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| Whitfield Towne Apartments, Lanham, MD |
New York, NY, Oct. 2, 2013 – Greystone, a leading national
provider of multifamily and healthcare mortgage loans, today announced it
provided $15.9 million in Fannie Mae financing for Whitfield Towne
Apartments, a 322-unit property located in Lanham, Maryland.
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| Billy Posey |
Andrew Ellis, originator in Greystone’s Maryland
office, worked closely with the borrower to close the loan.
This latest deal was
the culmination of $34.2 million in funds across three loans in the last 18
months on behalf of Avis-R Company of Rockville, Maryland.
For Whitfield Towne Apartments, Greystone refinanced a $11.5
million bridge loan, which was closed by Greystone in April 2012, with a $15.9
million Fannie Mae DUS loan.
The Greystone bridge loan enabled the borrower to take
control of the property and invest approximately $2,375,000 in capital
improvements, helping to obtain long-term financing. Greystone worked closely
with broker Marc Tropp of Eastern Union Commercial throughout the loan process.
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| Marc Tropp |
“Through our strong
relationship with Fannie Mae and understanding of the borrower’s needs, we were
able to provide Whitfield Towne Apartments with not only a temporary financing
solution, but a more permanent one as well,” said Billy Posey, CEO of
Fannie Mae and Freddie Mac Lending at Greystone.
“We see the success of this
transaction as a great example of the team’s ability to help secure short-term
funding for our clients while keeping long-term financial objectives in mind.”
The Greystone Bridge
Program is specifically designed for properties that are either stabilized or
are in need of minor to moderate renovation or other value-add strategies. The
real estate and finance experience of Greystone guarantees a deep understanding
of the market and an ability to find creative solutions for multifamily and
healthcare borrowers.
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| Zion Avissar |
Zion Avissar, President of Avis-R Company stated,
“Greystone was able to understand our plans, vision and underutilized potential
of Whitfield Towne Apartments.
“Our team worked incredibly hard to gut-rehab a large
percentage of the units and spruce up the asset in a very short amount of
time. Greystone was there along the way
and was ready with a solid permanent financing package at stabilization. We look forward to working with Greystone in
the future as we grow our portfolio and property management platform.”
Greystone, with more
than 200 mortgage professionals throughout the United States, is ranked as a
top-10 Fannie Mae DUS lender by volume and was the number one FHA lender for
2012. A multifamily industry expert and leader, Greystone offers long term,
bridge, gap, Fannie Mae, Freddie Mac, FHA and CMBS lending solutions.
For a complete copy of the company’s news release, please
contact:
Karen Marotta
PR Manager
Greystone
152 W. 57th Street
New York, NY 10019
212-896-9149 direct
917-902-7073 mobile
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