Milwaukee-Area Community Gets Fannie Mae Refi
- Oct 06, 2020
Greystone has secured a Fannie Mae Delegated Underwriting and Servicing loan for Country Oaks Apartments, a 300-unit community in Oak Creek, Wis. Clint Darby, the company’s managing director, originated the $9.4 million refinancing, which bears a fixed rate and 10-year term with a 30-year amortization.
Yardi Matrix has identified the borrower as Bieck Management. The mortgage pays off a prior $10.5 million funding, also provided by Fannie Mae.
The property encompasses 22 buildings developed between 1983 and 1986. The unit mix and includes one- and two-bedroom apartments ranging in size from 800 to 1,050 square feet. Amenities include a swimming pool and 480 parking spaces.
Located on 16 acres at 8748 S. Country Drive, the community is a 20-minute car ride away from downtown Milwaukee and 5 minutes away from General Mitchell International Airport. Several retailers and restaurants are within walking distance, while major thoroughfares such as South Howell Avenue and Interstate 94 provide easy access throughout the area.
In May of this year, Greystone originated $116.4 million for three separate workforce housing portfolios in Los Angeles. Managing Director Dale Holzer arranged the Freddie Mac transactions.