Greystone arranges $34 million refinancing for Larken

NEW YORK, Jan. 13, 2022 (GLOBE NEWSWIRE) — Greystone, a leading national commercial real estate finance company, announced that it has closed a $33,900,000 loan on behalf of Larken Associates for Copper Chase Oaks and Preserve, a recently completed 239-unit Class A multi-family rental complex comprised of two phases located at 2900 and 3145 Honey Drive, York, PA. The new permanent loan was provided by Berkshire Bank and used to refinance the original construction loan which was also held by Berkshire Bank. The Greystone Capital Advisors team, led by Drew Fletcher and Paul Fried, served as the exclusive debt settlement advisor on behalf of Larken.

Copper Chase is located just outside of downtown York, Pennsylvania, which offers shopping, dining and entertainment, as well as numerous Fortune 500 companies, two universities, world-class healthcare facilities and a large manufacturing, industrial and transport industry. Phase I of the property, the Copper Chase Reserve, comprises 132 units which were built in 1983 and acquired and renovated by Larken in 2019. Phase II of the property, the Oaks of Copper Chase, comprises 107 newly constructed units in twelve 2-story buildings fully completed and fully leased since October 2021. Phase II added a list of brand-new amenities available for use by residents of both phases, including a swimming pool, community clubhouse with lounge, state – a state-of-the-art fitness center, dog wash, bark park, walking/biking trails, and playground. Each one-, two-, and three-bedroom apartment comes with modern, high-end finishes, washer/dryer, and dishwasher.

“The Larken team has done an incredible job, from recognizing the opportunity to executing the business plan, throughout the pandemic. We are delighted to have worked with them and their lender to ensure the success of the project through this refinancing,” said Paul Fried.

“Greystone did an excellent job advising us on the refinance. We are delighted to continue working with them and with Berkshire Bank,” said David Gardner, President and CEO of Larken Associates.

About Greystone
Greystone is a national, private commercial real estate finance company with an established reputation as a leader in multifamily and healthcare financing, having been ranked among the top FHA, Fannie Mae and Freddie Mac lenders in these sectors. Loans are offered by Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. Greystone Capital Advisors is a team of full-service real estate capital advisers and intermediaries serving a select group of the largest real estate owners and developers in the United States. For more information, visit www.greystone.com.

About Larken Associates
Larken Associates is a family-owned, second-generation real estate development, management and investment firm founded in 1965 and based in central New Jersey with operational and market expertise throughout the tri-state area. Larken is widely recognized as one of the region’s most dynamic and respected real estate developers and property managers. Commitment to excellence, dedication to developing high quality projects and uncompromising standards are the founding principles of Larken Associates, and they are responsible for many successful projects across Pennsylvania, New Jersey and New York. Currently, Larken has approximately 2,500 residential units under ownership and/or management as well as three million square feet of commercial space in the tri-state area. For more information, visit https://www.larkenassociates.com/.

About Berkshire Bank
Based in Boston, MA, Berkshire Bank offers banking solutions including checking accounts, savings accounts, mortgages, auto loans, wealth management and more throughout the Northeast. For more information, please visit https://www.berkshirebank.com/.

PRESS CONTACT:
Karen Marotta
gray stone
212-896-9149
[email protected]

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