Greystone, a provider of multifamily and healthcare mortgage loans, has provided $15.9 million in Fannie Mae financing for Whitfield Towne Apartments, a 322-unit property in Lanham, Md.
Greystone refinanced a $11.5 million bridge loan, which was closed by Greystone in April 2012, with a $15.9 million Fannie Mae DUS loan. The company says the bridge loan enabled the borrower to take control of the property and invest approximately $2.38 million in capital improvements, helping to obtain long-term financing.
The deal was the culmination of $34.2 million in funds across three loans in the past 18 months, on behalf of Avis-R Co. of Rockville, Md. Andrew Ellis, originator in Greystone's Maryland office, worked closely with the borrower to close the loan, and Greystone worked with broker Marc Tropp of Eastern Union Commercial throughout the process.