Dealmaker: Greystone, Cushman & Wakefield Close Sale, $28M Financing of Alabama Apartments

(Image via Greystone)

Greystone, New York, and Cushman & Wakefield, New York, jointly announced they arranged the sale and provided $28 million in Freddie Mac financing for the acquisition of a Tuscaloosa, Ala., multifamily property.

The financing was originated by Elliott Mulkin, Managing Director at Greystone, with Cushman & Wakefield serving as the exclusive investment sales advisers through Andrew Brown and Craig Hey.

The financing for the acquisition carries a 5-year term with a 30-year amortization schedule and features an interest-only period followed by amortization.

The property–Landmark Apartments–includes 264 units. It was built in 2007 and sits on more than 23 acres.

“Tertiary markets like Tuscaloosa continue to demonstrate durable multifamily fundamentals driven by major employment anchors and steady population trends,” said Mulkin.

“Landmark Apartments attracted strong investor interest due to its scale, location, and value-add potential,” Brown said.