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6/19/17
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Greystone has provided a $68.1 mil CMBS refi loan for Vineyards at Forest Edge, a 1,218-unit multifamily property in Dallas. The Vineyards at Forest Edge features 11 swimming pools, four hot tubs, four playgrounds, two outdoor soccer fields, 24-hour fitness center, club room, social center, and kids club.
The CMBS financing includes a 10-year fixed term at a low rate. It was originated by Greystone’s Rob Meehan.
The largest multifamily property in Dallas, The Vineyards at Forest Edge was constructed in 1984 and maintains 95.2% occupancy. The existing owner acquired the property in 2015.
“CMBS execution for this refinance transaction was the most favorable option for this property, given the current market dynamics,” said Rob Russell, Head of CMBS Production at Greystone. “We are seeing the CMBS market pick up in the multifamily space overall, with more opportunities to execute this reasonably fast, fixed permanent financing.”
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