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Florida & Gulf Coast  + Apartments  |  July 15, 2020
David Cohen
By: David Cohen

Greystone Provides $30M Construction Loan for North Florida MF Project

Commercial real estate lending, investment and advisory company Greystone has provided a $30 million HUD-insured construction loan for the development of Mills Creek Preserve Apartments, a new 188-unit multifamily community in Yulee.

When completed, the gated community will consist of eight garden-style buildings with a mix of one-, two- and three-bedroom units featuring modern appliances, in-unit laundry and outdoor living space. The community is located approximately 21 miles north of Jacksonville.

Christine Griffin of Greystone’s New York office structured the financing, which will fund 85% of total project costs and is a non-recourse, fixed-rate construction loan that will automatically convert to a 40-year, fully-amortizing permanent loan upon stabilization. The borrower was commercial real estate firm Davis Heritage.

For comments, questions or concerns, please contact David Cohen

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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