Greystone has provided a $25.8 million Freddie Mac Optigo® loan for the acquisition of a multifamily property in Chattanooga, Tennessee. The financing was originated by Carter King of Greystone on behalf of Beechwood.
The $25,764,000 Freddie Mac loan finances Northshore Village, andcarries a 10-year term with interest only payments for the first 5 years, as well as a 30-year amortization period. Built in 1972, Northshore Village is a multifamily community comprising 226 garden style apartments. Property amenities include a 24-hour fitness center, laundry facilities, a sand volleyball court, and a saltwater pool.
“Greystone’s deep experience with multifamily property financing enables us to navigate a variety of capital needs,” said Mr. King. “It’s been a pleasure working with the Beechwood team as they grow their portfolio.”
“We are thrilled with this acquisition and look forward to continuing to grow in Tennessee and its surrounding markets,” said Kyle Collins, guarantor.