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Portfolio Sells 10 Days After Largest Dow Point Drop

At closing, agencies were changing terms with borrowers, incorporating 12 months reserves for debt service, taxes and insurance but Greysteel was able to close before those restrictions were placed on the transaction.

525/670 N. Carolina Dr. 525/670 N. Carolina Dr. is a 129-unit property consisting of two-bedroom one-bath units.

EL PASO, TX—A two property multifamily portfolio, 525/670 N. Carolina Dr., sold 10 days after the largest point drop in Dow Jones history. Both built in 1981, the 129-unit property consists of two-bedroom one-bath units with an average square footage of 600.

Greysteel’s Jack Stone, Doug Banerjee and Andrew Hanson from the firm’s Dallas offices sold the property on behalf of the seller and solely procured the buyer. Greysteel’s Fisher Wells and Daniel Harnett arranged the financing on behalf of the buyer. The purchase price was undisclosed.

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Lisa Brown

Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.

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