NEW YORK--(BUSINESS WIRE)--Greystone, a leading national provider of multifamily and healthcare mortgage loans, today announced it provided financing for two multifamily properties in South Florida totaling $28 million. The separate transactions were originated by Serafino Tobia, Director at Greystone.
St. Croix Apartments is a 246-unit complex in Lauderdale Lakes and Eagle Pointe Apartments in a 192-unit complex in Pompano Beach. The HUD financing was provided on behalf of Cornerstone Group of Hollywood, FL.
“We are thrilled to refinance at historically low rates with HUD financing for these properties, and look forward to working with Greystone on future transactions as the lending environment remains ripe,” said Jorge Lopez, Co-founder and President at Cornerstone Group.
“Cornerstone is a valued Greystone client and incredibly dynamic multifamily property owner and manager in Florida. Being able to take advantage of lower rates with long-term HUD financing provides them with an advantage to ensure further growth, and will benefit both of these properties for years to come,” said Betsy Vartanian, head of FHA lending at Greystone.
Greystone provides mortgage finance solutions across multiple platforms, including FHA, Fannie Mae, Freddie Mac, USDA, CMBS, bridge, mezzanine and other proprietary loan programs. In 2013, Greystone ranked #1 in combined multifamily and healthcare FHA lending, #3 in Affordable Housing as a Fannie Mae DUS lender, and as a top-5 Freddie Mac lender for seniors housing.
Greystone is a financial services and private investment group whose original core business is multifamily real estate lending. Over the years, Greystone has added business lines that are related to, and natural extensions of, its core business. Headquartered in New York with offices across the U.S., Greystone is active in three major business segments: Mortgage Finance, Healthcare and Real Estate. Greystone’s mission is to apply unparalleled creativity while modeling corporate compassion. Loans are offered through Greystone Servicing Corporation, Inc., Greystone Funding Corporation and/or other Greystone affiliates. For more information about Greystone’s multifamily and healthcare financing solutions please visit http://www.greyco.com.