Greysteel arranges $2.4m in permanent financing for apartments in Falls Church, VA
FALLS CHURCH, VA — Greysteel, a national commercial real estate investment services firm, has arranged $2.4 million in permanent financing for the refinance of the Goodwin Park Apartments, a 25-unit multifamily property located in Falls Church, VA on behalf of 2754 Goodwin Court LLC. The seven-year, non-recourse loan, provided by an agency lender as part of the Freddie Mac Small Balance Loan program, features a competitive fixed-rate and one year of interest-only payments followed by a 30-year amortization schedule. Greysteel director, Mark Bittenbender, of the company’s Debt and Structured Finance team, negotiated the terms of this loan. Goodwin Park Apartments, located at 2754 Goodwin Court, was built in 1949 and has been undergoing significant renovations since Linden Property Group acquired the property in 2014. The improvements allowed the borrower to bring rents to market and unlock substantial value in the property. Conveniently located off of Lee Highway in the heart of Falls Church, the property is just minutes from numerous retailers, employers and entertainment destinations in Tysons Corner, the Mosaic Town Center, and the Rosslyn-Ballston corridor in Arlington. The property’s prime location near Interstates 495 and 66 as well as Routes 7, 50, and 29 allows residents to easily commute throughout Northern Virginia and to Washington, DC. “This transaction generated strong interest among numerous lenders. Greysteel was able to leverage the excellent repositioning that the ownership completed to obtain competitive financing terms in line with the borrower’s business plan,” said Bittenbender.