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Greystone, a leading national commercial real estate finance company, has provided a $30,406,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) loan to refinance a 206-unit multifamily property in Thornton, CO. The financing was originated by Dale Holzer, Managing Director in Greystone’s Newport Beach, CA office on behalf of Milky Way Apartments, LLC.
Constructed in 1972, Parkview Terrace Apartments is a garden-style apartment community in the Denver metro area which consists of 60 one-bedroom, 138 two-bedroom, and 8 three-bedroom units. The $30.4 million loan is a permanent exit from bridge acquisition financing provided by Greystone in July 2021. The financing is non-recourse, fixed-rate and carries a 7-year term with full-term interest-only payments.
“Greystone has been a trusted advisor to us as multifamily investors for several years, and the bridge-to-Agency process for this transaction was seamless, despite market volatility and rising rates. We are pleased with the permanent outcome for this asset,” said Mr. Matthew Stevens, a principal of Reliance Multifamily.
“We are always thrilled to help clients realize their vision for their multifamily portfolios and be able to apply our extensive capital markets expertise on their behalf,” said Mr. Holzer. “It was a pleasure working again with this team on their refinancing, and I’m thrilled for the outcome for them.”