Greystone Closes $96 Million CMBS Loan for Multifamily Portfolio Acquisition
April 22, 2015
Greystone today announced it has provided a $95,800,000 CMBS loan for the acquisition of a six-property multifamily portfolio on behalf of a Midwest-based borrower. The loan was originated by Robert Russell of Greystone.
Comprising 1,856 total units, the multifamily properties are located in Raleigh, North Carolina and the Dallas / Fort Worth region in Texas, including the following properties: Copper Crossing (DFW); Estrada Oaks (DFW); Sutter Creek (DFW); Remington Place (Raleigh); The Timbers (Raleigh); and The Trestles (Raleigh). The 10-year CMBS loan includes a 30-year amortization.
“The fundamentals in both Raleigh and Dallas remain extremely strong for multifamily acquisitions,” said Russell, who serves as Head of Production for Greystone’s CMBS team. “With Greystone’s experience and speed of execution, the borrower was able to take advantage of favorable CMBS loan terms and an attractive interest rate so they could add immediate value to the properties.”
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.