Greystone Provides $16.1 Million in FHA-Insured Financing for Market-Rate Multifamily Property in North Carolina
May 14, 2019
Greystone, a leading commercial real estate lending, investment, and advisory company, announced that it has provided a $16,128,000 FHA-insured loan to refinance West Pointe Apartments, a market-rate 216-unit apartment complex in Asheboro, North Carolina. The FHA loan was originated by Andrew Ellis of Greystone on behalf of WP Investors, LLC.
The FHA-insured financing for the property consists of a 35-year permanent, fixed-rate, non-recourse fully amortizing loan. Built in 2011, West Pointe Apartments offers 1-, 2- and 3-bedroom units spread over 27 individual two-story buildings situated on 24.76 acres of land. The community offers amenities including a clubhouse, fitness center, swimming pool, picnic and play area, volleyball court, and parking with 422 spaces.
“The recapitalization was a win-win for all parties involved, especially WP Investors, who were able to hedge rising interest-rate risk with a pending maturity and lock in a 35-year self-amortizing market-rate loan. The FHA 223(f) was the perfect vehicle for this long-term hold and recap,” said Mr. Ellis.
“We are highly satisfied with the outcome of the FHA financing that Greystone provided, and their expertise in this arena is unparalleled,” said a spokesperson for WP Investors, LLC.