Greystone Arranges $11M in Financing for Oregon Asset

Somerset Villas

Greystone has provided an $11.8 million Fannie Mae loan for the acquisition of Somerset Villas, a 92-unit community in Eugene, Ore. Shepard Investment Group acquired the property for $24.5 million, according to Yardi Matrix data.

Tim Thompson, managing director of Greystone’s San Francisco office originated the financing. Mark Paskill from Melvin Capital Group was the correspondent on the transaction. The fixed-rate financing carries a 10-year term and amortization, with full-term interest-only payments.

Built in 1999, the garden-style apartment community encompasses 15 buildings with two-bedroom townhouse-style units, ranging between 31,140 and 36,096 square feet. Unit amenities include private patios or balconies, washers and dryers, enclosed garages and fireplaces.

Located at 2800 Sunnyview Lane, Somerset Villas is near Bailey Hill Road and West 18th Ave., which provide easy access to Route 99 and Interstate 5. There are several dining options, retail spaces, schools and entertainment venues in the proximity of the waterscape community, such as University of Oregon and Eugene Science Center. Green areas like Willow Creek Preserve, Wild Iris Ridge and Bertelsen Nature Park are within a 4-mile radius from the property.

Greystone recently provided a $22.6 million HUS-insured 223(f) loan for refinancing Aria of Shelby, a community in Shelby Township, Mich. The fixed-rate financing carries a 35-year term and amortization.