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Greystone has provided a $25.3-million Fannie Mae loan to Patrician LS, LLC, to refinance a multifamily in Covington, GA.

Patrician LS Secures $25M Fannie Mae Refi Financing for Multifamily in Covington

Greystone has provided a $25.3-million Fannie Mae Delegated Underwriting & Servicing loan to refinance a 232-unit multifamily property in Covington, GA.

The $25.2 million non-recourse, fixed rate financing carries a 10-year term and 30-year amortization along with 10 years of interest-only payments. Loan proceeds are being used to pay off an existing Greystone CMBS loan and enable the borrower to monetize a portion of the equity in the property.

The financing was originated by Keith Hires and Carter King in Greystone’s Atlanta office, on behalf of Patrician LS, LLC. J. Mark Madderra of Madderra, Cazalot & Head-Metairie acted as correspondent.

The 1999-construction Leaf Stone Apartments in Newton County consists of 11 garden-style buildings with one-, two- and three-bedroom units.

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About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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