Greystone announced it has provided a $25,500,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 257-unit multifamily property, Woodgate Apartments, in Chamblee, GA. The transaction was originated by Keith Hires and Mark Nelson, Managing Directors in Greystone’s Atlanta office.
The $25.5 million Fannie Mae Green Rewards loan, which refinances a Greystone bridge loan, carries a 10-year term and 30-year amortization period at a low, fixed rate. Woodgate Apartments was built in 1963 and renovated between 2015 and 2018, during which time the owner invested nearly $400,000 of the original $17,000,000 bridge financing for capital improvements. As part of the new financing package, the owner plans to continue its commitment to renovating the property. The amenities at Woodgate Apartments include a swimming pool, playground, surface parking, and picnic area with grills.
“With the ongoing renovations the investors have planned for Woodgate Apartments, it’s clear that they have a long-term plan for this asset, and we are thrilled to have executed permanent financing on their behalf,” said Mr. Hires. “Greystone’s bridge lending platform provides the ideal jumping off point for a property owner to improve and stabilize an asset, as well as take advantage of incentives for making the property more energy-efficient.”