Greystone Provides $74M Fannie Mae Refi on Newark Affordable Portfolio
Greystone provided a total of $74,300,000 in Fannie Mae Delegated Underwriting Servicing (DUS) loans to refinance a 574-unit multifamily portfolio of affordable housing in Newark, NJ. The transaction was originated by Hope Curtis, director at Greystone.
The mission-driven Fannie Mae financing includes acquisition debt as five separate loans on a total of 17 multifamily properties, all carrying 10-year terms and 30-year amortization periods. The properties range in size from nine to 108 units, with the rent-regulated units deemed affordable housing for residents at both 80% and 60% of Area Median Income.
“It was such a pleasure working with our borrower to provide the financing for these simultaneous acquisitions, which will truly benefit the residents of Newark in the long term,” said Curtis. “It’s critical to preserve the country’s affordable housing stock, and Greystone is committed to working with property investors to help them achieve this goal.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).