Greystone Provides $35.8 Million Fannie Mae Loan for Multifamily Acquisition in Arizona
April 4, 2018
Category: Fannie Mae, Multifamily
Greystone announced it has provided a $35.8 million Fannie Mae DUS loan for the acquisition of Aldea at Estrella Falls in Goodyear, Arizona. The transaction was originated by Tim Thompson, Managing Director in Greystone’s San Francisco office, with Mark Paskill of Melvin Mark Capital Group acting as correspondent on the deal.
The $35.8 million Fannie Mae loan has a 10-year fixed rate and term and a 30-year amortization period. This transaction marks the fifth Fannie Mae DUS deal Greystone has closed with the buyer, a prominent Oregon-based real estate investment group.
Located in southwest Phoenix, Aldea at Estrella Falls comprises 328 apartments. Built in 2008 and renovated in 2016, the property features barbecue grills, a heated pool and whirlpool, spa, clubhouse, fitness center and playground. The residential subdivisions are located within close proximity to the interstate freeway system serving metropolitan Phoenix, providing convenient access to employment areas. Combined with above-average household income and a resilient multifamily residential property market, Greystone sees this region as currently stable.
“Phoenix is experiencing a renaissance of sorts with growing investment interest by multifamily property owners,” said Mr. Thompson. “Greystone’s experience in and knowledge of the local market, and our close working relationship with Fannie Mae, enable us to execute efficiently for clients looking to acquire in this region.”