Greystone Provides $30.5 Million for Varden Capital Properties’ Acquisition of 941-unit Multifamily Portfolio in Piedmont Triad
February 3, 2015
Greystone announced it provided $30,500,000 in loans for the acquisition of four multifamily properties in the Piedmont Triad region of North Carolina. The four separate loans were originated by Vincent Langan of Greystone and delivered to Fannie Mae under its Delegated Underwriting and Servicing (DUS®) program.
The loan terms for all four properties include 10-year financing with 30-year amortization, one year interest-only and 80% LTV. Acquired by Varden Capital Properties (VCP), the apartment communities comprise a total 941 units and all offer a range of attractive amenities such as swimming pool, fitness center, clubhouse and tennis courts. The properties in this portfolio include:
- Ashland Apartments in Greensboro, NC
- The Lakes on Meadowood in Greensboro, NC
- Ambercrest Apartments in Winston-Salem, NC
- The Hunt Club Apartments in Winston-Salem, NC
“After working on several previous acquisition transactions with Varden, we are thrilled about the outcome for the Piedmont Triad portfolio of properties. The 10-year Fannie Mae product is a fantastic option for borrowers such as Varden. They continue to grow their portfolio during a time of low interest rates, and we are happy to serve as a trusted advisor along the way,” said Joe Mosley, Executive Vice President of Agency Lending at Greystone.
Greystone provides mortgage finance solutions across multiple platforms, including FHA, Fannie Mae, Freddie Mac, USDA, CMBS, bridge, mezzanine and other proprietary loan programs.