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Jun. 5, 2013

Greystone Funds $6 Million Acquisition of Portsmouth M-F Complex

By Adrian Maties, Associate Editor

Greystone has closed on a $6 million Delegated Underwriting and Servicing loan
from Fannie Mae. The loan will be used for the acquisition of Cedarfield at Churchland Apartments, a 118-unit property in Portsmouth.

The loan was structured with a 15-year term, five years of interest-only payments and 30-year amortization. Andrew Ellis, an originator in the New York City-based financial services and development firm’s multi-family lending group, worked directly with the borrower to close the transaction.

“Having worked with the borrower on three previous loans over the last year, we were pleased to have been brought on again to assist with their financing needs,” said Billy Posey, Greystone’s CEO of Fannie Mae and Freddie Mac lending.

Cedarfield at Churchland Apartments offers 65 garden apartments and 53 townhouse-style units, each featuring central heating and air conditioning, large closets, dishwashers and spacious floor plans. Community amenities include picnic areas, on-site laundry center, on-site management, a playground and a swimming pool.

The property is located directly across the street from Churchland City Park, close to military bases, major shopping districts, business developments, theme parks, museums, zoos and aquariums. Monthly rents range between $750 for one-bedroom units and $1125 for three-bedroom townhouses.

Photo: Cedarfield at Churchland Apartments