Greystone, a real estate lending, investment and advisory company, provided a $26.65 million Fannie Mae DUS loan in combination with $5.35 million in preferred equity from New York Mortgage Trust, Inc., for the acquisition of Autumn Park, a 358-unit multifamily property in Glasgow.
The transaction was originated by Keith Hires of Greystone’s Atlanta office with Ryan Ade and Neil Campbell of HFF as correspondents on the deal.
Autumn Park is a garden-style community comprising 1-, 2-, and 3-bedroom apartments with a pool south of Newark and near Interstate 95.
During the underwriting process of the loan for Autumn Park, Greystone overcame a number of environmental challenges, including issues with a number of underground storage tanks.
Greystone worked with the State of Delaware Department of Natural Resources and Environmental Control to resolve the issue. The loan presented other complex underwriting challenges, which Greystone worked with Fannie Mae to resolve.
“The environmental challenges we encountered with underwriting this property posed a number of obstacles, but Fannie Mae was incredibly responsive to the immediate action the new owner took to comply with Delaware’s standards,” said Hires. “Our long-standing relationship with Fannie Mae enabled us to navigate these challenges while giving the borrower the best possible outcome, and it was a pleasure working with Steve Brannan at NYMT to round out the financing.”