NEW YORK, December 15, 2020 (GLOBE NEWSWIRE) – Gray stone, a leading national commercial real estate finance company, provided a total of $ 25.9 million in Fannie Mae Delegated Underwriting and Servicing (DUS®) Green Rewards loans to refinance two multi-family properties in the Bay Area San Francisco. The transactions were initiated by John Tilsch of Greystone’s San Francisco office, with Charlie Sosa of Suwannee Investments, Inc. acting as correspondent.
Borrowers who use Fannie Mae’s Green Rewards program commit to making real estate improvements that reduce water and energy use.
The first Fannie Mae financing, a loan of $ 8,408,000, has a fixed rate and a term of 10 years with amortization of 30 years. The non-recourse loan refinances 40 Glen Eyrie, a 34-unit garden-style apartment community in San Jose, California. Originally built in 1962, the pet-friendly property offers one and two bedroom units with amenities such as modern appliances, private outdoor living areas and on-site parking,
The second loan, in the amount of $ 17,500,000, has a 10-year fixed rate, 30-year amortization, with only three years of interest payments. The non-recourse loan refinances Skyline Vista Apartments, a pet-friendly garden-style apartment community in Pacifica, California. The property, which was built in 1964, consists of 44 two-bedroom units that offer modern appliances and upgraded finishes, built-in washers / dryers, and private outdoor living areas with views of the San Francisco Bay, as well only on site parking,
“We strive to exceed our customers’ expectations with every transaction and we earn their trust by providing exceptional conditions and flawless service,” said Mr. Tilsch. “The breadth and depth of Greystone’s multi-family lending platform is unprecedented – time and time again, we are able to offer the right financing to borrowers who wish to take advantage of the opportunities presented to them on the current market.
Greystone is a private, national commercial real estate finance company with an established reputation as a leader in multi-family and healthcare finance, having been ranked among the top lenders by FHA, Fannie Mae and Freddie Mac in these industries. Loans are offered by Greystone Servicing Company LLC, Greystone Funding Company LLC and / or other companies affiliated with Greystone. For more information visit www.greystone.com.