Greystone has provided a $22,554,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) Green Rewards loan to acquire a 208-unit multifamily property in Virginia Beach, Virginia. The financing was originated by Justin Hechler, Director at Greystone, on behalf of Featherstone Partners.
Constructed in 1987, Royal Pointe Apartments in Virginia Beach City is a garden-style apartment community with 15 buildings comprising one- and two-bedroom units. The $22,554,000 non-recourse, fixed-rate Fannie Mae Green Rewards loan carries a 10-year term and 30-year amortization, with full-term interest-only payments. In addition to purchasing the property, loan proceeds enable the borrower to make improvements to the property.
“In this challenging interest rate environment, we’re committed to securing the right financing for our clients, drawing on our deep multifamily expertise and an extensive lending platform in order to do so,” said Mr. Hechler. “Our goal at Greystone is to help clients realize their vision for their properties through exceptional service and seamless transactions.”
“We were deeply impressed by Greystone’s multifamily expertise and attentiveness to every detail throughout this transaction,” said Hannah Taylor, Managing Director, Acquisitions & Capital Markets of Featherstone Partners. “We are delighted to say that our Greystone team was a true partner and we look forward to working with them on future projects.”