NEW YORK, May 10, 2021 (GLOBE NEWSWIRE) -- Greystone, a private national commercial real estate finance company, announced today it provided a $54,934,000 permanent Freddie Mac loan to an affiliate of Grubb Properties to refinance a recently constructed and stabilized 344-unit Class A multifamily property in the heart of Innovation Quarter in Winston-Salem, North Carolina.
The new 15-year, fixed-rate loan is a permanent takeout of the construction financing arranged by Greystone in 2018. Drew Fletcher, Paul Fried, and Matthew Hirsch originated both the construction and the permanent financing on behalf of Grubb.
Link Apartments Innovation Quarter is located within the burgeoning Innovation Quarter District that has been a catalyst for the growth and transformation of Downtown Winston-Salem. Just steps away from the Wake Forest University Biotech Campus and Bailey Park, the Property offers efficient luxury with contemporary, bright and meticulously designed units. The property features over 20,000 square feet of amenity spaces, including a roof-top terrace, saltwater pool, club-quality 24/7 fitness center, and chef’s demo kitchen.
“This closing is a perfect example of how Greystone can deliver for its clients through each stage of the entire project lifecycle,” said Mr. Fletcher, President, Greystone Capital Advisors. “We’ve been working with Grubb for years on this project and it’s been really exciting to see them execute on their plans and deliver such a transformative asset to Winston-Salem.”
Mr. Fried, Executive Managing Director, Greystone Capital Advisors, added, “Grubb is a long-time client of Greystone and we’ve enjoyed working with them again as they continue to demonstrate why they are a market leader.”
“Grubb Properties is pleased to have once again worked with Greystone, a valued partner with whom we have a deep relationship,” said James Hochman, Chief Financial Officer of Grubb Properties. “We look forward to the bright future of Link Apartments Innovation Quarter.”
Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare lending, having ranked as a top FHA, Freddie Mac, and Fannie Mae lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit greystone.com
About Grubb Properties, Inc.
Grubb Properties, founded in 1963, creates exceptional real estate environments and provides premier customer service for our residents and tenants through the repositioning of office buildings and the development of multifamily communities under our nationally registered Link Apartments® brand. Our fully integrated management team identifies strategies that create long-term value for our clients. Grubb Properties’ growth is primarily funded through real estate investment funds with long-term horizons. Perspective drives performance. For more information, visit www.grubbproperties.com.