Greystone Arranges $34 Million Refinance for Larken Associates’ 239-Unit Multifamily Development in York, PA
Greystone announced it has arranged a $33,900,000 loan on behalf of Larken Associates for The Oaks and Reserve at Copper Chase, a recently-completed 239-unit class-A multifamily rental complex consisting of two phases located at 2900 and 3145 Honey Drive, York, PA. The new permanent loan was provided by Berkshire Bank and used to refinance the original construction loan which was also held by Berkshire Bank. The Greystone Capital Advisors team, led by Drew Fletcher and Paul Fried, served as the exclusive advisor in arranging the debt on behalf of Larken.
Copper Chase is located just outside of downtown York, PA which offers shopping, dining, and entertainment as well as many Fortune 500 companies, two universities, world-class healthcare facilities, and a large manufacturing, industrial, and transportation industry. Phase I of the Property, the Reserve at Copper Chase, consists of 132 units that were constructed in 1983 and acquired and renovated by Larken in 2019. Phase II of the Property, the Oaks at Copper Chase, consists of 107 newly-constructed units in twelve 2-story buildings that have been fully completed and fully leased since October 2021. Phase II has added a list of brand-new amenities that can be used by residents of both phases including a swimming pool, community clubhouse with lounge, state-of-the-art fitness center, dog-washing station, bark park, walking/biking paths, and a playground. Each one-, two-, and three-bedroom apartment consists of modern, high-end finishes, in-unit washer/dryer and dishwashers.
“The team at Larken did an amazing job, from recognizing the opportunity through executing on the business plan, all through the pandemic. We’re thrilled to have worked with them and their lender to execute the project’s success through this refinancing,” said Paul Fried.
“Greystone did a great job advising us on the refinancing. We are excited to continue working with them and Berkshire Bank,” said David Gardner, President and CEO of Larken Associates.