Greystone lends $20m to Kansas City apartments.

Greystone Servicing Corporation, Inc., a top ten Fannie Mac Delegated Underwriting and Servicing (DUS[TM]) lender, provided a $20,000,000 loan to SES BP Barclay, LLC; SES MD Barclay, LLC; Kappe Barclay, LLC; Bridge Co-Investment Fund I Barclay, LLC, Tenants In Common for the acquisition of Barclay Club Apartments.

Barclay Club Apartments are located in Kansas City, Missouri. The property was constructed in 2000 on a 31.06-acre site. It contains four two-story apartment buildings, 14 three-story apartment buildings, one single-story clubhouse, a maintenance garage, 34 garages housing 187 parking spaces and 571 open-air parking spaces. The apartment buildings contain 400 units consisting of 120 one-bedroom units, 244 two-bedroom units and 36 three-bedroom units. Unit amenities include patios/balconies, washer/dryer hook-ups and washer/ dryers available for rent. Project amenities include a clubhouse, swimming pool, playground, volleyball court, exercise room, two tanning beds, community room, on-site leasing office, and a business center.

The property is located in the Northwest Kansas City sub-market, which is approximately 10 miles north of downtown Kansas City. The northwest quadrant is one of the newer areas of the Kansas City MSA. The most predominant development in the area is retail, single family and commercial residential. The site is situated between two major east/west thoroughfares with frontage on Berry Road and good visibility from State Road 152. It is also one and a half miles east of Interstate 29, which is the north/south connection between Kansas City and Omaha, Nebraska. There are more than seven major shopping malls within a 10 mile radius of the property.

The borrower was able to lock in a rate under the Fannie Mac DUS program.