Greystone Provides $24M HUD Refi on Virginia Apartment Complex
Greystone has provided just over $24 million in U.S. Department of Housing and Urban Development (HUD)-backed debt to Baron Realty Advisors to refinance Tapestry Park Apartments in Chesapeake, Va., Commercial Observer has learned.
The HUD Section 223(a)(7) loan has a 40-year term and amortization schedule, as per information from Greystone.
Greystone’s Eric Rosenstock and Jesse Yodice originated the debt on behalf of the borrower.
“In this uncertain environment, my partners and I were not just satisfied with being in a good place today, we wanted to secure a stronger tomorrow,” Baron Realty Advisors principal Peter Weidhorn said in a statement, adding that the Greystone was instrumental in allowing his firm to “monetize our long-term strategic plan for this community.”
Built in 2011, the property is located at 728 Tapestry Park Loop near the central area of the city of Chesapeake, which is located just south of Norfolk, Va. and about 23 miles southwest of Virginia Beach, Va. The property is essentially next door to the Chesapeake Regional Medical Center campus and just a few blocks away from a variety of restaurants, retail and grocery outlets, as well as park and recreation spaces and local public and private schools.
Tapestry Park features 190 one-, two- and three-bedroom residences, with in-unit laundry and private balconies and patios, spread across 10 three-story and garden-style buildings.
The site also has the prototypical central clubhouse building, a cyber cafe with coffee bar, a fitness center, a swimming pool with a sundeck and grilling areas, a leash-free dog park, a car care area with vacuums, storage garages, a playground, picnic areas and surface parking.
Monthly rents at the property range from just over $1,300 for one-bedrooms to nearly $1,900 for three-bedroom units, according to Apartments.com.