JACKSONVILLE, FL—Real Capital Solutions has secured a $16.5-million CMBS loan to refinance its 244-unit Eden's Edge multifamily property here.
The financing was announced by New York City-based Greystone, which provided the loan to the Louisville, CO-based national investment and development firm. Brian Fintz, an originator in Greystone's New York City office, originated the transaction.
The low-rate five-year CMBS loan enables Real Capital Solutions, to continue strategic investment in their target markets, Greystone officials say. Eden's Edge, a gated community, features such amenities as a swimming pool, resident lounge, business/fitness centers, and a playground.
"Greystone's ability to provide an otherwise unavailable level of proceeds and work through the challenges of underwriting a property in the evolving, dynamic investment market in Jacksonville enabled us to carry out our business plan and realize the substantial value added to the property since acquisition, providing investors with returns that are unparalleled in the industry," says Ken Cope of Real Capital Solutions.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.