Greystone provides $11 million DUS loan to Fannie Mae to refinance 124-unit Oakwood apartment community in Fort Lauderdale, Florida
NEW YORK, NY – Greystone, a leading national commercial real estate finance company, has provided an $11,050,000 loan to Fannie Mae Delegated Underwriting and Servicing (DUS®) to refinance a 124-unit multifamily property in Oakland Park, in Florida. The transaction was initiated by Kyle Jemtrud, Managing Director of Greystone, on behalf of 61-34 Madison Real Estate LLC.
Built in 1971, Oakwood Apartments in Broward County is a garden-style apartment community with four buildings consisting of one- and two-bedroom units, plus an on-site pool and laundry facilities. The $11 million non-recourse Fannie Mae loan has a 15-year term and 30-year amortization period, as well as a fixed interest rate and loan-to-value ratio (LTV) of 55%.
“We were delighted to help our client secure the right long-term financing with Fannie Mae for this property,” Mr. Jemtrud said. “When it comes to navigating the multifamily lending process amid changing market dynamics, our clients always benefit from our in-depth lending platform, extensive multifamily expertise, and ability to ‘execution.”
“We couldn’t be happier – our Greystone team was able to secure the capital we needed and the long-term financing solution we wanted,” said Mr. Sinisa Fljankovic, Director of 61-34 Madison Real Estate. LLC. “Our Greystone team remained focused on completing the transaction seamlessly and quickly so that we could stay focused on managing this property and others in our portfolio.”
About Greystone: Greystone is a national, privately held commercial real estate finance company with an established reputation as a leader in multifamily and healthcare financing, having been ranked among the top FHA, Fannie Mae and Freddie Mac lenders in these sectors. Loans are offered by Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information visit www.greystone.com