100% Project-Based Section 8
Greystone Real Estate Advisors’ Affordable Housing group closed the sale of Fitzgerald Summit Apartments, an 84-unit Project-Based Section 8 elderly community in Fitzgerald, GA, for $3,369,000. Greystone’s David Garcia, Eric Taylor, and Aaron Hargrove represented the seller, FS Antelope, LLC, in the transaction.
The buyer of Fitzgerald Summit Apartments, MLG Construction, Inc., received acquisition financing from Greystone, a 10-year Fannie Mae loan in the amount of $2,640,000. Fitzgerald Summit Apartments, located in south central Georgia, is a 100% Project-Based Section 8 age-restricted property with 95% occupancy. The 5-story property, constructed in 1979, contains 83 1-bedroom units and one 2-bedroom unit.
“We are thrilled to have not only been able to advise FS Antelope on the sale of this asset, but to have provided the financing for the buyer so that the transaction could be as seamless as possible,” said David Garcia, Managing Director, Greystone Real Estate Advisors’ Affordable Housing group. “Enabling a holistic approach to real estate finance from disposition to underwriting and finance, Greystone is an ideal partner for owners and investors in affordable housing.”