Greystone Provides $77M Refinance for Philly-Area Multifamily Property
Greystone has originated a $76.7 million Fannie Mae-backed mortgage to Lindy Property to refinance a multifamily complex located in Huntingdon Valley, Pa., a suburban area just north of Philadelphia, Commercial Observer has learned.
The 10-year, interest-only loan retired previous debt on the 531-unit Meadowbrook Apartments at 1700 Huntingdon Pike in Huntingdon Valley, sources told CO.
Greystone’s Dan Sacks originated the financing out of the company’s New York office. And Meridian Capital Group’s David Fisher advised in the arrangement of the debt financing.
“[We always work] tirelessly to ensure that we get the most out of the current market environment and secure the best financing for our needs,” Alan Lindy, principal of Lindy Property, said in prepared remarks. “We can’t say enough about Dan and his team’s professionalism, creativity and willingness to go above and beyond for us — their care for our business is why we keep coming back to them.”
Built in 1968, the garden-style complex sports studio, one-, two- and three-bedroom residences, each with in-unit washers and dryers and amenities such as remote-controlled fireplaces. Amenities at the location include a business center, a clubhouse, a clubroom, a library, a community garden and a dog park.
Monthly rents at Meadowbrook range from $1,255 to around $2,750, according to information from Apartments.com.
The site is located just a few minutes away from Holy Redeemer Hospital and Abington Hospital and it’s surrounded by a range of primary and secondary schools, child care centers, smaller universities and a satellite university campus. It’s also a short distance from the Noble and Roslyn Southeastern Pennsylvania Transportation Authority train stations.