×

Greystone Provides $30.5 Million for Varden Capital Properties' Acquisition of 941-Unit Multifamily Portfolio in Piedmont Triad

NEW YORK, Feb. 3, 2015 (GLOBE NEWSWIRE) -- Greystone, a leading national provider of multifamily and healthcare mortgage loans, today announced it provided $30,500,000 in loans for the acquisition of four multifamily properties in the Piedmont Triad region of North Carolina. The four separate loans were originated by Vincent Langan of Greystone and delivered to Fannie Mae under its Delegated Underwriting and Servicing (DUS®) program.

The loan terms for all four properties include 10-year financing with 30-year amortization, one year interest-only and 80% LTV. Acquired by Varden Capital Properties (VCP), the apartment communities comprise a total 941 units and all offer a range of attractive amenities such as swimming pool, fitness center, clubhouse and tennis courts. The properties in this portfolio include:

  • Ashland Apartments in Greensboro, NC
  • The Lakes on Meadowood in Greensboro, NC
  • Ambercrest Apartments in Winston-Salem, NC
  • The Hunt Club Apartments in Winston-Salem, NC

"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," said Joe Mosley, Executive Vice President of Agency Lending at Greystone.

Greystone provides mortgage finance solutions across multiple platforms, including FHA, Fannie Mae, Freddie Mac, USDA, CMBS, bridge, mezzanine and other proprietary loan programs.

About Greystone

Greystone is a financial services and private investment group whose original core business is multifamily real estate lending. Over the years, Greystone has added business lines that are related to, and natural extensions of, its core business including acquisition, development, and management of multifamily housing properties across the country. Headquartered in New York with offices across the U.S., Greystone is active in three major business segments: Mortgage Finance, Healthcare and Real Estate. Greystone's mission is to apply unparalleled creativity while modeling corporate compassion. Loans are offered through Greystone Servicing Corporation, Inc., Greystone Funding Corporation and/or other Greystone affiliates. For more information about Greystone's multifamily and healthcare financing solutions please visit http://www.greyco.com.

CONTACT: Karen Marotta PR Manager, Greystone 212-896-9149 KMarotta@Greyco.com

Source: Greystone