Purchase Price of $42 Million, 20% of Property Includes Below-Market Rents, Helping to Fulfill Fannie Mae’s “Duty to Serve” in Preserving Affordable Housing
NEW YORK, Sept. 04, 2018 (GLOBE NEWSWIRE) — Greystone, a real estate lending, investment, and advisory company, announced it has provided a $33,660,000 Fannie Mae DUS loan for the acquisition of Park Square West, a multifamily community located in Stamford, CT. The loan was originated by Dan Sacks of Greystone’s New York office on behalf of a New Jersey based Sponsor who purchased the property for $42 million.
The Fannie Mae acquisition financing carries a 12-year fixed rate and 5 years of interest-only payments. Built in 2001, Park Square West comprises 143 units, 20% of which are reserved for renters earning 50% of the area median income (AMI). All Park Square West residents enjoy access to a rooftop sundeck, fitness center, and gated parking, while the property is located a short walking distance to major transit stops and shopping such as Target and Stamford Town Center.
“The Stamford market is the quintessential live / work / play neighborhood, with every option for dining, shopping, and entertainment available to residents of Park Square West within just a few blocks,” said Mr. Sacks. “With its central location, recent renovations, and affordability component, Park Square West is poised to be an in-demand property in the Stamford market for some time to come. We are thrilled to have worked with our valued client, the Sponsor, and Fannie Mae on this transaction and we applaud the all-around efforts to ensure the preservation of valued affordable housing in Stamford’s central district.”
Greystone is a real estate lending, investment and advisory company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Our range of services includes commercial lending across a variety of platforms such as Fannie Mae, Freddie Mac, CMBS, FHA, USDA, bridge and proprietary loan products. Loans are offered through Greystone Servicing Corporation, Inc., Greystone Funding Corporation and/or other Greystone affiliates. For more information, visit www.greyco.com.