
Greystone Provides $27.3M Financing for NC Multifamily
Greystone has provided $27.325 million in total Fannie Mae Delegated Underwriting & Servicing (DUS®) financing for a two-property portfolio in Greensboro, NC. Greystone Director Justin Hechler originated the financing on behalf of Featherstone Partners.
The properties, 120-unit Terrace Oaks and 156-unit Terrace at Olde Battleground received 10-year, fixed-rate Fannie Mae loans with 35-year amortizations and the first six years of interest-only payments. Both properties boast amenities including swimming pools and fitness centers, while the larger community, Terrace at Olde Battleground, additionally offering a playground, car wash station, dog park and wash station, and picnic area with fire pit.
“Exiting the portfolio’s existing debt all at once by way of three separate transactions was tricky due to the current capital markets environment – having a thorough understanding of the mechanics that went into each step, along with having great financing partners like Greystone, made all the difference,” said Featherstone Managing Partner Chuck Patty.
- ◦Financing