Greystone Provides Fannie Mae DUS® Loan for Fractured Condo Acquisition in Jacksonville, FL
October 10, 2016
Greystone announced it has provided a $12,000,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan for the acquisition of Bella Terraza in Jacksonville, FL. The loan was originated by Andrew Ellis of Greystone’s Rockville, MD office.
The collateral for the loan on Bella Terraza comprised 214 of the property’s 250 total units. The Fannie Mae loan on the fractured condo carries a 15-year term with 30-year amortization and three years of interest-only. Bella Terraza, a gated conventional rental community, consists of 25 two-story buildings and offers residents amenities including two swimming pools, a fitness center, clubhouse, expansive children’s playground, tennis facilities, and pet “bark park.”
“As we continue to grow and expand our portfolio of multifamily properties, Greystone has proven to be a steadfast partner in financing our targeted assets,” said Mahesh Desai, Managing Member of AMF 12. “This marks our 8th transaction with Greystone, and they truly understand our business goals and how to help us achieve success.”
“Identifying and realizing value in the conventional multifamily rental market is becoming more of an art, and we are grateful that borrowers such as Mr. Desai put their faith in us to deliver again and again,” said Joe Mosley. “We take pride in executing beyond expectations.”