Greystone has provided a $36 million Fannie Mae Delegated Underwriting and Servicing (DUS) loan to refinance Colonial Townhouse Apartments in Windham, Connecticut.
The non-recourse loan carries a 10-year fixed term with the first three years interest-only, and a 30-year amortization.
The property 95.9 percent occupied property has 444 residential units. The owner has held the property since 2000 and has invested over $7 million in rehabilitation to the community’s interior units and exterior, according to Greystone. According to a statement from Greystone, the deal closed in just 14 days.
Earlier this week we reported that Greystone had provided $42.6 million in total Fannie Mae DUS loans for two apartment communities in Phoenix, Arizona, after which Joe Mosley, executive managing director and head of agency lending at Greystone, voiced his continued faith in the multifamily property type.
“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,” he said.
“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.”