Greystone Provides $13.1 Million in Fannie Mae DUS® Financing for Multifamily Portfolio Acquisition in Georgia
Greystone has provided two Fannie Mae DUS® loans totaling $13,120,000 million for the acquisition of two multifamily properties in Lawrenceville, Georgia. The acquisition financing was originated by Greystone’s Keith Hires, Carter King, and Mark Nelson.
The acquisition financing for The Carolina is a $6,960,000 Fannie Mae DUS® loan. The second Fannie Mae DUS® loan, for $6,160,000 is for Britain Village. Both have a 10-year term with 5 years yield maintenance followed by 1% prepay. Following two years of interest-only payments, the Loans will amortize on a 30-year schedule. The loans are via Fannie Mae's Green Rewards Program which provides borrowers committed to energy or water savings with favorable terms.
The Carolina was built in 1970 and the 82-unit garden-style multifamily property features a mix of two-bedroom flats and townhomes with an average unit size of 961 square feet. The neighborhood has a diverse mix of residential and commercial properties.
Britain Village, which was built in 1986, is a 68-unit, apartment community featuring vaulted ceilings, 24-hour access, and on-site parking options.
Both properties are in Lawrenceville, Georgia and near retail shopping areas.
“We are grateful to have been involved with these properties through past bridge lending. These properties have much to offer the surrounding community and residents,” said Mr. Hires. “We remain committed to furthering our clients’ opportunities throughout a property’s lifecycle. In this instance, having converted both of these properties from our Bridge program to Fannie Green Rewards loans.”