$26.7M used to buy Glasgow apartments

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News: Autumn ParkBuy Photo

Autumn Park apartment complex, a 358-unit multi-family-property in the Glasgow area, is being sold.(Photo: Suchat Pederson, The News Journal)Buy Photo

New York-based real estate lender Greystone provided a $26.7 million loan to finance the $35.5 million purchase of the  358-unit Autumn Park apartments in Glasgow.

The financing was a Fannie Mae DUS loan that was used in combination with $5.35 million in preferred equity from New York Mortgage Trust Inc. 

Concordia Properties of Lakewood, New Jersey, purchased the property at 41 Winterhaven Drive from Metropolitan Management Group,  Wyomissing, Pennsylvania-based owner of multifamily properties. 

Metropolitan Management Group, a Wyomissing, Pennsylvania-based owner and operator of multifamily properties, sold the Autumn Park apartment complex at 41 Winterhaven Drive. 

Greystone said it overcame a number of unique environmental challenges during the underwriting process. The lender worked with the Delaware Department of Natural Resources and Environmental Control to resolve some environmental issues, including an unprecedented number of underground storage tanks. 

"The environmental challenges we encountered with underwriting this property posed a number of obstacles, but Fannie Mae was incredibly responsive to the immediate action the new ownership tool to comply with Delaware's standards," said Keith Hires of Greystone's Atlanta office. 

The Fannie Mae DUS loan is interest only for three years and has a 30-year amortization. 

Contact Jeff Mordock at (302) 324-2786, on Twitter @JeffMordockTNJ or jmordock@delawareonline.com.

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