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Greystone Provides $43.8 Million Loan for Multifamily Acquisition in Illinois

NEW YORK, April 29, 2015 (GLOBE NEWSWIRE) -- Greystone, a real estate lending, investment and advisory company, today announced it has provided a $43,824,000 Fannie Mae DUS loan for the acquisition of a large multifamily property in Lakemoor, Illinois. The loan was originated by Donny Rosenberg of Greystone and Shaya Ackerman of Meridian Capital Group.

Strategic Properties of North America acquired The Meadows Apartment Homes, a 496-unit property, for $53 million. The terms of the 12-year Fannie Mae DUS loan include 4 years interest-only at a low fixed rate. The Meadows, located at 450 Sullivan Lake Boulevard in Lakemoor, offers one- and two-bedroom apartments and townhomes with amenities including fitness center, pool, resident lounge, and tennis and volleyball courts.

"The Fannie Mae DUS multifamily product is extremely competitive with terms that are favorable for acquisitions or refinancings, and we were able to close The Meadows quickly and smoothly by leveraging our experienced execution team and long-term relationship with Fannie Mae," said Joe Mosley, Executive Managing Director and head of agency lending at Greystone.

"This transaction marks a critical step in achieving our portfolio strategy for acquisitions in 2015," said Strategic Properties' Saul Kuperwasser. "We look forward to expanding this already beautiful property and offering a top-notch rental property for residents in Lakemoor."

Greystone provides mortgage finance solutions across multiple platforms, including FHA, Fannie Mae, Freddie Mac, USDA, CMBS, bridge, mezzanine and other proprietary loan programs.

About Greystone

Greystone is a financial services and private investment group whose original core business is multifamily real estate lending. Over the years, Greystone has added business lines that are related to, and natural extensions of, its core business including acquisition, development, and management of multifamily housing properties across the country. Headquartered in New York with offices across the U.S., Greystone is active in three major business segments: Mortgage Finance, Healthcare and Real Estate. Greystone's mission is to apply unparalleled creativity while modeling corporate compassion. Loans are offered through Greystone Servicing Corporation, Inc., Greystone Funding Corporation and/or other Greystone affiliates. For more information about Greystone's multifamily and healthcare financing solutions please visit http://www.greyco.com.

CONTACT: PRESS CONTACT: Karen Marotta Director of Communications, Greystone 212-896-9149 KMarotta@Greyco.com

Source: Greystone