Greystone Provides $4.2 Million in Financing for Acquisition of Alabama Apartment Community
November 17, 2015
Greystone announced it has provided a $4,270,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to finance the acquisition of a 79-unit apartment complex in Pelham, AL. The loan was originated by Vincent Langan of Greystone and the sale was arranged by Josh Jacobs of Berkadia Real Estate Advisors.
The 10-year fixed rate loan for Terrace 31 includes a 30-year amortization and the first 12 months at interest-only with a LTV of 80%. Renovated within the last year, Terrace 31 is a garden-style apartment community with easy access to Hoover, Riverchase, I-65, shopping, dining, entertainment, and Oak Mt. State Park.
“The Terrace 31 loan is a prime example of our ability to provide clients with unmatched finance options and customer service to support their business goals, which was a success also due to the strong and deep relationship that we have forged with Fannie Mae,” said Joe Mosley, Executive Managing Director and head of Agency lending at Greystone.
A spokesman for the buyer added, “Working with Greystone on financing this acquisition made the process a breeze – their ability to provide certainty of execution, a quick path to closing and their on-the-ground knowledge of the market certainly benefited us.”
Greystone provides mortgage finance solutions across multiple platforms, including FHA, Fannie Mae, Freddie Mac, USDA, CMBS, bridge, mezzanine and other proprietary loan programs.