Greystone, a leading national commercial real estate finance firm, has provided a $15,326,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 208-unit multifamily property in Lindenwold, New Jersey. The transaction was originated by Dan Sacks, Managing Director in Greystone’s New York office, with Jack Miller of Platinum Capital Group acting as the correspondent on behalf of Goldcrest Properties.

The $15.3 million Fannie Mae loan, which refinances an existing Greystone bridge loan used to purchase the property in 2019, carries a 12-year term, three years of interest-only payments, and 30-year amortization. For the transaction, Greystone leveraged Fannie Mae’s Green Rewards program, as the borrower committed to using a portion of the loan proceeds for making energy and water usage upgrades to the property.  

Originally built in 1971, Kingsrow Apartment Homes is a garden-style community consisting of one- and two-bedroom units featuring walk-in closets, dishwashers, and in-unit laundry hook ups (in select units). Residents enjoy access to the property’s swimming pool, and picnic areas, as well as laundry facilities and onsite parking. The pet-friendly property is close to local shopping and a nearby train station offers easy access to downtown Philadelphia, just 15 miles away. Its proximity to major highways enables residents to commute to employment centers in nearby Camden and Cherry Hill, as well as Philadelphia.

“We excel at helping clients expand their real estate portfolios and we are extremely grateful when they keep coming back to us to do so,” said Mr. Sacks. “We are thrilled that we have been able to see this transaction through from the very beginning, and we look forward to working with Goldcrest Properties again in the future.”

“This is our seventh transaction with the Greystone team in about a year’s time – the level of service and attention to detail is the best in the business,” said Hillel Hertz, principal borrower and CEO of Goldcrest Properties, which owns and manages approximately 900 multifamily units in the Pennsylvania/New Jersey market. “Our team has consistently been able to recognize our needs and work creatively within the constraints of a fast-changing market to get us financing terms that exceed our expectations.”

Greystone, a leading commercial real estate lending, investment, and advisory company, has provided a $10,500,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance an affordable housing property in Mankato, Minnesota. The transaction was originated by Kyle Jemtrud, managing director at Greystone, on behalf of Mankato MAHC LLC.  

The $10.5 million in Fannie Mae financing carries a 12-year term at a fixed rate with a 30-year amortization, and four years of interest-only payments. The non-recourse loan refinances River Bluff Apartments, a 150-unit rental community located 80 miles southwest of downtown Minneapolis, which was acquired by the sponsor in 2017.

“Refinancing during a pandemic was not without its challenges, but the sponsors came prepared for the new capital reserves requirements, and were able to harness long-term financing to maintain this critical affordable housing,” said Mr. Jemtrud. “It’s been a pleasure working with this team as they grow their multifamily portfolio.”

“Our mission is to provide quality housing to our community in Minnesota, and Greystone has been a critical part of that process,” said Matthew Teasdale, Key Principal of the sponsor / borrower. “Their guidance in navigating the changes in terms and requirements, as well as Kyle’s local market knowledge, has been invaluable.”

Loans secured by multi-housing communities in Rapid City, South Dakota  

DENVER, June 29, 2020 – JLL Capital Markets announced today that it has arranged $27.5 million in financing for Harmony Heights Apartments and Stoney Creek Apartments, two garden-style multi-housing communities totaling 533 units in Rapid City, South Dakota. 

JLL worked on behalf of the borrowers, Harmony Heights Associates LLP and Stoney Creek Associates LLP, to originate two uncrossed, 10-year, fixed-rate Fannie Mae loans. The loans, which will be used to refinance existing financing, will be serviced by Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender. 

Harmony Heights Apartments consists of 15 three-story buildings housing 255 units. The property is situated on 17.43 acres at 1819 Harmony Heights Lane just south of Interstate 90 in Rapid City. 

The 278-unit Stoney Creek Apartments is situated on 27.5 acres at 2710 Wilkie Drive approximately five miles south of downtown Rapid City. Developed by the borrower in 2008, the property consists of 16 three-story residential buildings along with a clubhouse and 29 detached garages.  

The JLL Capital Markets team representing the borrower was led by Senior Director Brock Yaffe. 

JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities. Agency/GSE lending and loan servicing are performed by Jones Lang LaSalle Multifamily, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.

DENVER, June 22, 2020 – JLL Capital Markets announced today that it has arranged $28 million in financing for The Cliffs at Minnetonka, a 456-unit garden-style apartment community in Minnetonka near Minneapolis, Minnesota. 

JLL worked on behalf of the borrower, The Cliffs Limited Partnership LLP, to originate the 10-year, fixed-rate Fannie Mae loan. The loan, which will be used to refinance an existing loan, will be serviced by Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender. 

Completed in 1988, The Cliffs at Minnetonka is located at 12300 Marion Lane in a busy commercial corridor close to the Interstate 394 and 494 interchange in suburban Minneapolis. The 27.5-acre site features six four-story buildings with 456 units. 

The JLL Capital Markets team representing the borrower was led by Senior Director Brock Yaffe.

Greystone, a leading commercial real estate lending, investment, and advisory company, has provided $91,279,000 in Fannie Mae Delegated Underwriting and Servicing (DUS®) loans to refinance a 1,406-unit multifamily portfolio in Tucson, AZ. The separate transactions were originated by Dan Wolins, managing director at Greystone, on behalf of HSL Properties.

The $91.3 million in Fannie Mae financings all carry 10-year terms at a fixed rate with a 30-year amortization, and five years of interest-only payments. The non-recourse loans refinance four separate properties in Tucson: the 242-unit Canyon Creek; 256-unit Ridgepoint; 336-unit Catalina Canyon; and 572-unit Sycamore Creek.

“The new lending landscape has certainly introduced some challenges for multifamily property investors, but we have helped them to adapt and thrive with the capital options that are available,” said Mr. Wolins. “Greystone works diligently to be hyper-informed on local markets, changes in loan terms and rates, and to be able to provide a broad array of capital solutions when needed. We are very happy to team up with HSL again on these properties, which are long-held assets in their portfolio. They are a premier owner / operator in Tucson with unparalleled market knowledge.”

“We trust our Greystone team to deliver above our expectations and are thrilled to have been able to close this financing during a pandemic, especially with credit markets being more challenged than ever,” said Omar Mireles, president, HSL Properties.

Greystone, a leading commercial real estate lending, investment, and advisory company, has provided a $34,419,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 266-unit multifamily property in Lubbock, Texas. The transaction was originated by Steven Mumford in Greystone’s Atlanta office on behalf of Avalon Estates, with Peter Sharp of Eastpoint Funding and Kirk Slemmer of Promenade Lending as advisors to the borrower.  

The $34.4 million Fannie Mae financing has a 12-year term and 30-year amortization, with five years of interest only payments. The loan enables the borrower to consolidate three construction loans into permanent financing, continue with ongoing improvements, and monetize their existing equity. Construction on the property began in 2017 and was completed in three phases through 2019.

Catalina West is a garden-style apartment community consisting of 30 residential buildings with one-, two- and three-bedroom open-concept units offering modern amenities and finishes, in-unit laundry hook ups, and private garages. Residents also enjoy access to a community clubhouse and 24-hour Peloton® fitness center, pool, grilling stations, outdoor lounge and dog park. Located just a few miles from Texas Tech University, the property is minutes from the West End Shopping Center’s retail shops, restaurants and services.

“We are delighted that we can help our client access the right financing through our extensive platform and bring this property’s construction phase to a successful close,” said Mr. Mumford. “Our team’s trademark commitment to service and industry-leading execution resulted in a seamless and quick transaction for our client, even as the Covid-19 pandemic added a new layer of deal complexity.”

“I cannot express how grateful we are to the Greystone experts who saw this deal through to the finish line,” said Mr. Olov Nasiell, principal at Avalon Estates. “The passion, creativity and commitment of Greystone’s professionals is unparalleled – it’s what drew us to the company years ago. And though this transaction is completed, we look forward to working with our Greystone team again in the future.”