Greystone provided a $29.2 million Freddie Mac loan for Andover at Crabtree, a multifamily property in Raleigh, North Carolina. Dale Holzer, managing director in Greystone’s Newport Beach, CA office, originated the loan on behalf of one of the largest publicly-traded REITs in the country.
The loan is part of Freddie Mac’s Green Up program, which provides attractive terms for borrowers who commit to energy or water savings. The financing carries a seven-year term with the initial two years at interest only.
Located within the city limits of Raleigh, North Carolina, Andover at Crabtree features 30 two- and three-story garden style buildings with a total of 368 residences. Residents have access to various amenities including two swimming pools with lake views, deck, gazebo, and a clubhouse.
“This is a sizable transaction with one of the largest real estate companies in the U.S., so naturally Greystone is very excited about our growing relationship,” said Mr. Holzer. “Our deep experience with Freddie Mac and its products has equipped us to provide the client with a financing solution tailored to their needs through the Green Up program."