Greystone Provides DUS Loan on Springfield Gardens Apts.
Greystone has provided $8.237 million of Fannie Mae DUS debt to refinance a three-property multifamily portfolio in the Springfield Gardens section of Queens. The transaction was originated by Greystone’s Fred Levine for The Colorful Flowers Commonwealth Trust.
The Fannie Mae loan carries a 10-year term and 30-year amortization period. Colorful Flowers Commonwealth has previously secured HUD financing from Greystone on other properties in its portfolio.
The portfolio consists of three, rent-stabilized properties totaling 52-garden style units. Built in 2006, the New Yorker at 177-50 S. Conduit Ave. (pictured) has 20 units. Liberty House and Empire House, at 176-20 and 177-16 S. Conduit Ave., respectively, each have 16 units.
“Financing a scattered site deal such as this was complex, with some condo units involved as opposed to solely rental units,” said Levine. “Despite the hurdles, we closed the deal in less than 60 days.”
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