TALLAHASSEE, FLA. — Greystone has provided a $16.6 million Fannie Mae loan to refinance Renaissance Apartments in Leon County, a 168-unit multifamily property in Tallahassee. Kyle Jemtrud of Greystone originated the financing on behalf of the borrower, Pax Properties LLC. The financing, which is a permanent takeout of a Greystone bridge loan, carries a 10-year term and a 30-year amortization period, with a low, fixed interest rate and six years of interest-only payments.
Built in 1974, Renaissance Apartments in Leon County is a garden-style community with 13 buildings. The property offers one-, two- and three-bedroom floorplans. Community amenities include an onsite pool, community center and laundry facilities. The property was 95 percent occupied at the time of sale. Located at 2959 Apalachee Parkway, the apartment community is situated 11 miles from the Tallahassee International Airport and 3.8 miles from Florida State University.