Greystone, a national provider of multifamily and healthcare mortgage loans, has provided $50 million in acquisition loans for Varden Capital Properties.
The company provided a $19,500,000 loan for Varden’s acquisition of the 351-unit Hartford Place Apartments in Atlanta, Georgia.
The loan was originated by Vincent Langan of Greystone and delivered to Fannie Mae under its Delegated Underwriting and Servicing (DUS) program.
The loan terms include 12-year financing with 30-year amortization, one year interest-only and 75 percent LTV.
Greystone also provided $30,500,000 in loans for the acquisition of four multifamily properties in the Piedmont Triad region of North Carolina.
The four separate loans were again originated by Vincent Langan. The loan terms for all four properties include 10-year financing with 30-year amortization, one year interest-only and 80 percent LTV.
The apartment communities comprise a total 941 units and all offer a range of amenities such as swimming pool, fitness center, clubhouse and tennis courts.
The properties in this portfolio include Ashland Apartments in Greensboro, NC; The Lakes on Meadowood in Greensboro, NC; Ambercrest Apartments in Winston-Salem, NC. The Hunt Club Apartments in Winston-Salem, NC.
“After working on several previous acquisition transactions with Varden, we are thrilled about the outcome for the Piedmont Triad portfolio of properties. The 10-year Fannie Mae product is a fantastic option for borrowers such as Varden. They continue to grow their portfolio during a time of low interest rates, and we are happy to serve as a trusted advisor along the way,” said Joe Mosley, Executive Vice President of Agency Lending at Greystone.