Greystone Refinances 452-Unit Michigan Multifamily Property for $24.2 Million

GlobeNewswire

NEW YORK, July 29, 2014 (GLOBE NEWSWIRE) -- Greystone, a leading national provider of multifamily and healthcare mortgage loans, today announced it provided $24,150,000 to refinance Meadowood Townhomes in Canton, Mich. The loan was originated by John Marr of Greystone and delivered to Fannie Mae under its Delegated Underwriting and Servicing (DUS(R)) program.

The loan terms include 10-year fixed-rate financing with 30-year amortization. Meadowood Townhomes is a sprawling 452-unit community comprising two- and three-bedroom townhomes and one-bedroom ranch style units.

"We turned to a lender we trusted above all else in execution and service so that we could refinance one of our core portfolio properties," said Howard Jacobson of Jacobson Brothers in Birmingham, Mich. "Lowering our debt service while being able to upgrade the property made securing this financing incredibly gratifying," he added.

"Greystone's multifamily lending expertise enables us to satisfy borrowers' needs in any geographic market, and we thrive on exceeding expectations from origination to closing," said Joe Mosley, Executive Vice President and Head of Agency Production at Greystone.

Greystone provides mortgage finance solutions across multiple platforms, including FHA, Fannie Mae, Freddie Mac, USDA, CMBS, bridge, mezzanine and other proprietary loan programs. In 2013, Greystone ranked #1 in combined multifamily and healthcare FHA lending, #3 in Affordable Housing volume as a Fannie Mae DUS lender, and as a top-5 Freddie Mac lender for seniors housing.

About Greystone

Greystone is a financial services and private investment group whose original core business is multifamily real estate lending. Over the years, Greystone has added business lines that are related to, and natural extensions of, its core business including acquisition, development, and management of multifamily housing properties across the country. Headquartered in New York with offices across the U.S., Greystone is active in three major business segments: Mortgage Finance, Healthcare and Real Estate. Greystone's mission is to apply unparalleled creativity while modeling corporate compassion. Loans are offered through Greystone Servicing Corporation, Inc., Greystone Funding Corporation and/or other Greystone affiliates. For more information about Greystone's multifamily and healthcare financing solutions please visit http://www.greyco.com.

Contact:
PRESS CONTACT:
Karen Marotta
PR Manager, Greystone
212-896-9149
KMarotta@Greyco.com

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