December 17, 2019
Greystone provided a $68.5-million Fannie Mae Delegated Underwriting and Servicing (DUS) loan to refinance a Section 8 seniors housing property, Capitol Apartments, at 840 Eighth Ave. in Midtown. The transaction was originated by Rob Meehan and Jon Morales of Greystone on behalf of Fifty First Capitol Associates.
The $68.5 million DUS loan, which refinances an existing Fannie Mae loan originated by Greystone, carries a 10-year term over a 30-year amortization period at a low, fixed rate. The proceeds allow the borrower to pay yield maintenance, make capital improvements to the property and monetize their existing equity.
Originally built in 1925 as a hotel, the 18-story property was converted to apartments in the 1970s and today supports 278 studio and one-bedroom units. The property also has six street-level retail spaces, currently occupied by restaurants, a wine bar and other neighborhood vendors.
Pictured: Greystone’s Rob Meehan.
For comments, questions or concerns, please contact Paul Bubny