Attorneys from Ballard Spahr's Housing Finance Group advised Greystone Servicing Company LLC (Greystone) on its recent $46 million Freddie Mac loan to refinance Madbury Commons, a student housing community in Durham, New Hampshire, near the University of New Hampshire.
Madbury Commons is on Madbury Road within walking distance of the University and downtown Durham. The complex consists of 524 beds across 126 fully furnished residential units, with 45,000 square feet of commercial space on the ground level. It offers modern student amenities, including a fitness center, and a prime location that enhances walkability and access to campus.
The transaction involved a master sublease agreement with a nearby water park to provide housing for the water park's seasonal employees.
The Ballard Spahr team that advised Greystone on the detailed eligibility requirements for the Freddie Mac financing was led by Azer Akhtar and included Nonye Ukoh.
More information is available in Greystone's press release.
The attorneys of Ballard Spahr's Housing Finance Group and Housing Industry Team counsel lenders, investors, developers, borrowers, servicers, and other clients on all aspects of housing finance, investments, and transactions. They have a solid understanding of the GSEs' loan products, requirements, and preferences, and extensive relationships throughout Fannie Mae and Freddie Mac.
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