Cushman & Wakefield and Greystone announced they have arranged the sale and provided $39,237,000 in Fannie Mae financing for Evolv, a 334-unit multifamily property located in Mansfield, Texas, within the Dallas-Fort Worth metropolitan area. Cushman & Wakefield marketed the property for sale, and Greystone provided the acquisition financing on behalf of Greybrook Realty Partners.
Greystone's financing team included Richard Kourbage, Garvin Lee, and Gillian McIlroy, Vice President. Cushman & Wakefield's Investment Sales team Grant Raymond and Asher Hall represented the seller in the transaction. Cushman & Wakefield's debt professionals included Chase Johnson & Caleb Riebe.
The $39.2 million fixed-rate Fannie Mae loan carries a five-year term, with three years of interest-only payments followed by a 35-year amortization schedule. The financing supported Greybrook's acquisition of the property, which will become the third asset in the firm's U.S. Multifamily Income & Growth Fund.
Built in 2012, Evolv is a garden-style multifamily community situated on approximately 18.6 acres at 370 North State Highway 360 in Mansfield. The property features 334 one-, two- and three-bedroom residences with stainless steel appliances, granite countertops, wood-style plank flooring, walk-in closets and private patios or balconies. Community amenities include a resort-style swimming pool, 24-hour fitness center, clubhouse, outdoor kitchen, playground, dog park and garage parking.
“We are pleased to have delivered a financing solution through Fannie Mae that supports Greybrook's acquisition of Evolv,” said Richard Kourbage, Senior Managing Director at Greystone. “The property's established performance, strong sponsorship and location within the Dallas-Fort Worth metroplex made it a compelling candidate for agency financing. Our execution provides Greybrook with a competitive, long-term capital structure as it continues to expand its U.S. multifamily portfolio.”
“Evolv represents an attractive investment opportunity in the Dallas-Fort Worth multifamily market, supported by its established operating history, desirable amenities and location in the growing Mansfield community,” said Grant Raymond, Senior Director at Cushman & Wakefield. “We are pleased to have worked with the parties involved to complete this transaction and support continued investment in the region.”
Greybrook Realty Partners is a Toronto-based real estate private equity firm with more than two decades of experience structuring, financing and managing real estate investments across Canada and the United States. Its U.S. Multifamily Income & Growth Fund targets stabilized and near-stabilized multifamily communities in growing U.S. markets. Evolv joins two existing properties in the fund located in the Atlanta metropolitan area.
Located southwest of Dallas and southeast of Fort Worth, Mansfield benefits from access to major employment centers throughout the Dallas-Fort Worth metroplex via State Highway 360 and U.S. Highway 287. The property is situated near retail, dining, schools and other neighborhood amenities, providing residents with convenient access to the surrounding region.