Philadelphia-Area Community Lands $77M Refi

Greystone originated the Fannie Mae loan on behalf of the borrower, Lindy Property Management.
Meadowbrook Apartments

Lindy Property Management has received a $76.7 million loan to refinance a 531-unit community in the Philadelphia area at a time of subdued multifamily lending activity. Greystone provided the Fannie Mae Delegated Underwriting and Servicing loan, with the company’s Dan Sacks originating the transaction and David Fisher of Meridian Capital Group as correspondent.

The community, Meadowbrook Apartments, was originally built in 1968 and is located in the village of Huntingdon Valley, Pa., northeast of Philadelphia. Lindy Property acquired the asset from Korman Communities for $58.5 million in 2012, according to Yardi Matrix.

Located at 1700 Huntingdon Pike, the property offers one-, two- and three-bedroom units with modern finishes and in-unit laundry. Amenities include a fitness center, clubhouse and swimming pool along with tennis and volleyball courts. The community is located in Montgomery County’s Abington School District.

The Fannie Mae loan features a 10-year term with interest-only payments. Greystone tapped the government-sponsored enterprise’s Green Rewards program, as the borrower has committed to making energy and water usage improvements to the property, along with other upgrades.

Greystone arranged nearly $63 million in HUD-insured loans for a portfolio of five skilled nursing facilities in Pennsylvania on behalf of Maybrook Holdings earlier this year.