Greystone, a leading commercial real estate lending, investment, and advisory company, announced it has provided a $14,796,000 million Freddie Mac loan for the acquisition of SouthGlenn Place, a multifamily property located in Denver, CO. The financing was originated by Ana Ramos of Greystone’s Los Angeles office, while both the seller and buyer were represented by Greystone Unique Apartment Group.
SouthGlenn Place is a 135-unit, 74,575 square foot apartment complex with significant value-add upside potential. The Freddie Mac Value Add loan program was utilized to enable the new owner to perform property upgrades and increase the value of the property over time, with the new owner budgeting approximately $1.6 million for upgrades. The non-recourse loan includes a 3-year term with the entire term being interest-only.
“Working closely with the Unique Apartment Group, we helped guide the buyer through the acquisitions process and to understand the benefits of the Freddie Mac Value Add program,” said Ms. Ramos. “It’s been a pleasure collaborating with the investment sales team on an end-to-end process from acquisition to financing.”