Greystone Oversees Financing for NY Apartments
- May 03, 2017
Greystone has facilitated $82.3 million in total Fannie Mae DUS loans for the refinance and acquisition of properties in Long Island and Queens. The loans were originated by Avrom Forman of Greystone on behalf of KRCM Astoria Portfolio Corp. and 590-600 Realty Corp.
The refinance of the 337-unit Fulton Manor Apartments was for $47.6 million. The property, which is in Hempstead, Long Island, isn’t student housing, though it is close to Hofstra and Adelphi Universities, as well as the newly renovated Nassau Veterans Memorial Coliseum.
Hempstead is a town in Nassau County, in western Long Island, adjacent to the eastern border of Queens. The area is densely populated, and if it were a city, it would be the second largest in the state, after New York City itself.
The property is managed by 590-600 Realty Corp affiliate Karan Singh. A beneficiary of Hempstead’s IDA Tax Pilot, which is a local tax break, the loan on the property required formal approval from the town, adding a layer of complexity to the transaction timeline.
With the proceeds from the transaction, the borrower then acquired a multifamily portfolio in Astoria, Queens. Greystone financed the acquisition of three mixed-use, non-contiguous properties totaling 119 units, including retail space, for $34.7 million. Prior to acquisition, the properties were significantly rehabbed, with over $10 million in renovations.