New York

Greystone provides USD143m financing for two NYC cooperative properties

Greystone, a provider of multifamily and commercial mortgage loans, has originated USD14.3m in financing for two cooperative properties located in New York City.

The Greystone team, led by Robert Meehan and Jonathan Morales, worked with FirstService Financial to secure the loans, both Fannie Mae Delegated Underwriting and Servicing (DUS) transactions.

The deals follow the recent loan closing for Capitol Apartments in New York City, and bring the total amount of loans in the last quarter originated by the group in conjunction with FirstService to over USD59m.
 
“Having worked with Greystone on the USD45m loan for Capitol Apartments, we were confident in the team’s relationship with Fannie Mae and knowledge of the highly competitive New York real estate market,” says Deborah Haller, vice president at FirstService Financial. “Through Greystone, we were able to access the best possible financing in an efficient and well-executed manner, and we look forward to continuing our relationship in the future.”
 
The first property, located at 399 East 72nd Street, received a USD7.7m 10-year fixed rate loan at an interest rate of 3.12 per cent. The building consists of 163 apartment units and two ground floor commercial spaces.

The second, a 59-unit cooperative at 41 Eastern Parkway in Brooklyn, was provided a USD6.6m 10-year interest only fixed rate loan with a 3.39 per cent interest rate.
 
“Working closely with FirstService Financial, we were able to address each of the property’s financing needs and successfully coordinate the two Fannie Mae DUS loans,” says Billy Posey, executive vice president of Greystone Servicing. “We continue to see a lot of growth and opportunity within New York City’s real estate market and look to complete similar deals as we close out the year and head into 2013.”

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