Greystone closes $30m loan for new partnership.

Greystone Servicing Corporation, Inc., a top ten Fannie Mac Delegated Underwriting and Servicing (DUS[TM]) lender, provided a $30,548,000 loan to New Boston Muirfield Limited Partnership for the refinance of Muirfield at Montpelier.

Muirfield at Montpelier is located in Laurel, Maryland. The property was originally built as two separate complexes in 1966-1969. They were combined into one property with 13 garden-style and townhouse buildings and 591 open parking spaces on a 17.52-acre site.

The buildings contain 386 units consisting of one studio, 122 one-bedroom units, 209 two-bedroom units, 30 three-bedroom units and 24 three-bedroom townhouses. Unit amenities consist of washer/ dryer hook-ups in the townhouse units, washer dryers in 62 of the units, storage, balconies, and patios.

Project amenities include 13 laundry rooms, an outdoor pool, a tot lot, and a to-be-completed clubhouse.

Laurel, Maryland is approximately 17 miles northeast of downtown Washington, DC. Land uses within the neighborhood consist of a mixture of commercial and residential development. The area immediately surrounding the property is comprised of older multifamily developments and retail shopping centers. The most notable site in the area is the Fort Meade military base, home to the National Security Agency. The property is well located near the Baltimore/Washington Parkway with good access to major roads. Retail and recreations facilities are conveniently located near the property.

The borrower was able to lock in a rate under the Fannie Mac DUS program.