Greystone Provides $20M for DC-Area Community
The Fannie Mae DUS loan pays out the Class B community's existing debt.
Greystone has provided $20 million in Fannie Mae DUS financing for Del Vista Apartments, a 322-unit multifamily property in Lanham, Md. According to Yardi Matrix information, previous property debt included two Fannie Mae loans totaling $18.9 million.
Located at 5618 Whitfield Chapel Road, the Class B community is roughly 13 miles northeast of Washington, D.C. The property is approximately 6 miles from University of Maryland and 3 miles from NASA Goddard Space Flight Center. Dining and retail options are available alongside Annapolis Road.
Developed in 1965, the 14.6-acre property comprises one-, two- and three-bedroom units averaging 742 square feet across 25 buildings. Amenities include a swimming pool with sun deck, playground and picnic area.
Greystone Managing Director Cullen O’Grady originated the transaction, while Marc Tropp, senior managing director at Eastern Union Funding, sourced the financing. In March, another Greystone team provided $123 million in HUD loans for the owner of two multifamily assets in Riverside, Calif.