NEW YORK, May 22, May 22, 2020 (GLOBE NEWSWIRE via COMTEX) --
NEW YORK, May 22, 2020 (GLOBE NEWSWIRE) -- Greystone
, a leading national commercial real estate lending, investment, and advisory company, has provided a $45,770,000 Fannie Mae Delegated Underwriting and Servicing (DUS(R)) loan for the acquisition of a 321-unit multifamily property in Ambler, Pennsylvania. The transaction was originated by Dan Sacks in Greystone's New York office on behalf of Woods Realty Associates.
The $45.8 million Fannie Mae loan carries a 12-year term with a 30-year amortization, with the first six years of interest-only payments. A portion of the loan proceeds will also go toward completing property renovations and interior unit upgrades.
Originally built in 1974, The Woods Apartments is a garden style, multifamily apartment community consisting of one-, two-, and four-bedroom-units featuring stainless steel appliances and high end finishes. Located in Montgomery County, the suburban property is near the Main Line's major employers, retailers and community services, and is served by SEPTA's Ambler station and Interstate 276, which offer easy access to the city center of Philadelphia.
"There is no higher compliment than when long-standing clients return to us to help them expand their real estate portfolio," said Mr. Sacks. "We are thrilled to get the right financing terms in place for Woods Realty once again, and look forward to working with them on future projects."
"We rely on Greystone for the professionalism, creativity, and can-do tenacity that they bring to every transaction," said Mr. Isaac Scheinerman, managing member of Woods Realty Associates. "Under every circumstance - including these unprecedented times - they remain unflappable and dedicated on getting our deals done seamlessly and efficiently."
Greystone is a real estate lending, investment, and advisory company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Our range of services includes commercial lending across a variety of platforms such as Fannie Mae, Freddie Mac, CMBS, FHA, USDA, bridge and proprietary loan products. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greyco.com .
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