Greystone announced it has provided a $29.9 million Freddie Mac loan to acquire a 280-unit multifamily property in Noblesville, Indiana. The transaction was originated by Dan Sacks in Greystone’s New York office, on behalf of Lightstone.
The $29.9 million Freddie Mac loan carries a 10-year term with a 30-year amortization, with the first three years of interest-only payments. The loan proceeds will be used to complete ongoing renovations to the property.
Built in 2009, Autumn Breeze Apartments is a garden-style community consisting of 1-, 2- and 3-bedroom units with high-end finishes, fireplaces and private patios and balconies. Residents of the pet-friendly community enjoy access to amenities such as a pool and fitness center, outdoor recreational facilities, billiards room, conference room and business center. The property is minutes from historic downtown Noblesville, near the Ruoff Home Mortgage Music Center and Hamilton Town Center, as well as area parks, recreation and entertainment.
“We are pleased that we were able to help our client secure the right financing terms and continue building out their portfolio with this acquisition,” said Mr. Sacks. “Our extensive lending platform means we can be creative and come up with solutions that others can’t, and we’ll always go the extra mile to help clients realize their dreams.”
“We couldn’t be happier with the efforts of our Greystone team,” said Mr. David Lichtenstein, principal of Lightstone. “At a time when so much is uncertain, we knew we could rely on our team to get this transaction done in a way that seemed effortless. We look forward to working with them again in the future.”