: Greystone Closes $93M for Retail, Mixed-Use, Apartment Properties
Greystone, New York, provided $92.5 million on properties in Atlanta, Avon, Colo. and Virginia Beach, Va.
Greystone Managing Director of Agency Originations and Commercial Mortgage-Backed Securities Production Head Robert Russell originated $50 million on behalf of a Midwest-based borrower that acquired Rosemont City View and Dawson Forest in suburban Atlanta. The two apartment properties comprise 588 units.
“The fundamentals in Atlanta and its suburbs continue to improve,” Russell said. He noted that the 10-year CMBS loan includes a 30-year amortization schedule.
Ted Nasca, managing director of CMBS originations with Greystone, originated $36 million for a mixed-use project in the resort community of Avon, Colo., at the base of the Beaver Creek ski resort. The 10-year loan remains interest-only for the first three years with a 30-year amortization schedule.
The property includes nearly 200,000 square feet of office and retail space and loan proceeds refinanced two adjoining properties, Chapel Square and Benchmark Shopping Center, cross-collateralized as part of the fixed-rate structure.
Greystone also provided a $6.5 million Fannie Mae Delegated Underwriting and Servicing loan on for Tivoli Apartments, a 140-unit Virginia Beach community. Greystone Managing Director Andrew Ellis originated the 15-year fixed-rate loan that includes 30-year amortization with one year interest-only.
