Romer Debbas, LLP Closes a $10.1 Million Conventional Acquisition Loan Under Fannie Mae Delegated and Underwriting Servicing Program as Part of a Like-Kind 1031 Exchange

Romer Debbas LLP Agency Lending & Affordable Housing group represented Greystone Servicing Company LLC (“Greystone”) in the closing of a conventional acquisition loan secured by a 130-unit multifamily housing project located in Indianapolis, Indiana (“Replacement Property”).  Structured as a 5 tenants-in-common buyer’s vehicle (“1031 Buyers”), the 1031 Buyer’s purchase of the Replacement Property in the amount of $14,100,000.00 was part of an exchange of like-kind real property made pursuant to Section 1031 of the Internal Revenue Code of 1986.


Greystone’s production team, led by team member and industry veteran Brian Walton, was instrumental in managing increased interest rates risk to the 1031 Buyers by providing a streamlined rate lock execution (“SRL”) under the Fannie Mae DUS Program before the recent interest rates turmoil.  The SRL option allows borrowers to manage interest rate risk by locking the entire rate (not just the Treasury index or spread) on a loan very shortly after application and up to 180 days in advance of closing.  Carmen I. Pagan, Esq., Partner and Head of our Agency Lending & Affordable Housing practice, led the transaction which closed on September 29, 2022, and was assisted by Senior Associate, Catherine Azevedo, Esq. and other members of the Agency Lending & Affordable Housing group.