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Greystone Arranges Fannie Mae Debt for Brooklyn Apts.
Greystone has provided $11,727,000 in Fannie Mae loans to refinance a portfolio of multifamily properties in Brooklyn’s Bushwick and Bedford-Stuyvesant neighborhoods. The loans were originated by Anthony Cristi in Greystone’s New York office on behalf of Zalmen Wagschal.
The four separate Fannie loans were closed in under two weeks. All are seven-year Hybrid Adjustable Rate Mortgages (ARMs), secured to refinance 867-869 Knickerbocker Ave. 221 Himrod St., 299 Throop Ave. and 634 Wilson Ave.
“When an owner is both prepared and motivated, the loan process can be quick and efficient,” said Cristi. “That said, it took an incredible amount of cooperation among all parties, including Fannie Mae, to close this financing in just 10 days.”
He added that the shorter-term period of a hybrid loan enables an owner to perform value-add improvements to a property, “acting as a bridge of sorts to a longer-term solution” once the property has been reappraised.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
