Greystone provided a $68,770,000 Fannie Mae DUS loan for the acquisition of The Glendale Apartments in Lanham, MD. The loan was originated by Dan Sacks and Eric Rosenstock of Greystone’s New York office.
The Fannie Mae financing carries a 12-year fixed rate and 6 years of interest-only payments. Acquired by Quantum Equities on July 31, The Glendale Apartments is a 486-unit multifamily community located near the NASA Goddard Space Flight Center; the University of Maryland, College Park; and the metro Washington D.C. area, enabling a projection for strong rental demand in the area.
“Helping investors like Quantum explore and secure opportunities outside of their core investment area has truly been a pleasure,” said Mr. Sacks. “With Greystone’s wide array of financing options, and our ability to help property investors meet their needs when acquiring new properties, we are thrilled to have executed beyond measure for Quantum Equities.”
“The market fundamentals for the Lanham market are on an upswing, enabling Quantum to leverage growing rental demand and increased rents in the area,” added Mr. Rosenstock.