 |
| Hickory Point at Brentwood Apartments, Nashville, TN |
 |
| Betsy Vartanian |
New York, NY – June 26, 2013 – Greystone, a leading national
provider of multifamily and healthcare mortgage loans, announced today that it
has originated in excess of $30 million of FHA insured loans for two
multifamily properties located in Texas and Tennessee.
Donny Rosenberg, a managing director in Greystone’s
multifamily lending group, led the efforts to close the loans.
Greystone’s
extensive experience with the U.S. Department of Housing and Urban Development
ensured that both properties received loans at ideal terms and rates.
 |
| Hunters Crossing Apartments, Longview, TX |
The first property, Hickory Point at Brentwood,
received $22.5 million of FHA-insured loan proceeds pursuant to Section
223(a)(7) of the National Housing Act. 223(a)(7) financing is available only to
loans that are currently HUD insured, allowing borrowers to lower their debt
service costs with minimal out of pocket cost.
The 298-unit multifamily complex is located in Nashville, Tennessee.
Greystone provided
another $7.9 million loan through HUD’s Section 223(f) program to the borrower
of Hunters Crossing, a 192-unit apartment community located in Longview,
Texas. With an impending maturity and a much higher rate, the borrower was able
to pay off the entire existing mortgage and lower the debt service costs
substantially over the new term.
Robert Peek,
Chief Executive Officer at Amesbury Companies, the borrower, commented: “The
Greystone team could not have been more insightful, responsive and sensitive to
our needs. We would highly recommend them to anyone looking for exceptional
service and unparalleled persistence in their agency lending relationships.”
“Both the borrower
and the Fort Worth HUD office pulled together to close this transaction on a
tight time frame, avoiding additional costs or losses to the borrower or to the
existing lender,” said Rosenberg.
Betsy Vartanian, Head of Greystone’s FHA business,
added: “Providing good capital to good borrowers, secured by good properties in
a difficult credit environment is a fulfillment of one of the primary missions
of HUD and Greystone, and we’re happy to have done our part.”
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
http://www.greyco.com/multifamily.
For a complete
copy of the company’s news release, please contact:
Cognito
Loretta Mock/Jessica Kleinman
646 395 6300
No comments:
Post a Comment