Greystone has provided a $76,700,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 531-unit multifamily property in Huntingdon Valley, Pennsylvania. The transaction was originated by Dan Sacks in Greystone’s New York office, on behalf of Lindy Properties, with David Fisher of Meridian Capital Group as correspondent.
The $76.7 million Fannie Mae loan carries a 10-year term with interest-only payments. For the transaction, Greystone leveraged Fannie Mae’s Green Rewards program, as the borrower is committed to making energy and water usage improvements, along with other upgrades, to the property.
Originally built in 1968, Meadowbrook Apartments is a garden style multifamily apartment community consisting of 531 studio, one-, two-, three-bedroom units with modern finishes and in-unit laundry. Located in Montgomery County’s outstanding Abington School District, the property is located near the area’s major employers, universities, shopping, entertainment, parks and recreation.
“With every transaction we do, we strive to exceed our clients’ expectations,” said Mr. Sacks. “We’re thrilled that we were able to do that once again for our client, seamlessly and expeditiously.”
“Our Greystone team always works tirelessly to ensure that we get the most out of the current market environment and secure the best financing for our needs,” said Alan Lindy, principal of Lindy Properties. “We can’t say enough about Dan and his team’s professionalism, creativity and willingness to go above and beyond for us – their care for our business is why we keep coming back to them.”