Greystone, a real estate lending, investment and advisory company, announced it has provided a $19.2 million Fannie Mae loan as part of a $32.25 million property acquisition by AMS Acquisitions in Bayonne, NJ. The loan was originated by Avrom Forman of Greystone’s New York office, the company announced in a release.
AMS Acquisitions LLC (AMS) is a real estate investment firm, which focuses on the acquisition and development of retail, residential and office properties in the New York Metropolitan area.
The seven-year Fannie Mae loan includes six years of interest-only payments and a 30-year amortization. The 85-unit complex is spread over two five-story buildings comprising studio, one-, and two-bedroom units, and was completely gut renovated in 2013.
The acquired property includes three undeveloped parking lot parcels, which AMS Acquisitions intends to develop into additional multifamily housing, the release said.
“We are very excited about the potential for this property, and Greystone guided us through the process very diligently and with great attention to detail,” AMS Acquisitions Principal Michael Mitnick said. “We look forward to working with Greystone again as we continue to build our property portfolio.”