Little Rock Community Lands $36M Loan
- May 20, 2019
Greystone has provided a $35.5 million Fannie Mae loan to refinance a newly constructed, 294-unit community in Little Rock, Ark. Managing Director Clint Darby at the real estate lending firm originated the transaction on behalf of the borrower, developer Huffman & Co. The near-stabilization Fannie Mae Delegated Underwriting and Servicing (DUS) loan has a 12-year term and 30-year amortization period with a low, fixed rate.
The property is located at 15401 Chenal Parkway in the Arkansas capital’s Rock Creek neighborhood. Completed last year, the community previously named Chenal Lofts is managed by Estate Multifamily, according to Yardi Matrix. Amenities include a clubhouse, pool, fitness center, business center, cybercafé, recreational lounge and golf simulator, among other facilities.
The four-story development provides around 300,000 square feet of rentable space and sits on a 13.5-acre site across from The Wellington at Chenal, a 176-unit community at 15000 Chenal Parkway that sold for $17.8 million in June 2018.
Last month, Briarwood Apartments, a 260-unit Class B community in Little Rock’s Midtown submarket, changed hands for $13.6 million. BSR REIT sold the 23-building garden-style property to a joint venture between MLP Investments and Vesta Realty.