NEW YORK, Nov. 17, 2021 (GLOBE NEWSWIRE) – Greystone, a leading national commercial real estate finance company, has granted a $ 15.9 million loan to Fannie Mae Delegated Underwriting and Servicing (DUS®) to refinance a 19-unit multi-family property in Beverly Hills, California. The new permanent funding was initiated by Dale Holzer, Managing Director of Greystone.
Fannie Mae’s loan of $ 15,966,500 has a 10-year term with a low fixed rate and ten years of interest-only payments. Purchased in 2003 by the current owners, Park Rodeo Apartments was built in 1937 and includes studios, one, two and three bedroom units. The restored Old Hollywood courtyard-style apartment building is located on the iconic Rodeo Drive and includes amenities such as a gym and parking.
“This quintessential Beverly Hills apartment community is a gem in the sponsors’ portfolio, and it was a pleasure to help them extract property value and increase cash flow with a Fannie Mae permanent loan,” Mr Holzer said. “We look forward to future transactions with the team as they grow their portfolio. “
Greystone is a national private commercial real estate finance company with an established reputation as a leader in multi-family and healthcare finance, having been ranked among the top lenders by FHA, Fannie Mae and Freddie Mac in these sectors. Loans are offered by Greystone Servicing Company LLC, Greystone Funding Company LLC and / or other companies affiliated with Greystone. For more information, visit www.greystone.com.