WYNNEWOOD, PA., AND WILMINGTON, DEL. — Green Park Financial has provided two multifamily loans totaling $12.1 million. In Wynnewood, the company provided $7.6 million for the refinancing of Brynwood Apartments, a 143-unit, Class B multifamily community. The property comprises eight two-story buildings and was 97 percent occupied at the time of closing. The loan carries a 10-year term and a 30-year amortization schedule. It was originated on behalf of the undisclosed borrower by Don Pettit of Carey, Kramer, Pettit & Panichelli (CKPP). Jay Thomas of Green Park Financial represented his company in the transaction.
In Wilmington, Green Park provided a $4.5 million supplemental loan for Arbor Pointe Apartments, a 264-unit community located within a Wilmington residential subdivision. The property contains 11 three-story buildings and was 94 percent occupied at the time of closing. The loan carries a 5.66 percent fixed interest rate for a plus 1-year term with a 30-year amortization schedule. It has a 71 percent loan-to-value ratio with a 1.25x debt-service coverage ratio and a 6.25 percent capitalization rate. Brad Johnson of CKPP originated the loan on behalf of the borrower, Arbor Pointe Rental Co. Thomas represented Green Park in the transaction.
GREEN PARK PROVIDES TWO MULTIFAMILY LOANS TOTALING $12.1 MILLION
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