Leading commercial real estate investment, lending, and advising firm, Greystone, has offered two Freddie Mac Small Balance Loans ($7,149,000 in total) to refinance a nine-property, 77-unit multifamily portfolio in Philadelphia, Pennsylvania. Anthony Cristi, the Managing Director of Greystone's New York office, organized the transaction on behalf of Greenzang Properties.
The first financing, which is a 20-year hybrid loan of $5,074,000 based on a 30-year payback limit, has a year-year fixed rate period and five years of interest only payments. This loan is meant for six of the multifamily properties which a total of 50 residential units and three commercial units.
The second loan consists of $2,075,000 over a 20-year period based on a 30-year amortization. This loan is for three multifamily properties that total in 22 residential units and one commercial unit.
The portfolio is comprised of three- and four-story pet-friendly buildings featuring studio, one-, two-, three-, and four-bedroom units with modern, upscale amenities and classic details. They are located in Rittenhouse Square and Washington Square neighborhoods near Center City, and offer a variety of dining, entertainment and shopping options, as well as easy access to Philadelphia’s various employers, colleges and universities.
“Transactions involving multiple properties can demand flexibility and an understanding of the nuances of the local market opportunity. In this case, the Center City submarket is thriving and offers excellent rental dynamics,” said Cristi.
“We were thrilled by the way that the Greystone team applied its expertise to bring these two loans to close quickly and seamlessly,” said Michael Greenzang, Principal of Greenzang Properties, which owns and manages over 1,200 properties in Philadelphia. “We look forward to expanding our relationship with Greystone as we expand our multifamily portfolio across this region.”
Edited by V. Haviland
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