Greystone Provides $14 Million in Fannie Mae Financing for Acquisition of Orlando Apartment Community
June 15, 2016
Greystone announced it provided a $14,018,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to finance the acquisition of a 184-unit apartment community in Orlando, FL. The loan was originated by Andrew Ellis of Greystone’s Rockville, MD office on behalf of Mahesh Desai and Hiren Patel, Key Principals of Atlantic Multifamily 12.
The 15-year fixed rate loan for Cadence Crossing includes a 30-year amortization and is interest-only for the first five years of the term. Cadence Crossing comprises 19 two-story apartment buildings with one-, two- and three-bedroom units and multiple amenities. The East Orlando property is located in close proximity to Disney World, Universal Studios, Downtown Orlando and Orlando International Airport.
“Market fundamentals in Orlando remain strong for multifamily acquisitions, and we are thrilled to have closed our sixth loan with our loyal borrowers as they continue to expand their portfolio,” said Joe Mosley, Executive Managing Director and head of Agency lending at Greystone.
“My group has completed many acquisitions across multiple states during the past few years and Greystone has never failed to impress us. Greystone consistently offers us innovative long-term financing alternatives, which often include fantastic interest-only features, and then meets our demanding timelines for accelerated closings,” said Mahesh Desai, a Key Principal of Atlantic Multifamily 12.
He added, “Andrew Ellis is an important contributor to the Atlantic Multifamily team. His personal involvement typically starts at the earliest stages of identifying and evaluating acquisition targets and continues through to post-closing mortgage servicing. Andrew and his team always work tirelessly to meet our aggressive financing needs.”