Greystone provided an $8,961,000 Fannie Mae loan to refinance a 113-unit property in Georgetown, TX.
The transaction was originated by DJ Elefant in Greystone’s New York office on behalf of The Rail at Georgetown LLC with Jason Bartlein of Bolder Capital acting as correspondent. Dan Gillard and the team in Greystone’s Philadelphia office supported Elefant in closing the transaction.
The Fannie Mae loan carries a 10-year term with three years of interest-only payments.
The property, The Rail at Georgetown, is estimated to see a reduction in utility usage by 30 percent through the Green Rewards program.
The market rate community is comprised of one- and two-bedroom rental units and features on-site laundry, a playground, a pet play area, and parking. Originally acquired in 2017, the current owners have invested over $1 million in capital improvements to both the interiors and exterior of the property.
“The borrower executed on their initial game plan after acquisition and now our loan will provide them with long term stability going forward,” said Elefant.
“This property’s vintage made it a perfect candidate for Green Rewards financing from Fannie Mae.”
“We thank Greystone for their guidance through the financing process, and their expertise in the many options for multifamily investors as they look to increase and optimize their real estate portfolios,” said Melissa Jones, a principal of The Rail at Georgetown LLC.