Greystone Provides $17M Loan for Newly Constructed Multifamily Property in Brooklyn

by David Cohen

NEW YORK CITY — Greystone has provided a $17 million Fannie Mae DUS loan to exit construction for a newly built multifamily property located at 152 Manhattan Ave. in Brooklyn’s Williamsburg neighborhood. The sponsor, Meserole Hub LLC, completed the 24-unit asset in July 2017, and the property was stabilized in November 2017. The sponsor maintains a significant equity stake in the project, and at 65 percent loan-to-value, the 10-year Fannie Mae DUS loan carries a fixed rate and has a number of years of interest-only payments with a 30-year amortization period. Avrom Forman of Greystone originated the transaction.

You may also like