Greystone announced it has provided a $28,946,000 Fannie Mae DUS® loan for the acquisition of Sphere Apartments, a multifamily community located in Richmond, Virginia. The financing was originated by Reuben Dolny and Alexander Basile of Greystone, on behalf of Conserve Holdings and Calibogue Capital.
The $28,946,000 financing features a five-year term with interest-only payments for the full-term of the loan.
Comprising of 224 units across two mid-rise residential buildings with studio, one-and two-bedroom units. The property is a Class A asset in the Richmond area, and offers residents high-end amenities, including a pool, clubhouse, fitness center, and business center. The asset was rated in excellent condition and boasts strong occupancy trends in a stable submarket.
“This loan exemplifies Greystone’s ability to execute on behalf of experienced sponsors seeking tailored, competitively priced acquisition financing,” said Mr. Dolny. “We’re pleased to support our client’s strategic growth with capital that aligns with their short-term goals and long-term investment strategy.”
“This was our first transaction with Greystone, and the team, including Alex and Reuben, did an incredible job,” said David Walkins, founding partner at Conserve Holdings. “The process was highly efficient; they over-delivered on both terms and timing, and it was a pleasure to work with them in a challenging funding environment.”