Greystone Closes $82M in Refinance, Acquisition Loans
- May 02, 2017
In a deal brokered by Greystone’s Director of Sales Strategy Avrom Forman, four New York City properties have received financing through Fannie Mae’s DUS Small Loan program. Fulton Manor Apartments in Hempstead, Long Island received a $46.7 million refinancing loan, while three other mixed-use properties situated in Queen’s Astoria neighborhood secured $34.7 million in acquisition financing. The 7-year loans have one-year of interest-only payments and 30 years of amortization.
Fulton Manor consists of two buildings located at 600 Fulton Ave. and totaling 337 residential units. According to Yardi Matrix data, the community sits on a 3.7-acre parcel and was completed in 1965 and 1966. The property, which features 270 assigned parking spaces, is situated close to Hofstra, Molloy and Adelphi Universities, Long Island’s Children’s Museum and Hempstead Lake State Park. Residents have easy access to public transportation, with the Hempstead Station located just minutes away.
The property is owned and managed by 590-600 Realty Corp., an entity affiliated with real estate investor Karan Singh, who purchased the asset in 2010 for $22.9 million. The $46.7 million loan required the town’s approval, as it benefitted from Hempstead’s Industrial Development Authority Tax Pilot program.
Greystone has also provided acquisition financing for a multifamily portfolio consisting of three properties in Astoria, Queens: Eli Court at 23-05 20th Ave., Grand Court at 23-15 30th Ave. and 23-80 28th St. The buildings feature a total of 119 residential and retail units and were part of a $10 million renovation program initiated by the seller, Kushner Cos. According to public records, the communities sold last month for a reported $59.5 million.
“Orchestrating these near-simultaneous transactions in less than seven weeks and overcoming a number of unique market challenges both tested and proved the strength in Greystone’s teamwork and our commitment to our clients. My team, including Dan Gillard and Brent Carter, truly went above and beyond to realize the borrower’s goals,” Forman said in prepared remarks. Greystone’s recent similar deals include the financing of Woodland Park and Hidden Lake Apartments.
Images courtesy of Yardi Matrix and GoogleMaps