Greystone, a leading national commercial real estate finance company, has provided a $21,464,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 144-unit multifamily community in Herndon, Virginia. The transaction was originated by Cullen O’Grady, managing director in Greystone’s Rockville, MD office.
Developed in 1964 and rehabbed in 1989, Parkridge Gardens Apartments comprises 78 one-bedroom,
54 two-bedroom, and 12 three-bedroom townhome units on 6.80 acres. Project amenities include a
leasing office, BBQ/picnic area, playground, common laundry facility and free access to the Herndon
Community Center. Located in Fairfax County, the property has had excellent historical occupancy and
access to major thoroughfares, including the Silver Metro line which provides direct access to the
Washington DC central business district and major employment centers, including Amazon.
The borrower is a private investor and repeat Fannie Mae client.
“We executed the loan swiftly with very favorable terms through Fannie Mae’s Streamline Rate Lock
process, allowing the borrower to lock their rate after application during an extremely turbulent and
volatile treasury market,” said Mr. O’Grady. “We are always grateful when clients come to Greystone for
agency financing solutions, placing their trust not only in our lending capabilities but also our industry
leading expertise especially during challenging times in the market.”