Greystone has provided a $24.1 million HUD 223(f) loan to refinance a 216-unit multifamily property in Charlotte, North Carolina. The financing was originated by Lisa M. Fischman, Managing Director at Greystone, on behalf of Pressly Development Company.
Argyle Place Apartments in Hickory is a midrise apartment community with 20 buildings consisting of one-, two- and three-bedroom units that were originally constructed in 1987 and 2001, and renovated in 2018. The HUD-insured loan carries a 35-year term and amortization along with a low, fixed rate. In addition to refinancing, loan proceeds enable the borrower to make renovations to the property and fund new construction projects.
“At Greystone, we rise to the challenge of helping clients navigate complex circumstances to secure the right financing for the multifamily properties in their portfolios,” said Ms. Fischman. “Clients choose Greystone for our significant multifamily expertise, our deep lending platform, and our commitment to helping them bring the vision for their properties to life.”
“We are incredibly impressed with the creativity, capabilities and commitment of Greystone – our team delivered for us a financing solution that others couldn’t,” said James Pressly, co-owner of Pressly Development Company. “Greystone’s attention to detail throughout this transaction was remarkable – the entire experience exceeded our expectations.”
David L. Pressly, Jr., principal of the borrower, added, “We’re actively working with the team on the next project and know that, even in these challenging economic times, Greystone will find the best path to closing.”