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Greystone provides $20m Freddie Mac Loan for Philadelphia multifamily property
Transactions - APRIL 30, 2024

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Greystone provides $20m Freddie Mac Loan for Philadelphia multifamily property

by Denise Moose

Greystone announced it has provided a $20.19 million Freddie Mac Optigo® loan to refinance a construction loan for a 110-unit multifamily property in Philadelphia. The financing was originated by Steven Vainer, a managing director at Greystone.

Ray Philly is a class-A, mixed-use, mid-rise apartment building located on North American Street in the Olde/South Kensington neighborhood of the North/Frankford/Holmesburg Philadelphia submarket and was recently constructed and completed in 2023 by co-developers Six Acre Capital and Ray. Amenities for tenants include a fitness center, rooftop garden, sunken living room, and coworking lounge with a kitchen. The property comprises primarily studio, one- and two-bedroom units, with commercial tenants in the building including Linden Ave Studio, Michelle Lopez Studio and South Kensington Community Partners. The Freddie Mac Optigo® financing carries a five-year term at a fixed rate, with a 30-year amortization.

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