Greystone Provides $20.2 Million Refinancing for Ray Philly in Philadelphia

by Channing Hamilton

PHILADELPHIA — Greystone has provided a $20.2 million Freddie Mac Optigo loan to refinance a construction loan for Ray Philly, a 110-unit property located on North American Street in Philadelphia. The financing carries a five-year term at a fixed rate, with a 30-year amortization. Steven Vainer of Greystone originated the financing.

Ray Philly was built in 2023 by developers Six Acre Capital and Ray. Units come in studio, one-, and two-bedroom floor plans. Amenities include a fitness center, rooftop garden, living room and co-working lounge with a kitchen. The property also includes retail space, featuring tenants such as Linden Ave Studio, Michelle Lopez Studio and South Kensington Community Partners Inc.

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