Barnbeck Place Apartments consists of studio, one- and two-bedroom units and is 98.2% occupied. The property’s amenities include a clubhouse, fitness center and yoga room. Built in 2015, Barnbeck Place is a mid-rise residential complex that includes affordable housing, with 20% of the units reserved for residents earning 80% AMI. In addition to the Land Use Restriction Agreement in place, the new Fannie Mae financing includes a fixed-rate, five-year term with a 35-year amortization and is interest-only for the first three years.
“This asset is critical to providing affordable housing in Brookfield, where the vacancy rate is only around 5% and the population is growing over time,” said Mr. Sacks. “A gem in the market, the owners have secured long-term financing that will benefit the residents for many years.”
About Greystone
Greystone is a private national commercial real estate finance 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. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com.
PRESS CONTACT:
Karen Marotta
Greystone
212-896-9149
Karen.Marotta@greyco.com
