEWSWIRE) — Greystone, a leading national commercial real estate finance company, has provided a $16,605,000 loan to Fannie Mae Delegated Underwriting and Servicing (DUS®) to refinance a 168-unit multifamily property in Tallahassee, Florida. The transaction was initiated by Kyle Jemtrud, Managing Director of Greystone, on behalf of Pax Properties LLC.
Built in 1974, Renaissance Apartments in Leon County is a garden-style apartment community with 13 buildings comprising 96 one-bedroom units, 96 two-bedroom units, and 32 three-bedroom units, as well as an on-site swimming pool, community center, and laundry facilities. Fannie Mae’s $16.6 million financing, which is a permanent underwriting of a Greystone bridge loan, has a 10-year term and 30-year amortization, with a low fixed rate and six-year interest-only payments.
“Greystone’s agency transition process helps our clients get the financing they need at all stages of homeownership,” said Jemtrud. “Our deep knowledge of the multifamily market, coupled with our in-depth lending platform, means we can provide solutions that work in all market cycles.”
“Not only did Greystone provide us with interim financing, but the team provided a permanent financing solution with exceptional terms in a very short time,” said Mr. Justin Ford, Principal of Pax Properties LLC. “We are extremely impressed with Greystone’s extensive multi-family lending capabilities and ability to execute, and look forward to working with them on future transactions.”
Greystone is a national, privately held commercial real estate finance company with an established reputation as a leader in multifamily and healthcare financing, having been ranked among the top FHA, Fannie Mae and Freddie Mac lenders in these sectors. Loans are offered by Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com.