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| Betsy Vartanian |
New York, NY – March 18, 2012 – Greystone, a leading
national provider of multifamily and healthcare mortgage loans, today announced
it has closed a $34.6 million loan for Lake Castleton Apartments, a
1,261 unit multifamily apartment complex in Indianapolis, Indiana.
The deal was originated by Josh Sasouness, one of
Greystone’s FHA originators based in New York City.
Greystone has 25
years of experience working with the U.S. Department of Housing and Urban
Development (HUD) and is intimately familiar with the complexities associated
with FHA insured financing.
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| Lake Castleton Apartments, Indianapolis, IN |
“It is important
that borrowers seeking an FHA insured loan engage a lender with extensive HUD
experience to ensure that the loan is underwritten in accordance with precise
FHA guidelines. This will expedite a commitment and ensure an efficient closing
process”, said Betsy Vartanian, head of Greystone’s FHA business.
Greystone received a
commitment from HUD for a Section 223(a)(7) loan to insure Lake Castleton just
44 days from submission. Greystone provided extremely favorable conditions,
including a 35-year term and a self-liquidating loan. The property is located
at 7601 Carlton Arms Drive in Indianapolis, Indiana.
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| Lake Castlton Apartments exterior |
“The Section
223(a)(7) program is an expedited way for a
borrower who already has a HUD insured loan to refinance its loan for the purpose of lowering the interest
rate.
"We are proud of our experience working with HUD and delighted to be able
to provide financing quickly and at the extremely attractive interest rates,”
continued Ms. Vartanian.
“This program is incredibly beneficial to borrowers
and we look forward to continuing to provide them for clients across the
county.”
Greystone’s
multifamily and healthcare mortgage lending group consists of over 200
individuals located in offices throughout the United States. For more
information on Greystone’s financing solutions please visit
Contact:
Loretta Mock/Josh Gerth
Cognito
+1 646 395 6300
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