Greystone Provides $68.1 Million CMBS Loan for Dallas, TX Multifamily Property
June 12, 2017
Greystone announced it has provided $68,100,000 CMBS loan for the refinance of Vineyards at Forest Edge in Dallas, TX. The loan was originated by Rob Meehan of Greystone, and the transaction closed on May 26.
The CMBS financing includes a 10-year fixed term at a low rate. The Vineyards at Forest Edge is a 1,218-unit multifamily property boasting 11 swimming pools, four hot tubs, four playgrounds, two outdoor soccer fields, 24-hour fitness center, club room, social center, and kids club. The largest multifamily property in Dallas, The Vineyards at Forest Edge was constructed in 1984 and maintains 95.2% occupancy. The existing owner acquired the property in 2015.
“CMBS execution for this refinance transaction was the most favorable option for this property, given the current market dynamics, and it remains a wonderful overall execution for the right scenario in a number of other markets,” said Rob Russell, Head of CMBS Production at Greystone. “We are seeing the CMBS market pick up in the multifamily space