Greystone has provided a $35 million Fannie Mae loan to refinance Barnbeck Place Apartments, a 165-unit multifamily property in Fairfield, Connecticut. Located at 398 Federal Road, the property was built in 2015 and offers studio, one- and two-bedroom units with an impressive 98.2% occupancy rate. It also includes affordable housing for 20% of its residents earning 80% AMI or below.
The Fannie Mae loan features a fixed rate over five years with 35 year amortization and three years of interest only payments. Dan Sacks and Avi Kozlowski from Greystone originated the loan while Platinum Capital Group acted as correspondent lender on this transaction.
Sacks commented that “this asset is critical to providing affordable housing in Brookfield where vacancy rates are around 5%. With long term financing secured by owners it will benefit residents for many years” The refinancing provides stability to both tenants as well as investors who can now enjoy peace of mind knowing their investment is secure over time due to favorable terms offered by Fannie Mae Loan program .
