Greystone Recapitalizes $163.5M Multifamily Portfolio
The company utilized $125.2 million in Fannie Mae financing for the 1,400-unit portfolio across Kentucky and Pennsylvania.
NEW YORK CITY–Locally-based Greystone has provided $125.2 million in Fannie Mae financing as a recapitalization effort for a $163.5 million multifamily portfolio of 1,400 units throughout Pennsylvania and Kentucky that have fallen out of profitability.
Greystone lenders Dan Sacks and Eric Rosenstock originated the financing, which required a complex capital stack and new operating ownership structure that brought in new partners to qualify for long-term agency financing.
Nick Kozul of Bayshore Properties will take a 50% stake in the portfolio, currently owned by Angie Djurin of North Street Properties. Kozul will assume management duties for the multifamily properties: 470-unit Ventana Hills Apartments in Coraopolis, PA; 252-unit Berkeley Manor Apartments in Cranberry Township, PA; 409-unit WoodSpring Apartments in Florence, KY; and 252-unit Colts Run Apartments in Lexington, KY.
The permanent financing includes a Fannie Mae DUS loan of $125.2 million with a 12-year term, 30-year amortization, with six years of interest-only. North Street’s portfolio recapitalization also includes preferred equity.