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NEW YORK, March 06, 2018 -- Greystone, a real estate lending, investment and advisory company, announced it has provided a $17 million Fannie Mae DUS loan to exit construction financing for 152 Manhattan Avenue in Williamsburg, Brooklyn. The transaction was originated by Avrom Forman, Managing Director at Greystone.
The sponsor, Meserole Hub LLC, completed construction of the 24-unit asset in July 2017, and the property was stabilized in November 2017. The sponsor maintains a significant equity stake in the project, and at 65% LTV, the 10-year Fannie Mae DUS loan carries a fixed rate and has a number of years of interest-only with a 30-year amortization period.
“While securing construction financing can be a challenge in and of itself, upon stabilization, the permanent financing phase for sponsors is even more critical to set the asset up for long-term success,” said Mr. Forman. “Greystone’s ability to execute on a number of competitive permanent financing options and address and solve a number of capital stack challenges, gives sponsors confidence that their next financial step is in good hands.”
“We are thrilled with the outcome of this loan as 152 Manhattan Avenue comes full circle, and thank Greystone for their work in getting the deal done for the sponsor,” said David Eisen of Eastern Union, who represented the client in the transaction. “Their ability to work under constrained timelines and navigate the refinancing jungle has been invaluable to me and my client.”
About Greystone
Greystone is a real estate lending, investment and advisory company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Our range of services includes commercial lending across a variety of platforms such as Agency, CMBS, FHA, USDA, bridge, mezzanine, and proprietary loan products. Loans are offered through Greystone Servicing Corporation, Inc., Greystone Funding Corporation and/or other Greystone affiliates. For more information, visit www.greyco.com.
PRESS CONTACT:
Karen Marotta
Greystone
212-896-9149
[email protected]
