The loan closed in 26 business days and has a 10-year term with a 25-year amortization. The interest rate is undisclosed. The Pittsburgh office of LJ Melody & Co. originated the loan with David Meese of Green Park, its correspondent lender.
The 14-building Nittany Garden complex, located on a 21.5-acre site at 445 Wavpelani Dr., was completed in the 1960s. It contains a mix of studio, one-, two- and three-bedroom units. Rental rate for a studio is $490 a month. Three-bedroom apartments range from $775 to $942 a month. Units have balconies or patios, come equipped with blinds and draperies and are cable-ready. The garden-style complex has a swimming pool, and there are laundry facilities in the lower-floor common areas of each building.
Green Park, a Fannie Mae delegated underwriting and servicing multifamily lender, is a joint-venture between its managing general partner, Walker & Dunlop, which is a commercial real estate services firm, and AIG SunAmerica.
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