Greystone Funds $6 Million Acquisition of Multifamily Property in Virginia
June 4, 2013
Greystone today announced that it has closed on $6 million in financing to facilitate the acquisition of Cedarfield at Churchland Apartments in Portsmouth, Virginia. Andrew Ellis, an originator in Greystone’s multi-family lending group, worked directly with the borrower to close the transaction.
The $6 million Fannie Mae Delegated Underwriting andServicing (DUS®) loan will be used towards the acquisition ofCedarfield at Churchland. The loan was structured with a 15-year term, 5-yearsinterest only and a 30-year amortization.
“Having worked with the borrower on 3 previous loans overthe last year, we were pleased to have been brought on again to assist with their financing needs,” said Billy Posey, CEO of Fannie Mae and Freddie Mac Lending at Greystone. “Our strong relationship with Fannie Mae and depth of knowledge of the local real estate market, allowed us to swiftly close the transaction and provide the necessary funding to complete the acquisition.”
Greystone selectively uses the interest-only deal structure, taking into account the overall strength of the transaction. Regarding Cedarfield at Churchland, the property possessed significant attributes that made the interest-only deal possible, including available cash equity for the acquisition, an experienced borrower and a strong management company.
Cedarfield at Churchland is a 118-unit multifamily property,offering one, two and three-bedroom floor plans housed in 65 garden apartments and 53 townhouse-style units. On‐site amenities include a swimming pool, a laundry center and a playground.
Greystone is ranked as a top-10 Fannie Mae DUS lender byvolume and was the number one FHA lender for 2012. Greystone offers long term,bridge, gap and conduit lending solutions. With more than 200 mortgageprofessionals throughout the United States, Greystone is a multifamily industryexpert and leader. For more information about Greystone’s multifamily lendingsolutions please visit https://greyco.wpengine.com/multifamily