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Debt & Equity

Developer taps into green finance for $76M multifamily loan

Greystone has provided a $76,700,000 Fannie Mae Delegated Underwriting and Servicing (DUS) loan to refinance a 531-unit multifamily property in Huntingdon Valley, Pennsylvania.

The transaction was originated by Dan Sacks in Greystone’s New York office, on behalf of Lindy Properties, with David Fisher of Meridian Capital Group as correspondent.

The $76.7 million Fannie Mae loan carries a 10-year term with interest-only payments. For the transaction, Greystone leveraged Fannie Mae’s Green Rewards program, as the borrower is committed to making energy and water usage improvements, along with other upgrades, to the property.

Originally built in 1968, Meadowbrook Apartments is a garden style multifamily apartment community consisting of 531 studio, one-, two-, three-bedroom units with modern finishes and in-unit laundry.

Located in Montgomery County’s Abington School District, the property is located near the area’s major employers, universities, shopping, entertainment, parks and recreation.

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