NEW YORK, May 14, 2019 (GLOBE NEWSWIRE) -- Greystone, a leading commercial real estate lending, investment, and advisory company, announced that it has provided a $16,128,000 FHA-insured loan to refinance West Pointe Apartments, a market-rate 216-unit apartment complex in Asheboro, North Carolina. The FHA loan was originated by Andrew Ellis of Greystone on behalf of WP Investors, LLC. 

The FHA-insured financing for the property consists of a 35-year permanent, fixed-rate, non-recourse fully amortizing loan. Built in 2011, West Pointe Apartments offers 1-, 2- and 3-bedroom units spread over 27 individual two-story buildings situated on 24.76 acres of land. The community offers amenities including a clubhouse, fitness center, swimming pool, picnic and play area, volleyball court, and parking with 422 spaces.

“The recapitalization was a win-win for all parties involved, especially WP Investors, who were able to hedge rising interest-rate risk with a pending maturity and lock in a 35-year self-amortizing market-rate loan. The FHA 223(f) was the perfect vehicle for this long-term hold and recap,” said Mr. Ellis. 

“We are highly satisfied with the outcome of the FHA financing that Greystone provided, and their expertise in this arena is unparalleled,” said a spokesperson for WP Investors, LLC. 

About Greystone
Greystone is a real estate lending, investment, and advisory company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Our range of services includes commercial lending across a variety of platforms such as Fannie Mae, Freddie Mac, CMBS, FHA, USDA, bridge and proprietary loan products. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greyco.com.

PRESS CONTACT:
Karen Marotta
Greystone
212-896-9149
Karen.Marotta@greyco.com

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.