Medical Park West Apartments
Lending - Fannie Mae - $1.6M
Greystone closed a $1,650,000 Fannie Mae small loan in less than 60 days for the purchase of Medical Park West Apartments in Greenville, NC. The 44-unit apartment community consists of 2-bedroom, townhouse style units and is located near Pitt County Medical Complex and Eastern Carolina University. The property was purchased by Cohen Investment Group (CIG), which is run by Hugh Cohen and Brian Boehmcke and headquartered in Norfolk, VA. The transaction was sourced by Jared Alcorn of Cohen Commercial Real Estate (CCRE), a closely held investment and brokerage arm of CIG.
The Fannie Mae loan, originated by Andrew Ellis of Greystone’s Rockville, MD office, carries a 10-year term with 30-year amortization and is interest-only for one year.