Green Park Sets $150M Goal for Loan Portfolio

BETHESDA, MD-The locally based multifamily lender Green Park Financial is putting greater emphasis on its Northeast loan portfolio with its recent hire of Anthony Washington as VP. A 17-year industry veteran, Washington was a principal at M&A Development LLC working on multifamily, condo and single-family deals in the DC and Chicago markets.

He tells GlobeSt.com that while the firm has no hard metrics or benchmarks in place for its Northeast loan portfolio, “I’ve set a goal of $150 million for the first year,” in 2008. Theoretically, he adds, the company would like to process the same volume, give or take, every year but that can be difficult to project. “That is a big cumulative number of just one area of the country. Going forward, the conduits are likely to jump back in sooner or later.”

Washington says the company’s loan criteria is fairly broad. It is interested in both refinance and new development. Class A is fine, as is anything that requires a value add, such as deals that require a $5,000 to $20,000 per unit rehab. “The deals have to work from an underwriting perspective but we want to cast a wide net.”