Valencia Park & Granite Bay Apartments
Lending - Fannie Mae - $45.5M
Greystone provided two Fannie Mae DUS® loans totaling $45,565,000 for the refinancing of 1,009 units in Phoenix, AZ. The loans were originated by Tony Spaeth of Greystone.
Both Fannie Mae DUS loans carry identical terms of 10 years with 30-year amortizations. Valencia Park, which was refinanced for $19,305,000, comprises 461 units; Granite Bay, refinanced for $26,260,000, includes 548 units. The two properties each offer residents a host of amenities including swimming pool, tennis, fitness center, library, clubhouse and playground. The properties were built in 1983 and 1980, respectively.
“The Phoenix multifamily market is thriving and benefiting from a great refinance environment,” said Joe Mosley, Executive Managing Director and head of Agency lending at Greystone. “We are thrilled to have simultaneously closed two loans for our client to take advantage of attractive terms and strengthen their portfolio for future deals.”