Greystone recently provided $21 million in refinancing for an eight-property multifamily portfolio in Brooklyn. Anthony Cristi of Greystone’s New York office is the one who originated the Freddie Mac loan for the refinanced properties.
According to portfolio owner Steve Lubin, Greystone was the preferred choice when it came to the refinancing process and getting all eight properties across the finish line at once. All the buildings within the portfolio were built before or during the interwar period. Furthermore, all properties feature between 9 and 35 units and cover over 6,000 square feet, according to PropertyShark data.
Check out the full list of properties below:
|Address||Square footage||No. of Units||Year Built|
|1060 Hancock Street||24,030 sq ft||25||1916|
|1315 Sutter Avenue||6,790 sq ft||9||1922|
|135 Dupont Street||7,500 sq ft||10||1930|
|187 Rochester Avenue||17,568 sq ft||20||1910 (estimated)|
|1904 Nostrand Avenue||10,700 sq ft||19||1931|
|4515 Snyder Avenue||28,800 sq ft||35||1929|
|802 Park Place||13,400 sq ft||16||1906|
|809 Park Place||9,584 sq ft||16||1905|
Each of the properties in the portfolio owned by Lubin received a five-year, fixed-rate Freddie Mac Small Balance Loan, which includes an additional 15-years floating and 1 year of interest-only at 80% LTV. Lubin received $6.1 million in cash-out proceeds, which he will reinvest into each of the eight properties.
Cristi said that partnering with Freddie Mac to execute portfolio refinances has been a resounding success so far, and that the Freddie Mac Small Balance product thrives in the competitive New York market. He also attributes the affinity of individual real estate investors towards Greystone to the company’s “depth of knowledge in the Brooklyn real estate market and experience with Freddie Mac’s Small Balance Loan platform.”
On the other side of the deal, Stephen Johnson, vice president of Small Balance Loan Business at Freddie Mac Multifamily, stated that Freddie Mac is also pleased with the growth of its small balance portfolio business, and that these transactions “represent a vital opportunity to fully utilize our strategic advantage – specifically, our ‘hands-on’ approve to assessment, valuation and execution.”