Greystone has secured a $17.8 million Fannie Mae loan to refinance Cambridge Faire, a 208-unit garden-style community in Fairburn, Ga. Managing Director Keith Hires arranged the transaction. In November 2019, Hires secured a $15.4 million loan for the acquisition of a 184-unit property in Baton Rouge, La.
The Cambridge Faire mortgage carries a 12-year term and 30-year amortization period, with two years of interest-only payments. The loan allows the borrower to continue the ongoing improvement process at the property. According to Yardi Matrix data, Patrician Management acquired the asset in 2007 for $15.3 million.
Located at 900 Meadow Glen Parkway, Cambridge Faire came online in 2001 and comprises one- to three-bedroom units with upgraded finishes and new appliances. Common area amenities include a swimming pool, fitness center, clubhouse, dog park and car wash.
The property is 1 mile from Interstate 85 and 13 miles from Hartsfield-Jackson Atlanta International Airport. The surrounding area has several retail and dining options including Fairburn Commons, which is within walking distance.