Greystone has recently secured a $20.77 million loan from Fannie Mae Delegated Underwriting & Servicing to refinance a multifamily property in Allentown, Pennsylvania. The financing was arranged by Greystone’s Avi Lifshitz and Aviel Hematian on behalf of Pankaj Sharma from S&S Properties. This non-recourse loan is fixed for seven years with full-term interest-only.
The property, known as Wynnewood Greens and built in 1975, consists of 18 low-rise buildings spread over three stories. It offers one-, two-, and three-bedroom units along with 271 parking spaces. The sponsor originally acquired the community in 2008 and it features amenities such as balconies/patios, picnic areas, and laundry facilities.
According to Lifshitz: “At Greystone, we are dedicated to finding the best solutions for our clients’ capital needs.” He further added that they are committed to helping their clients navigate today’s market conditions while also unlocking equity from their assets so that they can grow their property portfolios.
This news was first reported by Connect CRE.
