Greystone Provides $24 Million in HUD-Insured Financing for a Multifamily Property in Virginia
Greystone has provided a $24 million HUD-insured loan to refinance a 190-unit multifamily property in Chesapeake, Virginia. The transaction was originated by Eric Rosenstock, Managing Director and Jesse Yodice, Vice President, on behalf of Baron Realty Advisors.
The $24,105,000 HUD-insured Section 223(a)(7) financing carries a 40-year term and amortization, along with a low, fixed rate, and a Green Mortgage Insurance Premium (MIP) reduction. Constructed in 2011, Tapestry Park Apartments features 10 three-story garden-style apartment buildings comprising 190 one-, two- and three-bedroom units with modern amenities and finishes, in-unit laundry, and private outdoor living space. Residents can enjoy the community’s clubhouse and fitness center; pool; picnic and play area; dog park; car wash; and on-site parking. Located in the heart of Chesapeake, the property offers easy access to the 168 Bypass and Highways 64 and 464, and is close to the area’s shopping, beautiful beaches and outdoor recreation, as well as major employment centers and Chesapeake Medical.
“The Greystone team excels at scenario-planning with our clients and finding the right financing terms for every economic cycle,” said Mr. Yodice. “Clients look to us to anticipate their needs throughout every market turn -- they know that Greystone’s extensive lending platform, deep industry knowledge and creativity results in a transaction experience they cannot get anywhere else.”
“In this uncertain environment, my partners and I were not just satisfied with being in a good place today, we wanted to secure a stronger tomorrow. We turned to our Greystone team to execute based on their industry knowledge and track record,” said Peter J. Weidhorn, principal, Baron Realty Advisors. “We are pleased Greystone helped us monetize our long-term strategic plan for this community, they are true professionals who make the process easy and seamless.”