NEW YORK--(EON: Enhanced Online News)--Greystone, a leading national provider of multifamily and commercial mortgage loans, today announced it has closed a CMBS transaction for $38.75 million on behalf of a suburban Cleveland-based multifamily property owner. The loan was originated by Greystone Managing Director Donny Rosenberg. Managing Directors Robert Russell and John Palmer coordinated the underwriting, diligence and closing.
“The expertise and experience of our team ensures that we continue to provide clients with creative products that meet their borrowing needs and exceed their expectations, and we look forward to providing more great deals in the near future.”
The $38.75 million CMBS loan was structured with a 10-year term with only three years of interest and at a rate of 2.35% over ten year swaps. Greystone’s team worked quickly and efficiently to close the deal in only 35 days and expects to close a number of additional deals before the end of the year.
“This deal is a fantastic example of Greystone’s comprehensive CMBS offering and truly represents the great collaboration and effort that went into completing this transaction,” said Rob Russell. “The expertise and experience of our team ensures that we continue to provide clients with creative products that meet their borrowing needs and exceed their expectations, and we look forward to providing more great deals in the near future.”
Launched earlier this year, Greystone’s CMBS program provides clients with additional loan options and supplements the firm’s robust Fannie Mae, Freddie Mac and FHA 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. In 2012, Greystone originated approximately $3.4 billion of Fannie Mae, Freddie Mac, Affordable, FHA and Bridge multifamily business.
Greystone is a financial services and private investment group whose original core business is real estate lending. Over the years, Greystone has added business lines that are related to, and natural extensions of, its core business. Headquartered in New York with a presence in 35 states and 17 offices, Greystone is active in four major business segments: Mortgage Finance, Proprietary Investment, Healthcare and Real Estate. Greystone’s mission is to apply unparalleled creativity while modeling corporate compassion.
Loan products are offered through Greystone Servicing Corporation, Inc., Greystone Funding Corporation and/or other Greystone affiliates. For more information, please visit www.greyco.com.