Greystone Provides $44 Million Fannie Mae in Acquisition Financing for Virginia Multifamily Portfolio
Greystone has provided $44,317,000 in total Fannie Mae Delegated Underwriting Services (DUS®) financing for the acquisition of a 472-unit multifamily portfolio of three communities in Chesapeake, Virginia. The transaction was originated by Steven Vainer, Managing Director at Greystone, on behalf of MRKT Capital.
The non-recourse, fixed-rate, interest-only Fannie Mae loans all carry 12-year terms and six years of interest-only payments. The communities, Green Tree Apartments with 208 units, Emerald Lake Apartments with 132 units, and Oak Grove Apartments with 132 units, are all located in the Chesapeake market south of Norfolk, Virginia, and are well located to retail, entertainment, and industry/workforce opportunities. The communities include volleyball courts, fitness centers, pool, and walking/biking trails.
“We are thrilled to add these well-located, desirable properties to our portfolio, and Greystone’s guidance as a lender was critical to making the acquisition a success,” said Colin Moorhead and Robert Thorsen, Principals, MRKT Capital.
“The team at MRKT Capital has been a pleasure to work with, and I look forward to collaborating on future transactions,” said Mr. Vainer.