Greystone Provides $60M in Acquisition Financing for Multifamily Property in Maryland
Quantum Equities has secured $59.7 million in financing for the acquisition of a 488-unit multifamily property in Oxon Hill, Md., Commercial Observer can first report.
Greystone provided the loan. Eric Rosenstock and Dan Sacks originated the financing.
“There is no greater compliment than when clients return to Greystone for help in managing their multifamily portfolios,” Rosenstock said in a statement. “Our extensive lending platform and our longstanding commitment to multifamily mean we are willing to be creative, tap into deep resources and find solutions where others cannot.”
Located at 5400 Livingston Terrace, Oaks at Park South consists of 26 garden-style buildings with one-, two- and three-bedroom units.
“We trust the experts at Greystone to address the financing needs of our growing portfolio of properties,” Josh Fink of Quantum Equities said in a statement. “They are a true partner that understands our vision and works tirelessly for us on each transaction, handling our properties as if they were their own.”
The $60 million nonrecourse, structured adjustable-rate mortgage has a 10-year term, 30-year amortization and 10 years of interest-only payments, according to the release. It can also take part of Fannie Mae (FNMA)’s “Multifamily Green Rewards,” which can give borrowers a lower interest rate and a free energy and water audit provided they reduce the property’s energy and water usage.
Update: This story originally misattributed source material. This has been corrected. We apologize for the error.
Emily Fu can be reached at efu@commercialobserver.com.
