NEW YORK, Oct. 18, 2021 (GLOBE NEWSWIRE) — Greystone, a leading national commercial real estate finance company, has provided a $15,658,900 HUD-insured loan to refinance a 49-unit multifamily property in San Fernando Valley, California. The transaction was originated by Dale Holzer of Greystone on behalf of Reseda 18860 LLC.
Sherman Way Apartments, located at 18840 Sherman Way in Reseda, Los Angeles County, is a mid-rise rental property constructed in 2018 containing 15 one-bedroom and 34 two-bedroom units. The property also contains two commercial real estate retail space comprising 2,000 square feet. The 35-year loan includes an interest rate in the mid-2’s and represents 80% loan-to-value. The property also qualified for ENERGY STAR certification with a score of 99, and as such, will pay the lower annual MIP (Mortgage Insurance Premium) of 0.25%.
“We are thrilled to have closed acquisition financing with a 35-year term at a low-, fixed rate,” said Demitri Samaha, principal of the borrower. “Dale’s team came to the table experienced, knowledgeable, and determined to provide us with the best capital solution for our needs.”
“Greystone has many tools at our clients’ disposal, and the HUD product for long-term property investment holds is likely one of the best options a borrower can pursue,” said Mr. Holzer. “With rates still at favorable levels, it makes sense to assess how much a long-term refinance can save you on debt service, while also potentially providing equity extraction.”
Greystone is a private national commercial real estate finance 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. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com.