New York, NY – Greystone, a leading national provider of multifamily and healthcare mortgage loans, today announced it has closed a $20.15 million CMBS loan for The Place at Greenway property in Houston, Texas. Robert Russell, head of CMBS production at Greystone, originated the loan and managed the closing.
Greystone structured the $20.15 million CMBS loan as a 10-year fixed rate on behalf of co-sponsors Redwood Capital Group of Chicago, Illinois and BH Management Services of Des Moines, Iowa, and was able to close the transaction in 19 days. The Place at Greenway comprises 219 units with amenities including a pool, clubhouse, reserved covered parking and fitness center.
“Partnering with Greystone to acquire The Place at Greenway enabled us to secure an extremely competitive loan during a volatile interest rate period, and we’re thrilled with the outcome,” said Mark Isaacson, Managing Partner of Redwood Capital Group. “The team applied the utmost diligence and creativity to assemble an attractive loan package, and worked efficiently to lock the rate and close the deal quickly,” he added.
“CMBS is increasingly an attractive lending option for multifamily real estate borrowers seeking alternatives to traditional agency loans. The comparative ease of execution and flexible structures benefits borrowers at a time when the rate environment is more volatile,” said Rob Russell. “Greystone’s financial experts will continue to navigate today’s unpredictable market and develop financing options that best meet our clients’ needs.”
Launched earlier in 2013, Greystone’s CMBS program provides clients with additional loan options and supplements the firm’s robust Fannie Mae, Freddie Mac, FHA and bridge loan services.
With more than 200 mortgage professionals throughout the United States, Greystone is a multifamily industry expert and leader. Greystone’s experience working with FHA, Fannie Mae and Freddie Mac, along with its expertise in the multifamily and healthcare lending business, allows the firm to provide clients across the United States with innovative solutions that fit their individual needs.