By IvyLee Rosario
Greystone provided a $26.7 million Fannie Mae Delegated Underwriting and Servicing (DUS) loan in combination with $5.4 million in preferred equity from New York Mortgage Trust Inc. to Concordia Properties. The credit facility was used for the acquisition of Autumn Park, a garden-style community in Newark, Del., from Metropolitan Management Corp. The Fannie Mae DUS loan includes a three-year, interest-only period, 7-6 adjustable rate and 30-year amortization.
The 360-unit Autumn Park features one-, two- and three-bedroom floorplans ranging from 380 to 1,240 square feet. The community comprises 18 three- and four-story buildings and is currently around 97 percent occupied, according to Yardi Matrix. Located at 41 Winterhaven Drive, the community features controlled access, a fitness center, business center, swimming pool, 52 laundry facilities, 460 parking spaces and private balcony/patios.
Greystone’s Keith Hires originated the transaction and HFF’s Ryan Ade and Neil Campbell served as correspondents on the deal. During the underwriting process of the loan, Greystone dealt with environmental challenges including issues with an unprecedented number of underground storage tanks. The company worked with the State of Delaware Department of Natural Resources and Environmental Control to resolve the issue in order to deem the property environmentally sound.
“Each transaction is always unique, but Autumn Park’s circumstances enabled our long-standing relationship with Fannie Mae to shine, and our execution abilities to really show through,” Hires told Multi-Housing News. “Given the unprecedented environmental challenges, we are thrilled with the outcome and for all of our partners’ efforts in making this a successful acquisition.”
Last month, Greystone provided Centers Health Care with a $78.4 million HUD-insured permanent loan to refinance Boro Park Center for Nursing & Rehabilitation in New York City. The transaction marked one of the largest HUD loans for a skilled nursing facility and caps more than $200 million in total financing provided by Greystone for the health care provider.
Image courtesy of Greystone