Greystone loans $25.4M for New Haven multifamily portfolio
PHOTO | CONTRIBUTED
100-104 Howe St., New Haven
Greystone, a real estate capital provider, has issued a $25.4 million loan for the acquisition of a 145-unit multifamily portfolio in New Haven.
The $35 million portfolio includes six mid-rise residential buildings in New Haven over 1.1 acres with a total gross square footage of 116,760 and 74,10 square feet in rentable area.
In November, Broadway Elm LLC and Josef and Jacob Feldman of MOD Equities bought the properties at 61 and 65 Edgewood Ave., and 94, 98, 100 Howe St., from Broadway Living LLC.
Property at 104 Howe St. was sold to the duo by Elm Property Owner LLC.
The Greystone loan, a new private-label offering, with competitive, shorter loan terms and flexible pre-payment options, carries a 10-year term with a fixed rate and includes interest-only payments for five years.
The financing was originated by Greystone Managing Director Rob Meehan and Director Avrom Forman on behalf of Broadway Elm LLC.
“We’re always seeking ways to develop new financing options for our clients as the market evolves,” Meehan said, “and are pleased to offer a private-label solution when banks or other debt options may not fit the bill.”
Contact Hanna at hgambini@hartfordbusiness.com.
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