At a glance
- The loan is fixed-rate with a five-year term: three years of interest-only payments, then a 35-year amortization schedule.
- For allocators in the fund, the undisclosed price leaves loan-to-value and going-in yield unknown.
- For comparison, Greystone provided $47 million of Freddie Mac debt on a $63 million Illinois purchase on Nov. 5, as Private Wealth Daily previously reported, about 74% of the price.
Greybrook's U.S. Multifamily Income & Growth Fund bought Evolv, a 334-unit apartment property in Mansfield, Texas, with a $39.2 million Fannie Mae acquisition loan from Greystone, Connect CRE reported on Nov. 10.
The loan is fixed-rate with a five-year term: three years of interest-only payments, then a 35-year amortization schedule. Greystone's financing team included Richard Kourbage, Garvin Lee and Gillian McIlroy. Cushman & Wakefield's Grant Raymond and Asher Hall represented the seller, Advenir Living. The purchase price was not disclosed.
For allocators in the fund, the undisclosed price leaves loan-to-value and going-in yield unknown. The debt is about $117,000 a unit.
For comparison, Greystone provided $47 million of Freddie Mac debt on a $63 million Illinois purchase on Nov. 5, as Private Wealth Daily previously reported, about 74% of the price.
Reported by the Deals desk from Connect CRE and Private Wealth Daily archive. Published . Corrections