Greystone Closes $43.81 Million Loan for Multifamily Property in San Jose

Marcus & Millichap and Greystone cooperate to serve large Manufactured Housing Community

New York, NY – April 25, 2013 – Greystone, a leading national provider of multifamily and healthcare mortgage loans, today announced it has provided a $43.81 million Fannie Mae Delegated Underwriting and Servicing (DUS®) Loan for Chateau La Salle, a housing community in San Jose, California.

The loan was originated by Tim Thompson, Managing Director of Greystone’s San Francisco office. The 10-year fixed rate loan transaction has a 30-year amortization for the community that consists of 434 homes.

“Our long term relationship with Fannie Mae and our deep knowledge and experience of the multifamily market on the West Coast enabled the Greystone team to work quickly and efficiently on behalf of Chateau La Salle,” said Rick Wolf, Senior Managing Director of Greystone’s Fannie Mae production team. “We see immense growth potential in the West Coast and look forward to continued success in the region.”

The Greystone team worked closely with Fannie Mae to ensure that the deal closed on schedule, even as the property’s ownership structure changed a week before the approval deadline. In addition, Thompson and his team were able to secure better pricing for the borrower from an earlier proposal, and Greystone waived all impounds and reserves escrows.

The deal was brought to Greystone by Robert Mallett, director at Marcus & Millichap Capital Corporation.  Based in Palo Alto, Mallett has worked with borrowers and originators throughout Northern California for more than 20 years and helped facilitate the deal’s terms with Fannie Mae and Greystone.

“It’s a pleasure working with a creative and caring organization like Greystone to serve a great property like Chateau La Salle,” said Mallett. “The strong relationship between Greystone and Marcus & Millichap has been a vital component to our success in multiple regions across the country, and I look forward to continuing to work closely with Greystone to provide financing opportunities for clients throughout Northern California.”

Greystone is ranked as a top-10 Fannie Mae lender by volume and was the number one FHA lender for 2012. With more than 200 mortgage professionals throughout the United States, Greystone is the multifamily industry expert and leader. For more information about Greystone’s multifamily lending solutions please visit http://www.greyco.com/multifamily

West Coast Commercial Real Estate News