$45 Million in Financing Replaces Loan on 840 Eighth Avenue
Carl Gaines Sept. 12, 2012, 2:20 p.m.
Greystone Servicing Corporation has provided a $45 million Fannie Mae MAH DUS loan for Capitol Apartments, an affordable housing complex located at 840 Eighth Avenue in Manhattan.
The financing for the 278-unit property was provided for a period of ten years, at a rate of 3 percent. It has a loan to value ratio of 53 percent. Greystone Director Rob Meehan and Managing Director Brian Liske, originated the loan. The two are based in the lender’s Manhattan offices.
“Our knowledge of the local market, combined with a close relationship with Fannie Mae, allowed us to successfully meet our client’s financing needs in an efficient and thorough manner,” said William Posey, an executive vice president at Greystone Servicing Corporation, who leads the team focused on the Fannie Mae DUS Lending Platform. “We’re seeing a lot of growth and potential in the New York City real estate market, and look to do more of these deals in the future.”
Messrs. Meehan and Liske were able to get the transaction approved within 30 days of getting the completed application and due diligence materials. The loan closed in 60 days and will be used to refinance an existing loan on the property.