Vernon Garden Apartments
Lending - Freddie Mac - $10.8M
Greystone closed a $10,850,000 Freddie Mac Program Plus Loan for the refinance of The Vernon Garden Apartments in Vernon, CT. The 152-unit apartment community consists of Townhouse, 2-bedroom, and 1-bedroom units and is located in Vernon, CT which is 15 miles east of Hartford and two miles north of I-84, providing direct access to Hartford. The transaction was sourced by Cyan Capital Group.
The Freddie Mac Program Plus loan, originated by Rob Meehan of Greystone, carries a 7-year floating-rate term with interest-only for two years followed by a 30-year amortization schedule. The transaction was leveraged to 80% of market value.