Greystone Provides $34M Acquisition Loan for Arkansas Multifamily Property
CLK Properties has secured a $33.7 million Fannie Mae Delegated Underwriting and Servicing (DUS) loan to acquire a 324-unit multifamily property in Jonesboro, Ark., Commercial Observer can first report.
The financing was originated by Greystone’s Eric Rosenstock and Dan Sacks, while the sale was brokered by Aaron Jungreis and David Wildes of Rosewood Realty Group.
Located at 6 Willow Creek Lane, Willow Creek Apartments consist of 12 garden-style buildings with one-, two- and three-bedroom units. The property was constructed in 2011.
“We work hard to earn our clients’ trust on every transaction, so there is no greater vote of confidence than when a client comes to Greystone for help in financing additions to their portfolios,” Rosenstock said in a prepared statement. “We couple our extensive expertise in multifamily lending with a deep commitment to serving clients well for an experience they won’t get anywhere else.”
The $33.7 million nonrecourse loan under Fannie Mae (FNMA)’s Green Mortgage program runs for 10 years and includes a 30-year amortization for the full-term, interest-only payments, per a release. The property scored a Fannie Mae certification, called Green Building, awarded to only the top 25 percent most energy-efficient buildings within a particular asset class.
“Our Greystone team truly understands the nuances of multifamily financing, which benefits us not only at closing but at every stage of the transaction,” said Craig Koenigsberg, CEO of CLK Properties. “Greystone is our trusted partner because they believe in our vision for each of our properties and then work tirelessly to help us make the vision a reality.”
Update: This story originally misattributed source material. This has been corrected. We apologize for the error.
Emily Fu can be reached at efu@commercialobserver.com.
