New York & Tri-State + Outer + Finance | November 8, 2018

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.”

Subscribe to Connect Daily New York

For comments, questions or concerns, please contact Paul Bubny

Connect

Inside The Story

Connect With Greystone's Levine

About Paul Bubny

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).

Order Reprints