Greystone has provided a $10.5 million Fannie Mae Delegated Underwriting and Servicing (DUS®) 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.
