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MinnesotaFinanceMultifamily

Greystone provides $10.5 million refi loan for Minnesota affordable housing project

July 16, 2020
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Greystone has provided a $10.5 million Fannie Mae Delegated Underwriting and Servicing (DUSĀ®) loan to refinance an affordable housing property in Mankato, Minnesota.

The transaction was originated by Kyle Jemtrud, managing director at Greystone, on behalf of Mankato MAHC LLC.

The $10.5 million in Fannie Mae financing carries a 12-year term at a fixed rate with a 30-year amortization and four years of interest-only payments. The non-recourse loan refinances River Bluff Apartments, a 150-unit rental community located 80 miles southwest of downtown Minneapolis, which was acquired by the sponsor in 2017.

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