Fannie Mae Loan Finances Maryland Multifamily Purchase
The New York City office of real estate lending and investment firm Greystone provided a $68.77 million Fannie Mae DUS loan to Quantum Equities for the property purchase.
LANHAM, MD—New York City-based Quantum Equities has secured approximately $68.8 million in Fannie Mae financing for its acquisition of the 486-unit Glendale Apartments community here.
The New York City office of real estate lending and investment firm Greystone provided a $68.77-million Fannie Mae DUS loan to Quantum Equities for the property purchase.
The Fannie Mae financing carries a 12-year fixed rate and six years of interest-only payments. The loan, which closed on July 31, was originated by Dan Sacks and Eric Rosenstock of Greystone’s New York office.
“Helping investors like Quantum explore and secure opportunities outside of their core investment area has truly been a pleasure,” says Greystone’s Sacks. “
Greystone’s Rosenstock adds that market fundamentals in the Lanham market are on the rise, which is enabling Quantum to leverage growing rental demand and increased rents in the area.
Acquired by Quantum Equities on July 31, the Glendale Apartments property is located near the NASA Goddard Space Flight Center; the University of Maryland, College Park; and the metro Washington DC area.
Last week, Greystone announced it has provided a $36 million HUD-insured permanent loan to refinance Miami Stadium Apartments, the affordable housing community built on the site of the former Miami Stadium. The transaction was originated by Greystone’s Rosenstock.
Miami Stadium Apartments, a 336-unit affordable housing community and former home of the Miami Marlins minor league team, was converted to multifamily rental housing in 2002. Located at 2625 NW 10th Avenue, Miami Stadium Apartments is comprised of 100% affordable units. The FHA financing replaces a Fannie Mae loan and has a 35-year fully amortizing loan term with a low, fixed interest rate.
The 336-unit affordable housing community and former home of the Miami Marlins minor league team, was converted to multifamily rental housing in 2002. Located at 2625 NW 10th Ave., Miami Stadium Apartments is comprised of 100% affordable units. The FHA financing replaces a Fannie Mae loan and has a 35-year fully amortizing loan term with a low, fixed interest rate.