New York—Greystone provided a $14 million Fannie Mae Delegated Underwriting and Servicing (DUS) loan for the acquisition of a 184-unit apartment community in Orlando, Fla. Greystone’s Andrew Ellis orginated the loan on behalf of Atlantic Multifamily 12, specifically for key principals Mahesh Desai and Hiren Patel.
The 15-year, fixed-rate loan is for Cadence Crossing, which is located in East Orlando and offers one-, two- and three-bedroom units across 19 two-story buildings. The loan includes a 30-year amortization and is interest-only for the first five years of the term.
“Cadence Crossing is a turn-key asset that has been immaculately maintained with a solid tenant profile,” Ellis told MHN. “Prior ownership prided itself on constant interior upgrades and intense landscaping and curb appeal enhancements. The property location is also a great investment enhancement as the asset has easy access to downtown Orlando and other major employment centers, as well as several major universities in the area.”
Greystone has worked with Atlantic Multifamily 12 before, calling the company a “loyal borrower” with which Greystone has closed six loans, including this one, said Joe Mosley, executive managing director and head of agency lending at Greystone. He added that “market fundamentals in Orlando remain strong for multifamily acquisitions…”
Ellis added to Mosley’s sentiment, saying, “Atlantic Multifamily has an incredible track record of double-digit returns for their investors. Every loan we have closed with them has closed ahead of schedule and with zero hiccups. Mahesh Desai has a pragmatic approach to investing and all of his loans and assets have performed exceptionally. His company has a hands-on approach to every asset which will blend well with Cadence Crossing to maintain the amazing physical appearance and tenant satisfaction.”
Atlantic Multifamily 12’s Desai said that the company has completed several acquisitions in multiple states in recent years and Greystone “consistently offers us innovative long-term financing alternatives, which often include fantastic interest-only features, and then meets our demanding timelines for accelerated closings.”
Greystone provides mortgage finance solutions on multiple platforms, including FHA, Fannie Me, Freddie Mac, USDA, CMBS, bridge, mezzanine and other proprietary loan programs. Other recent financings include its $25 million Fannie Mae DUS loan provided to Alliance Management to refinance a Kentwood, Mich., apartment community and its $27 million Fannie Mae MAH loan provided to Glenridge Apartments Residential Council Inc. to refinance its 275-unit community in San Francisco.