Greystone Provides $21M for GA Property

Totaling a combined 388 units, the Woodglen and Forest Pointe communities offer a mix of one- and two-bedroom units. Carter Multifamily purchased Forest Pointe earlier this year.
Forest Pointe Apartments
Forest Pointe Apartments

Shortly after providing a $70.8 million Fannie Mae DUS loan for a San Jose, Calif. property, Greystone has secured a $21 million Fannie Mae loan for two multifamily communities located in Georgia. The company provided the loans through Fannie Mae’s Green Rewards program.

Keith Hires, managing director in the company’s Atlanta office and Fred Levine, managing director in Greystone’s New York office, co-originated the loan.

Woodglen Apartments is a 188-unit community at 114 Danny Drive, just two miles from downtown Carrollton, Ga. The community is situated on approximately 16 acres and offers two-bedroom units. Greystone secured an $8 million 12-year term, fixed-rate with five years of interest-only loan over a 30-year amortization period, to refinance the property. Common-area amenities include:

  • business center
  • grilling area
  • laundry facilities
  • swimming pool
  • tennis court

Greystone also provided a $12.9 million 10-year with a three-year interest-only term loan for the acquisition of Forest Pointe Apartments, a 200-unit pet-friendly property situated in Macon, Ga. Located at 444 Forest Hill Road, the 11 two- and three-story buildings offer a mix of one- and two-bedroom units ranging from 916 to 1,259 square feet. In-unit amenities include wood grain style flooring, built-in dishwasher, fireplace with gas starter, large closets, washer/dryer and private balconies or patios. Forest Pointe Apartments includes common-area amenities such as:

  • swimming pool
  • grilling area with outdoor fire pit
  • tennis court
  • dog bark park
  • 24-hour laundry facilities
  • business center
  • community room
  • 224 parking spaces

According to Yardi Matrix data, Carter Multifamily acquired Forest Pointe back in May for $17 million from LMS Real Estate Management. The property was 94.0 percent occupied at the time of the sale. 

Image courtesy of Yardi Matrix