Greystone Arranges $65M Refi on LIC Apartments
Greystone provided a $65-million Freddie Mac loan to an affiliate of The Lions Group to refinance One LIC, a 20-story, 110-unit rental apartment complex in Queen’s Long Island City neighborhood. The new 16-year fixed-rate permanent financing through Freddie Mac’s “Lease-Up” program refinanced a Bank Leumi construction loan.
Notably, this was one of the last “pre-stabilized” permanent loans to receive Freddie Mac credit approval since the program was suspended due to the COVID-19 pandemic. Drew Fletcher, Bryan Grover and Matthew Klauer of Greystone Capital Advisors originated the financing.
“Closing a loan in New York City during COVID-19 posed several unique challenges, ranging from the traditional property inspection and title search to the temporary closure of the retail tenants and inability to show apartments,” said Fletcher, president of Greystone Capital Advisors. “Despite these challenges, however, we were still able to deliver a tremendous execution for our client.”
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