Greystone Refinances Philly Property for $20M
- Nov 17, 2017
Greystone has furnished $20.1 million in Freddie Mac financing for West Village, a newly constructed, 86-unit apartment community in West Philadelphia.
Jason Yuen of Greystone’s New York office originated the loans.
West Village is comprised of three separate parcels and features three-, four- and five-bedroom units. All apartments are townhome-style duplexes with upgraded finishes. The community provides a wide selection of resident amenities, including roof decks for some units, a community courtyard and parking.
Owned by West Village Group, the property was financed with three separate Freddie Mac Small Balance Loans. Each of the loans carries 10-year terms and interest only for three years, with 30-year amortization schedules.
“The financing of West Village is another example of the speed, pricing and certainty of execution Freddie Mac’s Small Balance Loan program provides,” said Stephen Johnson, vice president, Small Balance Loan Business at Freddie Mac Multifamily.
“It underscores the program’s flexibility. We’re committed to working with our lender partners to deliver a product that meets their client’s needs—and their bottom line.”
The borrower’s acquisition strategy was based on creating a community from contiguous parcels developed over time. Greystone applied a parallel financing strategy in providing a separate loan for each parcel, Yuen said. “This enabled West Village Group to take advantage of the favorable terms offered by Freddie Mac and its Small Balance Loan program,” he added.