Greystone Brown Real Estate Advisors Closes $10.3 Million Sale of Multifamily Property in Georgia
September 24, 2019
NEW YORK, NY - Greystone Brown Real Estate Advisors announced it has closed the $10,300,000 sale of Castlegate Commons, a multifamily property in Bonaire, GA. Greystone Brown advised the seller, Castlegate Property Group, and brought the buyer, Patrician Management, to the deal. The sale was handled by Cory Caroline Sams and Barden Brown, and a $7.2 million loan for the transaction, originated by Keith Hires, was also provided by Greystone.
The acquisition was financed with a 10-year Freddie Mac loan, with three years of interest-only payments. Built in 2001, Castlegate Commons is a 120-unit garden-style apartment community offering one-, two- and three-bedroom floorplans with features such as walk-in closets, in-unit laundry hook ups, fireplaces and vaulted ceilings. Residents also enjoy access to the property’s swimming pool, clubhouse and fitness center, basketball area, dog run and detached garages. Located at 725 GA-96 in Houston County’s rapidly growing Warner Robins metropolitan area, the property is located in a reputable school district with access to major highways, the Robins Air Force Base and the region’s other major employers.
“We are pleased that we were able to help our long-time client find the right buyer for this attractive property, and also able to help the buyer secure desirable financing terms for a seamless and quick-to-close transaction,” said Cory Caroline Sams, Director, Greystone Brown Real Estate Advisors. “Our team excels at matching up prospective buyers and sellers of multifamily properties, and we are especially thrilled when our creativity and industry-leading service experience benefits all parties throughout every stage of a transaction like this.”
About Greystone Brown Real Estate Advisors: Greystone Brown Real Estate Advisors is a commercial investment brokerage company specializing in the sale of multifamily and retail properties throughout the Southeast. The firm is one of the largest and oldest privately held apartment brokerage firms in the region. Greystone Brown real estate professionals are committed to understanding the objectives of maximizing yields and profits while being able to meet critical time frames. For more information, visit www.brownra.com
About Greystone: Greystone is a real estate lending, investment, and advisory company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Our range of services includes commercial lending across a variety of platforms such as Fannie Mae, Freddie Mac, CMBS, FHA, USDA, bridge and proprietary loan products. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greyco.com
September 24, 2019