Greystone has provided $27,325,000 in total Fannie Mae Delegated Underwriting & Servicing (DUS®) financing for a two-property portfolio in Greensboro, North Carolina. The financing was originated by Justin Hechler, Director at Greystone, on behalf of repeat client Featherstone Partners.
Terrace Oaks, which comprises 120 units, and Terrace at Olde Battleground, comprising 156 units, both received 10-year, fixed-rate Fannie Mae loans with 35-year amortizations and the first six years of interest-only payments. Both properties boast amenities including swimming pools and fitness centers, while the larger community, Terrace at Olde Battleground, additionally offering a playground, car wash station, dog park and wash station, and picnic area with fire pit.
In addition to these two refinancing transactions, Hunter Bowling of Cushman & Wakefield represented Featherstone Partners in the sale of Madison Woods, also located in Greensboro.
“Exiting the portfolio’s existing debt all at once by way of three separate transactions was tricky due to the current capital markets environment -- having a thorough understanding of the mechanics that went into each step, along with having great financing partners like Greystone, made all the difference,” said Chuck Patty, Managing Partner, Featherstone Partners.
“It takes a true collaboration with clients to close financing so quickly, and the Featherstone team was prepared and responsive, enabling our team to guide them to closing in 28 days,” said Mr. Hechler. “It’s also a testament to our commitment to clients when we have repeat borrowers return for new financing with Greystone.”