Greystone provides $42.6m on Arizona apartments

Greystone, a real estate lending, investment and advisory company, has provided $42.6 million in total Fannie Mae Delegated Underwriting and Servicing (DUS) loans for two apartment communities in Phoenix, Arizona.

The two Fannie Mae loans on the Canyon Crossroads and Summerhill Place Apartments carry 10-year terms with 30-year amortization.

A $31.7 million loan on Canyon Crossroads to an undisclosed Oregon-based buyer, closed by Tim Thompson of Greystone’s San Francisco, backs a garden-style apartment community comprising 280 units, with amenities including resort-style pool, athletic center, media center, outdoor lounge with entertainment area, and billiards room.

A $10.9 million loan on Summerhill Place Apartments to Washington-based Trimark Property Group, closed by John Tilsch of Greystone’s San Francisco office, backs a 232-units community with a clubhouse, swimming pool, business center, and playground.

“Multifamily financing continues to show robust demand, and Fannie Mae financing is an ideal solution for property owners seeking to expand their portfolios in markets such as Phoenix,” said Joe Mosley, executive managing director and head of agency lending at Greystone.

“We are seeing more and more real estate investors seek opportunities inland as they search for yield, and a premier property such as Canyon Crossroads is a prime example of this strategy coming to fruition.”