NEW YORK, Feb. 08, 2018 (GLOBE NEWSWIRE) -- 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 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.

“To reach the finish line with this transaction, we had to coordinate with many investment partners and obtain a release from Fannie Mae for the existing parking lots,” said Mr. Forman. “Because of the unique scenario, we were in a position to show the client that Greystone goes above and beyond to exceed expectation and deliver results.”

“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,” said AMS Acquisitions Principal Michael Mitnick. “We look forward to working with Greystone again as we continue to build our property portfolio.”

About Greystone
Greystone is a real estate lending, investment and advisory company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA and Fannie Mae lender in these sectors. Our range of services includes commercial lending across a variety of platforms such as Fannie Mae, Freddie Mac, CMBS, FHA, USDA, bridge and proprietary loan products. Loans are offered through Greystone Servicing Corporation, Inc., Greystone Funding Corporation and/or other Greystone affiliates. For more information, visit www.greyco.com.

About AMS Acquisitions
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. Since forming in 2012, AMS has built a portfolio of properties throughout New York, New Jersey and Connecticut. AMS operates over 800,000 square feet of office property, manages a myriad of retail and residential properties, and has built a ground-up development portfolio consisting of $600 million in total capitalization, including prime development projects in the most sought-after neighborhoods of New York City.

AMS’ expertise in multiple asset classes gives it the ability to understand and unlock value on both ends of mixed-use projects and provides a major competitive edge in the market. AMS has leveraged its multifaceted approach and its emphasis on careful execution to achieve outsized returns for its investors.

PRESS CONTACT:
Karen Marotta
Greystone
212-896-9149
Karen.Marotta@Greyco.com