Greystone Servicing Corporation, Inc., a top ten Fannie Mae Delegated Underwriting and Servicing (DUS[TM]) lender, provided a $8,763,000 loan to Wish Village, LLC for the refinance of a construction loan on Wish Village Apartments.

Wish Village Apartments are located in Hamilton, Ohio. The property is constructed in three phases. This loan will cover Phases I and II which were constructed in 2004 on a 9.02-acre site. Phase III will be constructed in 2006.

Phases I and II consist of six three-story residential buildings containing 156 two-bedroom units, and a single-story clubhouse that includes a leasing office, kitchen area, fitness center, and a community room. Additional amenities include a swimming pool with a 15ft. deck, a basketball court, a car wash area, and a community laundry room in each building.

The property is located about two miles northwest of downtown Hamilton, which is approximately 20 miles north of downtown Cincinnati. The site has good access to Hamilton-Richmond Road (Ohio 177) which is a major commercial and retail thoroughfare leading directly to downtown Hamilton.

Within walking distance of the site are a Meijers store, a Wal-Mart, and Lowe's, in addition to a variety of smaller retail establishments.

The property is situated in a low-to-medium density mixed-use area with excellent access to nearby retail and commercial facilities and to the commercial and governmental employment centers of downtown Hamilton.

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

Morgan Stanley Dean Witter Mortgage has provided a $12.8 million, first mortgage for Collins Enterprises' 2777 Summer Street property. The 110,000 SF Stamford, Conn., office building is 96% leased to a diverse tenant base and was acquired by Collins in December 1999 for $12.5 million.

"We had several financial incentives to close the MSDW financing before year-end," reported Michael J. Marcante, Executive Vice President for Collins. "The proceeds from the refinancing were used to repay the property acquisition loan, fund leasing costs and return approximately 55% of the original capital contributed by the partners."

MSDW's Pete Dunn arranged the financing, working directly with Marcante, who represented the borrower.

"This transaction reaffirms our strategy to buy 'B' office buildings in good locations, deploy capital as needed to retenant and renovate property, then refinance, taking advantage of increased occupancy and improved NOI," said Marcante.

Collins Enterprises owns and operates a $150 million portfolio of multifamily and office properties in strategic urban. and: suburban locations, primarily in the New York metropolitan area. The company has a 30-year history of acquiring and developing a variety of successful projects, including office, residential, mixed-use and waterfront projects. Collins Enterprises is actively seeking commercial and residential properties that represent value-added opportunities to employ its repositioning and development skills.