Greystone has provided a $26.7 million Fannie Mae Delegated Underwriting and Servicing (DUS®) loan for the acquisition of a 250-unit multifamily property in Hampton, Georgia. The financing was originated by Richard Kourbage, Managing Director at Greystone, on behalf Atlanta-based Inspired Real Estate Partners (IREP).
Lakeside Villas Apartment Homes, constructed in 2002, sits on 23.09 acres and consists of 13 three-story residential buildings. The property contains one-, two-, and three-bedroom units with amenities including a community clubhouse, fitness center, business center, in-ground swimming pool, pool house, grill stations, playground, dog park, car care area, and covered parking.
The Fannie Mae financing includes a seven-year term at a fixed rate.
“Greystone is both a multifamily finance expert and a local market expert, helping us to navigate interest rate dynamics and a comprehensive underwriting process,” said Jeremy Furman, IREP Co-Founder. “We appreciate the white-glove approach to deal financing, and look forward realizing the potential of this long-term investment.”
“There are multiple options for acquisition financing today with Agency financing, despite recent market volatility, and particularly for value-add properties such as Lakeside Villas,” said Mr. Kourbage. “It was a pleasure working with IREP on their first acquisition as a new company for them, and I congratulate them on this exciting acquisition.”
IREP Co-Founder Brooks Castellaw added, “Lakeside Villas represents our first acquisition since getting started in March 2023. Having owned the asset before, we are very familiar with the property and the submarket. Lakeside Villas fits our business plan of buying well built, suburban multifamily properties in the Sunbelt, with modern floor plans, oversized units, direct access garages and a full amenity set.”