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| Hawthorne Ridge Apartments, 3211 Fox Street, Woodridge, IL |
New York, NY, July
11, 2013 – Greystone, a leading national provider of multifamily and healthcare
mortgage loans, today announced that it has provided a $8.5 million FHA loan
for Hawthorn Ridge Apartments, a multifamily complex located in
Woodridge, Illinois.
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| Betsy Vartanian |
Naftali Schuss, an Originator in Greystone’s New York
City office, arranged the financing.
Through its strong
relationship with the U.S. Department of Housing and Urban Development’s
Chicago office, Greystone was able to get a firm HUD commitment in less than 60
days on the $8.5 million FHA Section 223(f) loan for Hawthorn Ridge Apartments.
“We were impressed
with Greystone’s FHA and overall multifamily lending record, and we felt
confident in their ability to deliver the loan timely and as discussed with no
surprises,” said borrowers Steve Cohen and Uri Ranaan. “We have
already started working with Greystone again on new financing projects.”
Located at 3211 Fox
Street, Hawthorn Ridge Apartments is a 176-unit multifamily complex, comprised
of one and two bedroom units. Community amenities include a pool and small
park.
“Long-term financing
is the ideal solution for many borrowers due to the low interest rate
environment,” said Betsy Vartanian, head of Greystone’s FHA business.
“We have seen rates increase over the past few months and
are encouraging our clients to evaluate their long term needs and to act
quickly.
" With our depth of experience coupled with an array of financing
products that we offer, we can provide clients attractive pricing and structure
debt tailored to the project’s needs.”
For a complete copy of the company’s news release, please
contact:
Loretta Mock/Jessica Kleinman
Cognito
646 395 6300
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