New Jersey-based CSRE Group has secured $18.58 million in acquisition financing for the purchased of a 177-unit multifamily portfolio in New Haven, CT.
Greystone provided a total of $18,580,000 in Fannie Mae Delegated Underwriting and Servicing (DUS) loans for the acquisition of the two-property development.
The transactions were originated by Dan Sacks, Managing Director in Greystone’s New York office on behalf of CSRE Group. Russ Drebin and Jake Weinstein of Meridian Capital Group acted as correspondent.
Greystone was able to leverage Fannie Mae’s Green Rewards program for these transactions, as the borrower is committed to making energy and water usage upgrades to both properties.
The first Fannie Mae loan, for $5,300,000, carries a 10-year term and 30-year amortization, with the first five years of interest-only payments for 511 Main Apartment Homes in West Haven, Connecticut. Originally built in 1926 as an armory, the pet-friendly multifamily community offers 57 one- and two-bedroom market rate rental units.
The second Fannie Mae loan, for $13,280,000, has a 30-year amortization and features a 12-year term with the first six years of interest-only payments for Hemingway Place in East Haven, Connecticut. Built in 1962, the pet-friendly, garden-style community offers one- and two-bedroom rental units. The property is in close proximity to downtown New Haven and Yale University, local beaches, outdoor recreation and retailers, and offers convenient access to major highways and rail stations.
“With our Greystone team fully engaged, we knew we could continue expanding our portfolio of multifamily properties in Connecticut,” said Chesky Landau, principal of CSRE Group. “Greystone leads the industry when it comes to seamless execution and client-first service, there’s no reason to work with anyone else in the multifamily space.”