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$125M Fannie Mae Financing Goes to Apts. in PA, KY
Greystone has provided $125,200,000 in Fannie Mae financing as part of a recapitalization effort for a $163,500,000 portfolio of multifamily properties in Pennsylvania and Kentucky. Originated by New York-based Dan Sacks and Eric Rosenstock, the financing involved a complex capital stack and new operating ownership structure to help the properties return to profitability.
The new operating ownership structure for the portfolio owned by North Street Properties includes Bayshore Properties taking a 50% stake in the portfolio and assuming management duties for the following properties: 470-unit Ventana Hills Apartments in Coraopolis, PA; 252-unit Berkeley Manor Apartments in Cranberry Township, PA; 409-unit WoodSpring Apartments in Florence, KY; and 252-unit Colts Run Apartments in Lexington, KY.
The permanent financing includes a $125.2 million Fannie Mae DUS loan with a 12-year term, 30-year amortization and six years of interest-only. The North Street portfolio recapitalization also includes preferred equity as part of the capital stack.
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