ATLANTA—Varden Capital Properties of New York City has secured $19.5 million in acquisition financing from mortgage lender Greystone for its purchase of the Hartford Place Apartments here.
The 351-unit apartment community is located within the highly desired infill West Midtown area, near Midtown, Buckhead and Downtown Atlanta. The West Midtown area is undergoing rapid redevelopment and is known as a vibrant, trendy area with numerous converted industrial-to-retail developments, Greystone states in its transaction announcement.
The loan for the Hartford Place Apartments purchase was originated by Vincent Langan of New York City-based Greystone and delivered to Fannie Mae under its Delegated Underwriting and Servicing program. The loan terms include 12-year financing with 30-year amortization, one year interest-only and 75% LTV.
“Varden's continued commitment to Greystone as a lender is a testament to our ability to execute with certainty, and provide unmatched service to borrowers who are highly acquisitive,” says Joe Mosley, executive vice president of agency lending at Greystone. “We value their trust in us and look forward to many more transactions in the future.”
Greystone provides mortgage finance across multiple platforms, including FHA, Fannie Mae, Freddie Mac, USDA, CMBS, bridge, mezzanine and other proprietary loan programs.
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