Greystone provided a $16,500,000 CMBS loan to refinance a multifamily property in Jacksonville, FL. The transaction was originated by Brian Fintz, an originator in the firm’s New York office.
The low-rate 5-year CMBS loan enables the borrower, Real Capital Solutions, to continue strategic investment in their target markets. The gated community, Eden’s Edge, includes 244 units and amenities such as a swimming pool, resident lounge with free wi-fi, business / fitness centers, and playground.
“Greystone’s ability to provide an otherwise unavailable level of proceeds and work through the challenges of underwriting a property in the evolving, dynamic investment market in Jacksonville enabled us to carry out our business plan and realize the substantial value added to the property since acquisition, providing investors with returns that are unparalleled in the industry,” said Ken Cope of Real Capital Solutions.
“The incredible appetite for CMBS lending is a result of the inherent flexibility this platform provides, and backed by our multifamily expertise, Greystone is able to exceed borrowers’ expectations regardless of the market challenges,” said Robert Russell, head of production for Greystone’s CMBS lending group.