Greystone has supplied a $25.3 million loan for the refinancing of a 232-unit asset in Covington, Ga. The loan is a non-recourse, fixed-rate Fannie Mae Delegated Underwriting and Service loan.
Owner Patrician LS LLC secured the financing, which will carry a 10-year term and 30-year amortization and 10 years of interest-only payments. The money will pay off a prior Greystone CMBS loan, allowing Patrician to monetize some of the equity in the asset.
According to Yardi Matrix data, Patrician purchased the property, Leaf Stone Apartments in Newton County, for $4.4 million in 2007.
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Leaf Stone Apartments consists of 11 garden-style buildings built in 1999. The community features one-, two- and three-bedroom units. Amenities include a fitness center, clubhouse, playground and pool.
The property is located in a suburb of Atlanta, at 10100 Brown Ridge Road. Downtown is accessible via a 40-minute drive northwest. Covington is known as film town, with “The Dukes of Hazard,” “Vampire Diaries,” “Sweet Magnolias” and some 140 other films with scenes in the historic downtown, according to Explore Georgia.
Keith Hires and Carter King originated the loan on behalf of Patrician in Greystone’s Atlanta office. J. Mark Madderra of Madderra, Cazalot and Head-Metairie was the correspondent.
Cushman & Wakefield acquired a 40 percent stake in Greystone, integrating the firm into its investment sales, appraisal business and property management. The joint venture already has or is in the process of closing more than $500 million in new loans, according to John O’Neill, president of multifamily capital markets at Cushman & Wakefield.