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| Savannah Summit Apartments, Savannah, GA |
New York, NY –- Greystone, a leading national provider of
multifamily and healthcare mortgage loans, announced that it has restructured a
40-year bond deal to provide a $5.2 million FHA loan to refinance Savannah
Summit Apartments, a multifamily property located in Savannah, Georgia.
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| Betsy Vartanian |
Jonathan Rosenberg, an FHA originator with expertise
in tax-exempt bonds in Greystone’s multifamily lending group, structured the
transaction.
Originally financed
in 2003 as a GNMA collateralized bond-deal, Greystone was able to obtain the
necessary approvals to structure financing around the lock, permitting the
borrower to refinance the underlying debt now, taking advantage of the
unprecedented interest rate environment, well in advance of the date in which
it would have been eligible for refinancing due to the lockout.
Greystone provided a
new FHA loan, through HUD’s Section 223(a)(7) program, at a substantially
reduced interest rate. The new loan has the benefit of a 40-year amortization
period.
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| Jonathan Rosenberg |
This is the second
restructuring of its kind that Greystone has closed recently. The other
transaction was locked out until 2015 but was able to be refinanced two years
earlier than previously considered possible.
“We are thrilled to
have been able to structure this unique refinancing opportunity for Ambling”
said Betsy Vartanian, Head of Greystone’s FHA business.
“It is a challenge to restructure the debt before the bonds
are callable. To our knowledge, no other lenders have been successful in this
arena.
“Greystone was founded in 1988 with an initial objective to
restructure defaulted bond deals. Our firm has extensive experience and we are
able to effectively negotiate and collaborate with bondholders and all other
necessary parties to waive lockout provisions.
“Moreover, this transaction was done with no significant
out-of-pocket expense to the borrower”.
Continued Vartanian,
“While not widely known, we are seeing significant opportunities in the market
for deals of this nature. Although only a small percentage of bonds can be
restructured during the lock-out period, all borrowers should explore whether
they can take advantage of this unique option.”
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:
Jessica Kleinman
Account Manager
Cognito
11 Broadway
18th Floor
New York, NY 10004
+1 646 395 6314
:direct
+1 646 395 6300
:main
+1 646 395 1876 :fax
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