NEW YORK, Oct. 27, 2015 (GLOBE NEWSWIRE) -- Greystone, a real estate lending, investment and advisory firm, today announced it has provided a $22,500,000 FHA-insured loan to refinance Grand Island Apartments, a 204-unit multifamily property located in Memphis, TN. The loan was closed in under seven months through Fast-Track HUD processing and was originated by Jason Stein and Clint Darby of Greystone.
The HUD loan carries both a 35-year term and 35-year amortization with a low interest rate. The property, Grand Island Apartments, is a gated apartment community on coastal Mud Island in downtown Memphis with luxury amenities including a clubhouse, swimming pool, fitness center and movie theater.
“Over the past year, Greystone has been laser focused on streamlining our internal HUD underwriting process utilizing technology, expedited workflow management, and enhanced hands-on support for our clients,” said Mordecai Rosenberg, head of Greystone’s FHA lending group. “Our goal is to be both the easiest lender in the country to work with and the easiest lender in the country to work for, and our new underwriting process enabled us to far exceed our client’s expectations on timing.”
Fast-Track HUD processing is a new component of Greystone’s FHA lending platform and has allowed the firm to reduce the average time from application to closing by 50%.
Greystone is a real estate lending, investment and advisory company with an established reputation as a leader in multifamily and healthcare finance, consistently ranking as a top FHA and Fannie Mae 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.
PRESS CONTACT: Karen Marotta Director of Communications, Greystone 212-896-9149 KMarotta@Greyco.com