GREENSBORO, NC—New York City-based Greystone reports it has provided $30.05-million in acquisition financing to Varden Capital Properties of New York City for its acquisition of a total of 941 residential units here and in Winston-Salem, NC.
The properties in the portfolio located in the Piedmont Triad region of North Carolina include the Ashland Apartments in Greensboro, The Lakes on Meadowood in Greensboro, Ambercrest Apartments in Winston-Salem and The Hunt Club Apartments in Winston-Salem.
The loan terms for all four properties include 10-year financing with 30-year amortization, one year interest-only and 80% LTV. The four separate loans were originated by Vincent Langan of Greystone and delivered to Fannie Mae under its Delegated Underwriting and Servicing program.
“After working on several previous acquisition transactions with Varden, we are thrilled about the outcome for the Piedmont Triad portfolio of properties. The 10-year Fannie Mae product is a fantastic option for borrowers such as Varden. They continue to grow their portfolio during a time of low interest rates, and we are happy to serve as a trusted advisor along the way,” states Joe Mosley, executive vice president of Agency Lending at Greystone.
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