Greystone Closes $4.08 Million Fannie Mae Loan for Multifamily Acquisition in Illinois

  Greystone Closes $4.08 Million Fannie Mae Loan for Multifamily Acquisition
  in Illinois

Business Wire

CHICAGO -- November 14, 2012

Greystone, a leading national provider of multifamily and commercial mortgage
loans, announced the origination of a $4.08 million Fannie Mae Small Loan for
a multifamily property located in Carpentersville, IL.

The loan was used toward the acquisition of Spring Grove Apartments, a
108-unit community consisting of one- and two-bedroom apartments and 181
parking spaces, situated on 5.211 acres. Spring Grove Apartments is located at
170 Golfview Lane in the Northwest suburb of Carpentersville, Illinois. The
property was acquired for a total of $5.1 million and is currently 95%
occupied.

“The Greystone team was thorough and expedient, and the firm quickly provided
us with the financing we needed for the acquisition of Spring Grove
Apartments,” said Virender Bedi, Principal of MCJ Spring Grove, LLC. “If my
family ever decides to acquire another multifamily building, Greystone will be
my lender of choice.”

Sujal Parikh and Clint Darby, of Greystone’s Chicago office, arranged
financing for the buyer at a 4.24% interest rate, on a 10-year, non-recourse
loan with a 30-year amortization.

“We were very pleased to work with all parties associated with this sale and
Fannie Mae in order to secure financing for this acquisition,” said Billy
Posey, Executive Vice President of Greystone Servicing Corporation. “Our
team’s extensive knowledge of the local real estate market, combined with a
good working relationship with Fannie Mae, allowed us to close the loan and
successfully meet the borrowers’ time frame.”

About Greystone

Greystone & Co., Inc. and its affiliates (Greystone) is a financial services
and private investment group whose original core business is real estate
lending. Over the years, Greystone has added business lines that are related
to, and natural extensions of, its core business. Headquartered in New York
with a presence in 35 states and 17 offices throughout the United States,
Greystone is active in four major business segments: Mortgage Finance,
Proprietary Investment, Healthcare and Real Estate. Greystone’s mission is to
apply unparalleled creativity while modeling corporate compassion.

Loan products are offered through Greystone Servicing Corporation, Greystone
Funding Corp. and/or other Greystone affiliates. For more information, please
visit www.greyco.com

Contact:

Cognito
Loretta Mock/Jessica Kleinman, +1-646-395-6300
Greystone@cognitomedia.com
 
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