Lending - Fannie Mae - $8M
Greystone provided a total of $21 million in Fannie Mae financing for two apartment communities in Georgia. For both transactions, Greystone was able to leverage Fannie Mae’s Green Rewards program, which provides borrowers committed to energy or water savings with favorable terms.
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.”