Lending - Fannie Mae - $4.2M
Greystone provided a $4,270,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to finance the acquisition of a 79-unit apartment complex in Pelham, AL. The loan was originated by Vincent Langan of Greystone and the sale was arranged by Josh Jacobs of Berkadia Real Estate Advisors.
The 10-year fixed rate loan for Terrace 31 includes a 30-year amortization and the first 12 months at interest-only with a LTV of 80%. Renovated within the last year, Terrace 31 is a garden-style apartment community with easy access to Hoover, Riverchase, I-65, shopping, dining, entertainment, and Oak Mt. State Park.
“The Terrace 31 loan is a prime example of our ability to provide clients with unmatched finance options and customer service to support their business goals, which was a success also due to the strong and deep relationship that we have forged with Fannie Mae,” said Joe Mosley, Executive Managing Director and head of Agency lending at Greystone.
A spokesman for the buyer added, “Working with Greystone on financing this acquisition made the process a breeze – their ability to provide certainty of execution, a quick path to closing and their on-the-ground knowledge of the market certainly benefited us.”