Greystone has provided a $13,928,000 Freddie Mac loan to refinance a 120-unit multifamily property in Newnan, Georgia. The financing was originated by Keith Hires and Carter King in Greystone’s Atlanta office, on behalf of Jefferson Point Apartments, LP.
Constructed in 1990, Jefferson Point Apartments in Coweta County consists of 10 garden-style buildings with one-, two- and three-bedroom units. The $13,928,000 non-recourse, adjustable rate financing carries a 10-year term and 30-year amortization along with four years of interest-only payments. In addition to refinancing an existing Fannie Mae loan, loan proceeds enable the borrower to monetize their equity in the property.
“Our multifamily expertise and our deep lending platform mean that we can find the right financing for our clients, even during challenging market cycles,” said Mr. Hires. “Greystone is known for its willingness to be creative and find solutions where others fall short – we are passionate about helping our clients realize their vision for the multifamily properties in their portfolio.”
“Our Greystone team continues to go above and beyond on every transaction, weighing in with tremendous insights and expertise on every property,” said Mr. Alexis V. Lewis, principal of the borrower and a longtime client of Greystone. “They are our go-to partner for our multifamily portfolio and we look forward to working with them again in the future.”