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Greystone Provides $16.3MM in Financing for a Multifamily Property in Florida

May 27, 2021, 06:04 AM
Filed Under: Real Estate

Greystone provided a $16,376,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 168-unit multifamily community in Pensacola, Florida. The fixed-rate, 12-year loan with six years of interest-only payments and a 30-year amortization schedule was originated by Cullen O’Grady, Managing Director in Greystone’s Rockville, MD office.

The Flats at Ninth Avenue, built in 1971, comprises one- and two-bedroom units across 6.79 acres and was 99% occupied at time of close. Community amenities include a pool, bark park, volleyball court, clubhouse, and business center. The property is located in a desirable submarket of Pensacola, just north of I-10 offering quick access to all areas of Pensacola including the Naval Air Station. Three of Pensacola’s top five employers – the University of West Florida, Baptist Health Centers and West Florida Hospital are all within a mile of the property.

The sponsor is a private company and repeat client of Mr. O’Grady’s with a long-established track record and portfolio with Fannie Mae loans for multifamily properties.

“We executed the loan with very favorable Fannie Mae terms, allowing the borrower to achieve a strategic combination of cash-out and to secure a significant decrease in the interest rate,” said Mr. O’Grady. “We are always grateful when trusted clients come to Greystone for agency financing solutions, placing their trust in not only our lending capabilities but also our industry leading expertise.”

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