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ALBANY, GA. — Greystone has provided a $15.5 million Fannie Mae loan for the refinancing of 509 North Apartments, a 252-unit community located in the South Georgia city of Albany. The non-recourse loan was underwritten with a fixed interest rate, seven-year term and 30-year amortization schedule. The borrower was not disclosed.
Rob Meehan and Avrom Forman of Greystone originated the financing, with Yehuda Heller of Seven Stone Capital acting as correspondent.
509 North Apartments was constructed in 1987. The garden-style community consists of 14 buildings. Units come in one- and two-bedroom floor plans. Amenities include a clubhouse, laundry facilities, four pools, a dog park and tennis and volleyball courts.