Greystone Provides $20.2M Loan On Ray Philly Multifamily Property

The multifamily property located at 1525 North American Street in Philadelphia is a newly constructed 110-unit building in the Olde/South Kensington neighborhood. The property, known as Ray Philly, offers amenities like a fitness center, rooftop garden, and coworking lounge, designed to appeal to young professionals in the area. The construction of Ray Philly was financed through a $20,197,000 Freddie Mac Optigo loan facilitated by Greystone and originated by Managing Director Steven Vainer.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $20,197,000
• Units: 110
• Lender: Steven Vainer - Greystone
• Landlord: Will Kluczkowski - Ray
• Loan Type: Construction Loan
• Loan Terms: Five-year term at a fixed rate, with a 30-year amortization

Will Kluczkowski, representing Ray, is the landlord of the 110-unit multifamily property at 1525 North American Street. Steven Vainer, from Greystone, acted as the lender for the construction loan used to refinance the property. The loan, with a five-year term and a fixed rate, was crucial in completing the financing for the new construction project, ensuring the successful development of Ray Philly.