Greystone, a leading national commercial real estate finance firm, has provided a $21,464,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 144-unit multifamily development in Herndon, Virginia. The transaction was engineered by Cullen O’Grady, Managing Director in Greystone’s Rockville, MD office.
Built in 1964 and refurbished in 1989, the Parkridge Gardens Apartments consist of 78 one bedroom,
54 two bedroom townhouses and 12 three bedroom townhouses on 6.80 acres. The project amenities include a
Rental office, BBQ/picnic area, playground, shared laundry room and free access to Herndon
Community center. The property is located in Fairfax County and has had excellent historical occupancy and
Access to major thoroughfares including the Silver Metro Line which provides direct access to
Washington DC’s central business district and major employment centers including Amazon.
The borrower is a private investor and regular Fannie Mae customer.
“We executed the loan quickly and on very favorable terms through Fannie Mae’s Streamline Rate Lock
Process that allows the borrower to post-application their interest rate during an extremely turbulent and
volatile Treasury market,” Mr. O’Grady said. “We are always grateful when customers come to Greystone
Agency financing solutions and trust not only in our credit expertise, but also in our industry
leading know-how, especially in challenging times on the market.”
(1 time visited, 3 visits today)