News

Cushman & Wakefield and Greystone Close Sale and Financing of South Pointe at Wayside

July 09, 2024

Cushman & Wakefield and Greystone Close Sale and Financing of South Pointe at Wayside

The joint venture team of Cushman & Wakefield and Greystone announced that they arranged the sale of and provided acquisition financing for South Pointe at Wayside, a 192-unit multifamily community located in Raeford, North Carolina a city on the Southwestern edge of Fayetteville. The multifamily property was sold by Hackett Properties to buyer LBX Broadwill.

Cushman & Wakefield’s Richard Montana, Alex McDermott, Hunter Bowling, Rhodes Marley, and Paul Marley represented the seller. Greystone’s Brad Waite and Charlie Mentzer originated a five-year, fixed-rate Freddie Mac Optigo® loan featuring full-term interest only.

“South Pointe at Wayside is an attractive newly built community that arrived in the market despite all-time high construction costs. It is well-positioned in the Raeford market and has benefited from an incredibly strong lease-up. Our team looks forward to seeing this asset continue to thrive under the new ownership of LBX Broadwill,” said Montana, Senior Director at Cushman & Wakefield.

Newly built in 2023, South Pointe at Wayside offers top-of-the-line market amenities and Class A finishes catered to residents. The multifamily property is also strategically located in Raeford’s Health Corridor with a suburban advantage that provides easy access to top regional employers, the Skibo Road retail corridor, Cross Creek Mall and Downtown Fayetteville.

“Congratulations to LBX Broadwill on their acquisition of South Pointe at Wayside, an exceptional asset that is poised for growth. This transaction represents the complete capabilities of our combined platforms in the Sunbelt,” added Waite, Senior Managing Director at Greystone.