AMS Acquisitions has secured $32.25 million in funding for the purchase of a multifamily property in Bayonne, New Jersey.
Greystone provided a $19.2 million Fannie Mae loan as part of the package. The loan was originated by Avrom Forman of Greystone’s New York office.
The seven-year Fannie Mae loan includes six years of interest-only payments and a 30-year amortization.
The 85-unit complex at 154 Avenue E is spread over two five-story buildings comprising studio, one-, and two-bedroom units, and was completely gut renovated in 2013.
The property includes three undeveloped parking lot parcels, where AMS intends build more apartments. “We are very excited about the potential for this property,” said AMS Acquisitions Principal Michael Mitnick. “We look forward to working with Greystone again as we continue to build our property portfolio.”