Greystone has provided a $20 million Freddie Mac loan to refinance a multifamily property in Springfield, New Jersey.
The transaction was originated by Dan Sacks in Greystone’s New York office with David Cohen of Meridian Capital Group as correspondent.
The $20 million Freddie Mac financing carries a seven-year term with a 30-year amortization, with the first two years of interest-only payments.
The Cove at Springfield Apartments is a garden-style community developed by Oxford Realty Group consisting of 91 1-, 2-, and 3-bedroom units that include in-unit laundry facilities, and hardwood floors. Community amenities include a clubhouse, fitness center and garage parking.
“Our team worked tirelessly to secure the right financing terms and bring this transaction to a quick and seamless close for our client,” said Sacks.