Greystone has arranged a $26,500,000 floating-rate loan through Benefit Street Partners to refinance Lakeland Commons, a 121-unit mixed-use multifamily property in Lakeland, Tennessee. The financing was arranged by Jesse Yodice, Director, and Eric Rosenstock, Senior Managing Director, at Greystone.
Lakeland Commons is a Phase II mixed-use development comprising 121 residential units and 23,419 square feet of commercial space. The property features apartments with stainless steel appliances and open-air layouts, along with community amenities including a swimming pool and clubhouse.
On-site retail shops offer residents convenient access to shopping and services, creating an integrated live-work-shop environment. The loan proceeds, together with borrower equity, will be used to retire existing construction debt; it will also allow the borrower to fund an allowance reserve and a shortfall reserve, and cover closing costs.
“Lakeland Commons offers an attractive combination of modern residential living and convenient retail amenities in a growing Tennessee market,” said Mr. Yodice. “We were pleased to work with Benefit Street Partners to arrange a financing solution that allows the borrower to refinance existing construction debt and support the property's continued operations.”