Greystone Closes $86 Million in CMBS Loans for Retail, Mixed-use Properties in Georgia and Colorado
September 28, 2015
Greystone announced it has provided $86,000,000 for two CMBS loans on properties in Atlanta, GA and Avon, CO.
The first loan, in the amount of $50,000,000 and originated by Robert Russell of Greystone, is for the acquisition of a two-property multifamily portfolio on behalf of a Midwest-based borrower. Comprising 588 total units, the multifamily properties, Rosemont City View and Dawson Forest, are located in suburban Atlanta. The 10-year CMBS loan includes a 30-year amortization.
“The fundamentals in Atlanta and its suburbs continue to improve,” said Russell, who serves as Head of Production for Greystone’s CMBS team. “Despite the recent volatility in the CMBS market, Greystone provided certainty of close and attractive terms to the client.”
The second loan was in the amount of $36,000,000 and originated by Ted Nasca of Greystone for an upscale mixed-use project in the resort community of Avon, CO, located at the base of Beaver Creek ski resort. The loan features a 10-year term and is interest-only for the first three years with a 30-year amortization. The property includes nearly 200,000 square feet of office / retail space, and proceeds refinanced two adjoining properties, Chapel Square and Benchmark Shopping Center, that were cross-collateralized as part of the fixed-rate structure. The property is currently 99.7% leased with 44 tenants.
Greystone provides real estate finance solutions across multiple asset classes and lending platforms, including FHA, Fannie Mae, Freddie Mac, USDA, CMBS, bridge, mezzanine and other proprietary loan programs.