Greystone Closes $25 Million CMBS Loan on Multifamily Property in North Carolina
October 13, 2015
Greystone announced it has provided $25,000,000 for a CMBS loan to refinance a 211-unit multifamily property in Fayetteville, NC.
The 10-year CMBS loan on Addison Ridge is interest-only for five years with a 30-year amortization and 75% loan to value ratio. The loan was originated by Greg Krafcik of Greystone and arranged by Jackson Howard of Capstone Capital.
Addison Ridge is a Class A garden-style apartment community constructed in 2014. The property features luxury amenities including clubhouse with movie theater, pool and fitness facilities with on-site personal trainer. Proceeds from the Greystone loan will be used towards a Phase II of the property, which is located within close proximity to Fort Bragg.
“Securing CMBS financing was optimal for this multifamily property to be able to expand,” said Robert Russell, Head of Production for Greystone’s CMBS team. “The demand is high for housing in this region, especially with its large concentration of military personnel, and the borrower was able to secure five years of interest-only to adapt quickly to the increasing rental demand.”