Greystone Provides $39.2 Million Fannie Mae Loan for Greybrook Realty Partners' Acquisition of 334-Unit Evolv in Mansfield, Texas

Greystone, a national commercial real estate finance company, and Cushman & Wakefield announced Nov. 10 that they arranged the sale of and provided $39,237,000 in Fannie Mae financing for Evolv, a 334-unit multifamily property in Mansfield, Texas, within the Dallas-Fort Worth metropolitan area. Greystone provided the acquisition financing on behalf of Greybrook Realty Partners, while Cushman & Wakefield marketed the property for sale.

Greystone Loan Terms for Greybrook Realty Partners' Evolv Acquisition

The $39.2 million fixed-rate Fannie Mae loan carries a five-year term, with three years of interest-only payments followed by a 35-year amortization schedule. The financing works out to roughly $117,476 per apartment unit. The loan supported Greybrook's acquisition of the property, which will become the third asset in the firm's U.S. Multifamily Income & Growth Fund.

Greystone's financing team included Richard Kourbage, Garvin Lee, and Gillian McIlroy, Vice President. Cushman & Wakefield's Investment Sales team of Grant Raymond and Asher Hall represented the seller in the transaction. Cushman & Wakefield's debt professionals included Chase Johnson and Caleb Riebe.

"We are pleased to have delivered a financing solution through Fannie Mae that supports Greybrook's acquisition of Evolv," said Kourbage, Senior Managing Director at Greystone. "The property's established performance, strong sponsorship and location within the Dallas-Fort Worth metroplex made it a compelling candidate for agency financing. Our execution provides Greybrook with a competitive, long-term capital structure as it continues to expand its U.S. multifamily portfolio."

Raymond, Senior Director at Cushman & Wakefield, said: "Evolv represents an attractive investment opportunity in the Dallas-Fort Worth multifamily market, supported by its established operating history, desirable amenities and location in the growing Mansfield community. We are pleased to have worked with the parties involved to complete this transaction and support continued investment in the region."

About Evolv in Mansfield, Texas

Built in 2012, Evolv is a garden-style multifamily community on approximately 18.6 acres at 370 North State Highway 360 in Mansfield. The property has 334 one-, two- and three-bedroom residences with stainless steel appliances, granite countertops, wood-style plank flooring, walk-in closets and private patios or balconies. Community amenities include a resort-style swimming pool, 24-hour fitness center, clubhouse, outdoor kitchen, playground, dog park and garage parking.

Mansfield is located southwest of Dallas and southeast of Fort Worth. The city provides access to major employment centers across the Dallas-Fort Worth metroplex via State Highway 360 and U.S. Highway 287, and the property is near retail, dining and schools.

Greybrook Realty Partners Expands U.S. Multifamily Income & Growth Fund

Greybrook Realty Partners is a Toronto-based real estate private equity firm with more than two decades of experience structuring, financing and managing real estate investments across Canada and the United States. The firm's U.S. Multifamily Income & Growth Fund targets stabilized and near-stabilized multifamily communities in growing U.S. markets. Evolv joins two existing properties in the fund located in the Atlanta metropolitan area, extending the fund into Dallas-Fort Worth.

Greybrook is a real estate private equity investment manager focused on residential development and multifamily investments across North America. Through its affiliates, the firm has invested approximately $2.5 billion of equity across more than 115 real estate projects in Canada and the United States, representing over 80 million square feet of residential and commercial density with an estimated aggregate completion value exceeding $45 billion. Its platform includes more than 10,000 investors.

Dallas-Fort Worth Multifamily Market Context

The transaction comes as Dallas-Fort Worth multifamily fundamentals have been improving following a large wave of recent deliveries. Market occupancy reached 94.0% in the third quarter of 2026, while the construction pipeline contracted to 42,212 units under construction and 26,566 units expected to deliver over the following year. Another market assessment reported 6,736 units of quarterly absorption, nearly double the 3,447 units absorbed in the third quarter of 2025, with vacancy at 6.1%.

Supply pressure has also eased. Trailing 12-month completions totaled 26,062 units, down 23% from the prior period, and units under construction represented approximately 4.2% of existing inventory. Cushman & Wakefield separately reported 29,700 units under construction, down 28.6% year over year.

Pricing remains higher than at the low-rate peak. Dallas-Fort Worth multifamily cap rates averaged 5.66% in the third quarter, up for 19 consecutive quarters and 111 basis points above the fourth-quarter 2021 low of 4.54%. Average pricing was approximately $171,000 per unit.

About the Firms

Greystone is a private national commercial real estate finance company that is active in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. Cushman & Wakefield (NYSE: CWK) is a global commercial real estate services firm with approximately 53,000 employees in over 350 offices and nearly 60 countries, and reported 2025 revenue of $10.3 billion.

Sources

Cushman & Wakefield and Greystone press release, GlobeNewswire, Nov. 10, 2026: https://www.globenewswire.com/news-release/2026/11/10/3399985/30865/en/cushman-wakefield-and-greystone-close-sale-and-39-2-million-in-fannie-mae-financing-for-a-multifamily-property-in-mansfield-texas.html