NEW YORK, NY - Greystone, a leading national commercial real estate finance company, has closed a $27.4 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan for the $48.8 million acquisition of a 276-unit multifamily property in Raleigh, North Carolina. The transaction was originated by Scott Chisholm, Michael Zampetti, and Rich Swietkowski of Greystone, on behalf of Bluerock Residential Growth REIT, Inc.
Greystone provided the original acquisition loan securing Windsor Falls Apartments in 2017, and the $27.4 million Fannie Mae DUS loan includes the original terms - a 10-year, fixed rate loan with a 30-year amortization and five years of interest-only payments. The 96% occupied community consists of 13 three-story buildings constructed in 1994 and includes amenities such as a clubhouse, fitness center, yoga room, and swimming pool.
“This acquisition was nearly seamless with Greystone’s guidance and expertise with the asset and Agency financing,” Bluerock commented.
“Greystone’s long relationship with Fannie Mae is certainly beneficial for our clients, and it’s gratifying when a client is happy with the existing financing terms at acquisition,” said Mr. Zampetti. “The seller improved the property during their hold period, and Bluerock is now acquiring a quality asset for their portfolio that will perform well over time.”