Greystone has provided a $33,717,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan for the acquisition of a 324-unit multifamily property in Jonesboro, Arkansas. The financing was originated by Eric Rosenstock and Dan Sacks, Co-Managing Directors in Greystone’s New York office, on behalf of CLK Properties.
Constructed in 2011, Willow Creek Apartments in Craighead County consists of 12 garden-style buildings with one-, two- and three-bedroom units. The $33.7 million non-recourse Fannie Mae Green Mortgage loan carries a 10-year term and 30-year amortization along with full-term, interest-only payments. The property has received Energy Star Certification for Fannie Mae’s Green Building Certification, which recognizes the top 25% of the most energy-efficient buildings within its class.
“We work hard to earn our clients’ trust on every transaction, so there is no greater ‘vote of confidence’ than when a client comes to Greystone for help in financing additions to their portfolios,” said Mr. Rosenstock. “We couple our extensive expertise in multifamily lending with a deep commitment to serving clients well for an experience they won’t get anywhere else.”
“Our Greystone team truly understands the nuances of multifamily financing, which benefits us not only at closing but at every stage of the transaction,” said Mr. Craig Koenigsberg, CEO of CLK Properties and a valued client of Greystone. “Greystone is our trusted partner because they believe in our vision for each of our properties and then work tirelessly to help us make the vision a reality.”
The Willow Creek Apartments sale was brokered by Aaron Jungreis and David Wildes of Rosewood Realty Group. “The completion of this transaction further highlights the success of Rosewood and Greystone’s correspondent relationship and I’m happy to add this to the list of wins,” added Mr. Jungreis.