Greystone Executes $18M Fannie Mae DUS Loan to Refinance Multifamily in Lanham, MD
Greystone has provided an $18.2-million Fannie Mae Delegated Underwriting and Servicing (DUS) loan to refinance a 142-unit multifamily community in Lanham. The transaction was originated by Cullen O’Grady, managing director in Greystone’s Rockville, MD, office.
“We executed the loan with very favorable Fannie Mae terms, allowing the borrower to achieve a strategic combination of cash-out and to secure a significant decrease in the interest rate,” said O’Grady.
Greystone sourced the transaction through Marc Tropp, senior managing director of Eastern Union Funding. The borrower is a private investor.
The multifamily property, Lilly Gardens, was developed in 1965. It contains 142 units (one-, two-, and three-bedrooms) spread across 6.23 acres. The property’s Prince George’s County location offers access to major thoroughfares with direct access to the Washington D.C., central business district and employment centers.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as he makes the transition from an utterly failed racehorse to a lovely show hunter.