Cedarfield at Churchland Apartments
Lending - Fannie Mae - $6M
Greystone Funds $6 Million Acquisition of Multifamily Property in Virginia
Greystone today announced that it has closed on $6 million in financing to facilitate the acquisition of Cedarfield at Churchland Apartments in Portsmouth, Virginia. Andrew Ellis, an originator in Greystone’s multifamily lending group, worked directly with the borrower to close the transaction.
The $6 million Fannie Mae Delegated Underwriting and Servicing (DUS®) loan will be used towards the acquisition of Cedarfield at Churchland. The loan was structured with a 15-year term, 5-years interest only and a 30-year amortization.
“Having worked with the borrower on 3 previous loans over the last year, we were pleased to have been brought on again to assist with their financing needs,” said Billy Posey, CEO of Fannie Mae and Freddie Mac Lending at Greystone. “Our strong relationship with Fannie Mae and depth of knowledge of the local real estate market, allowed us to swiftly close the transaction and provide the necessary funding to complete the acquisition.”
Greystone selectively uses the interest-only deal structure, taking into account the overall strength of the transaction. Regarding Cedarfield at Churchland, the property possessed significant attributes that made the interest-only deal possible, including available cash equity for the acquisition, an experienced borrower and a strong management company.
Cedarfield at Churchland is a 118-unit multifamily property, offering one, two and three-bedroom floor plans housed in 65 garden apartments and 53 townhouse-style units. On‐site amenities include a swimming pool, a laundry center and a playground.
Greystone is ranked as a top-10 Fannie Mae DUS lender by volume and was the number one FHA lender for 2012. Greystone offers long term, bridge and gap lending solutions. With more than 200 mortgage professionals throughout the United States, Greystone is a multifamily industry expert and leader.