Greystone has provided a $25,251,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) loan to refinance a 232-unit multifamily property in Covington, Georgia. The financing was originated by Keith Hires and Carter King in Greystone’s Atlanta office, on behalf of Patrician LS, LLC. J. Mark Madderra of Madderra, Cazalot & Head-Metairie acted as correspondent.
Constructed in 1999, Leaf Stone Apartments in Newton County consists of 11 garden-style buildings with one-, two- and three-bedroom units. The $25.2 million non-recourse, fixed rate financing carries a 10-year term and 30-year amortization along with 10 years of interest-only payments. Loan proceeds are being used to pay off an existing Greystone CMBS loan and enable the borrower to monetize a portion of the equity in the property.
“Clients choose Greystone because they know we will help them secure the right financing for their properties, no matter how complex the transaction,” said Mr. Hires. “We’re thrilled that our clients view us as an extension of their multifamily portfolio management team, and we know that our deep industry expertise and our extensive lending platform are what keep them coming back.”
“Our Greystone team raises the service bar higher and higher on every transaction, which has helped us grow our portfolio,” said Mr. Alexis V. Lewis, principal of the borrower and a longtime client of Greystone. “Greystone not only understands our vision for our properties, but they think creatively and offer us new ideas to help us a achieve our goals – there is no reason to partner with anyone else.”