NEW YORK, June 01, 2020 (GLOBE NEWSWIRE) – Gray stone, a leading commercial real estate lender, investment and advisory firm, has provided a loan of $ 34,419,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) to refinance a 266-unit multi-family property in Lubbock, in Texas. The transaction was initiated by Steven Mumford at the Greystone Atlanta office on behalf of Avalon Estates, with Peter Sharp of Eastpoint Funding and Kirk Slemmer of Promenade Lending as advisers to the borrower.
Fannie Mae’s $ 34.4 million financing has a 12-year term and 30-year amortization, with five years of interest-only payments. The loan allows the borrower to consolidate three construction loans into permanent financing, pursue continuous improvements, and monetize their existing equity. Construction of the property began in 2017 and was completed in three phases until 2019.
Catalina West is a garden style apartment community made up of 30 residential buildings with open concept one, two and three bedroom units offering modern amenities and finishes, laundry hookups and private garages. Residents also have access to a community clubhouse and 24-hour Peloton® fitness center, swimming pool, grilling stations, outdoor lounge and dog park. Located just a few miles from Texas Tech University, the property is minutes from the shopping, dining and services of the West End Mall.
“We are delighted to be able to help our client access the right financing through our extensive platform and to complete the construction phase of this property,” said Mr. Mumford. “Our team’s branded commitment to state-of-the-art service and execution enabled a seamless and swift transaction for our client, even as the COVID-19 pandemic added a new layer of complexity to the transaction. “
“I cannot express how grateful we are to the experts at Greystone who brought this deal to the finish line,” said Mr. Olov Nasiell, Director of Avalon Estates. “The passion, creativity and commitment of the professionals at Greystone is unparalleled – this is what drew us to the company years ago. And while this transaction is complete, we look forward to working with our Greystone team again in the future. “
Greystone is a real estate lender, investment and advisory firm with an established reputation as a leader in multi-family finance and healthcare, having been ranked among the top lenders by FHA, Fannie Mae and Freddie Mac in these sectors. . Our range of services includes commercial loans on a variety of platforms such as Fannie Mae, Freddie Mac, CMBS, FHA, USDA, bridging loans and proprietary lending products. Loans are offered by Greystone Servicing Company LLC, Greystone Funding Company LLC and / or other companies affiliated with Greystone. For more information visit www.greyco.com.