CHICAGO—The recent rise in rates does not seem to have slowed down transactions at Greystone's Chicago office. The provider of multifamily and healthcare mortgage loans says the office closed 12 transactions in the third quarter of 2013, for a total of over $30 million. This continues the New York-based firm's production momentum in the Midwest during the first half of the year - which saw 35 deals originated, including 16 in Q2 - and brings the total number of loans closed in 2013 to 47, for approximately $154 million.

“Rising rates impacted applications but we have seen strong activity throughout the third quarter, especially on the sale / acquisition side,” says Clint Darby, managing director in Greystone's Chicago office. “Our pipeline has been strong throughout the year. We closed over $50 million in Q2 alone.”

Notable deals completed throughout Q2 and Q3 include:

$16.9 million Fannie Mae DUS® loan for Lofton Place Apartments, a 280-unit apartment community in Tampa. Dan Rosenberg, of Cohen Financial, sourced the loan as a correspondent of Greystone.
$7.675 million bridge loan for Azalea Apartments in Greenville, SC, also sourced by Dan Rosenberg of Cohen Financial.
$6.06 million cash-out refinance for a 122-unit affordable housing complex in the Edgewater neighborhood on Chicago's North Side. Joseph Schwimmer of Preferred Capital Group, a correspondent of Greystone, sourced the loan.
$3.6 million for Crestline Villa Apartments, a 144-unit property located in Alsip, IL. The deal provided cash-out financing, including funds to make improvements to the property. Tom Reckley, director in Greystone's Chicago office, closed the transaction.
$3.3 million cash-out refinance, representing 100% loan-to-cost after 15 months of ownership, for a 59-unit property located in the West Rogers Park neighborhood of Chicago. The loan was also sourced by Joseph Schwimmer of Preferred Capital Group, as a correspondent of Greystone.
$2.468 million for 2515 W. Jerome, a 36-unit property located in the Rogers Park neighborhood on the North Side of Chicago. The deal provided 80% acquisition financing, and Sujal Parikh, director in Greystone's Chicago office, closed the transaction.

Greystone is ranked as a top-10 Fannie Mae lender by volume nationally, and was the number one FHA lender for 2012. In addition to Fannie Mae and FHA products, Greystone also offers bridge and CMBS loans.

Instant Insights /

Greystone/Chicago Closes $30M in Q3

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