Dealmaker: Greystone Provides $21M Fannie Mae Loan in Herndon, Va.

Greystone, New York, provided a $21.4 million Fannie Mae Delegated Underwriting and Servicing loan to refinance a 144-unit multifamily community in Herndon, Va.

Parkridge Gardens, Herndon, Va. Photo courtesy of Greystone

The transaction was originated by Cullen O’Grady, Managing Director in Greystone’s Rockville, Md. office.

Developed in 1964 and rehabbed in 1989, Parkridge Gardens Apartments has 78 one-bedroom, 54 two-bedroom and 12 three-bedroom townhome units on 6.8 acres. Located in Fairfax County, the property is near major thoroughfares including the Washington Metro Silver Line commuter rail, which provides direct access to the Washington, D.C. central business district and major employers including Amazon.

“We executed the loan swiftly with very favorable terms through Fannie Mae’s Streamline Rate Lock process, allowing the borrower to lock their rate after application during an extremely turbulent and volatile treasury market,” O’Grady said.