Greystone has provided an $18,614,000 Freddie Mac Optigo® loan to refinance a 202-unit multifamily property in Fayetteville, North Carolina. The financing was originated by Justin Hechler, Director at Greystone, on behalf of Magma Equities & Prudent Growth.
Constructed in 1974, Keystone Apartments in Cumberland County is a 28-building garden-style community featuring one- and two-bedroom units. The pet-friendly property offers a clubhouse, fitness center, swimming pool, dog park and on-site parking. The $18,614,000 non-recourse, fixed-rate loan carries a five-year term and 30-year amortization, with two years of interest-only payments.
“It was a pleasure to work with both the Magma Equities & Prudent Growth teams on this transaction. Working with Sponsors who have a deep understanding of the market and top-notch personnel makes all the difference for a smooth and efficient closing,” said Mr. Hechler. “We pride ourselves on finding creative solutions for every transaction to ensure our clients realize their goals for all of their properties.”
“We rely on Greystone to help us achieve our portfolio objectives and guide us through transactions in every market cycle,” said Mr. Ryan Hall, Principal of Magma. “Time and again, Greystone’s diligence, vast industry knowledge and commitment to service excellence prove they are the right partner for us.”