Forest Pointe Apartments
Lending - Fannie Mae - $12.8M
Greystone provided an $8,060,000 Fannie Mae DUS loan to refinance Woodglen Apartments, a 188-unit multifamily community in Carrollton, Georgia. Originated by Keith Hires, managing director in Greystone’s Atlanta office, the loan carries a 12-year fixed-rate term with five years of interest-only over a 30-year amortization period.
Woodglen Apartments is situated on 16 acres, just 50 miles west of Atlanta and only two miles from the downtown square of Carrollton. The townhome-style units include access to various amenities including a tennis court, swimming pool, playground, and grill area.
Greystone also provided a $12,876,000 Fannie Mae DUS loan for the acquisition of Forest Pointe Apartments in Macon, Georgia. The financing carries a ten-year term with three years of interest-only. Greystone originally provided $11.7 million in bridge financing in October 2015 to the seller of the property. For this permanent acquisition financing, Greystone was able to apply Fannie Mae’s “value-add” feature to account for the borrower’s planned capital improvements and provide additional proceeds. Fred Levine, managing director in Greystone’s New York office, and Mr. Hires in Atlanta co-originated this new Fannie Mae financing.
Forest Pointe Apartments is home to 200 one- and two-bedroom units across 11 buildings. Conveniently located northeast of downtown Macon, residents have access to an array of amenities including a swimming pool, tennis courts, and fitness center.
“Greystone’s flexible financing options, which range from short-term bridge to long-term permanent Agency loans, provide investors with a solution for any situation,” said Mr. Hires. “When an investor is planning to upgrade a newly-acquired property, the bridge-to-Agency process enables a number of value-add benefits, with an additional option for Green Rewards during renovations. There are many advantageous routes to take with Greystone during any stage of a property’s lifecycle.”