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| The Place at Greenway Apartments, Houston, TX |
New York, NY – Oct. 7, 2013 –
Greystone, a leading national provider of multifamily and healthcare mortgage
loans, today announced it has closed a $20.15 million CMBS loan for The
Place at Greenway property in Houston, Texas.
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| Robert Russell |
Robert Russell, head of CMBS
production at Greystone, originated the loan and managed the closing.
Greystone structured the $20.15 million CMBS loan as a 10-year
fixed rate on behalf of co-sponsors Redwood Capital Group of Chicago, Illinois
and BH Management Services of Des Moines, Iowa, and was able to close the
transaction in 19 days.
The Place at Greenway comprises 219
units with amenities including a pool, clubhouse, reserved covered parking and
fitness center.
“Partnering with Greystone to acquire The Place at Greenway
enabled us to secure an extremely competitive loan during a volatile interest
rate period, and we’re thrilled with the outcome,” said Mark Isaacson,
Managing Partner of Redwood Capital Group.
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| Mark Isaacson |
“The team applied the utmost diligence and creativity to assemble
an attractive loan package, and worked efficiently to lock the rate and close
the deal quickly,” he added.
“CMBS is increasingly an attractive lending option for multifamily
real estate borrowers seeking alternatives to traditional agency loans. The comparative ease of execution and
flexible structures benefits borrowers at a time when the rate environment is
more volatile,” said Rob Russell.
“Greystone’s financial experts will continue to navigate today’s
unpredictable market and develop financing options that best meet our clients’
needs.”
Launched earlier in 2013, Greystone’s CMBS program provides
clients with additional loan options and supplements the firm’s robust Fannie
Mae, Freddie Mac, FHA and bridge loan services.
For a complete copy of the
company’s news release, please contact:
Greystone
Karen Marotta
212 896 9149
Cognito
Jessica Kleinman/Josh Gerth
646 395 6300
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