Real Estate Weekly
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Debt & Equity

Greystone provides $36M loan for CT apartment complex

Greystone provided a $36,015,000 Fannie Mae Delegated Underwriting and Servicing (DUS) loan to refinance Colonial Townhouse Apartments in Windham, CT.

The loan, closed in 14 days, was originated by Donny Rosenberg of Greystone on behalf of Colonial BT LLC, with Shaya Ackerman of Meridian Capital in New York as correspondent on the transaction.

The non-recourse Fannie Mae loan for Colonial Townhouse Apartments carries a 10-year fixed term with the first 3 years interest-only, and a 30-year amortization.

The property, 95.9 percent occupied, has 444 residential units and is situated in the Hartford MSA. The owner has held the property since 2000 and has invested over $7 million in rehabilitation of the community’s interior units and exterior.

“The Greystone/Meridian team delivered results in a timeframe that we never thought possible, and it was probably the smoothest execution we have ever experienced,” said Mordecai Sternstein, CFO of the borrower.

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