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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. Rob Meehan and Avrom Forman of Greystone originated the financing, with Yehuda Heller of Seven Stone Capital acting as correspondent.
The non-recourse loan was underwritten with a fixed interest rate, seven-year term and 30-year amortization schedule. The borrower was not disclosed. Built in 1987, 509 North features 14 garden-style buildings comprising one- and two-bedroom apartments. Amenities include a clubhouse, laundry facilities, four swimming pools, dog park and tennis and volleyball courts.