Greystone, a financial services group that specializes in multifamily real estate lending, has provided Hawthorn Ridge Apartments in Woodridge, Ill., with an $8.5 million FHA loan.
In a press release, Greystone said it was able to get the Department of Housing and Urban Development’s Chicago office to commit to the terms of the loan in less than 60 days.
“We were impressed with Greystone’s FHA and overall multifamily lending record, and we felt confident in their ability to deliver the loan timely and as discussed with no surprises,” said borrowers Steve Cohen and Uri Ranaan.
Hawthorn Ridge Apartments is a 176-unit multifamily complex made up of one- and two-bedroom units. Community amenities include a pool and small park.
Naftali Schuss, an originator in
“Long-term financing is the ideal solution for many borrowers due to the low interest rate environment,” said Betsy Vartanian, head of Greystone’s FHA business. “We have seen rates increase over the past few months and are encouraging our clients to evaluate their long term needs and to act quickly.”
