NEW YORK, July 15, 2020 (GLOBE NEWSWIRE) -- Greystone, a leading commercial real estate lending, investment, and advisory company, has provided a $10,500,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance an affordable housing property in Mankato, Minnesota. The transaction was originated by Kyle Jemtrud, managing director at Greystone, on behalf of Mankato MAHC LLC.
The $10.5 million in Fannie Mae financing carries a 12-year term at a fixed rate with a 30-year amortization, and four years of interest-only payments. The non-recourse loan refinances River Bluff Apartments, a 150-unit rental community located 80 miles southwest of downtown Minneapolis, which was acquired by the sponsor in 2017.
“Refinancing during a pandemic was not without its challenges, but the sponsors came prepared for the new capital reserves requirements, and were able to harness long-term financing to maintain this critical affordable housing,” said Mr. Jemtrud. “It’s been a pleasure working with this team as they grow their multifamily portfolio.”
“Our mission is to provide quality housing to our community in Minnesota, and Greystone has been a critical part of that process,” said Matthew Teasdale, Key Principal of the sponsor / borrower. “Their guidance in navigating the changes in terms and requirements, as well as Kyle’s local market knowledge, has been invaluable.”
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 Fannie Mae, Freddie Mac, CMBS, FHA, USDA, bridge and proprietary loan products. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com.
PRESS CONTACT:
Karen Marotta
Greystone
212-896-9149
Karen.Marotta@greyco.com