Greystone, a national commercial real estate lending, investment, and advisory company, announced it has provided a $15,375,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to finance the acquisition of a 184-unit multifamily property in Baton Rouge, LA. The transaction was originated by Keith Hires, Managing Director in Greystone’s Atlanta office, on behalf of Cyprus Multifamily in New Orleans.

The $15.4 million Fannie Mae Green Rewards loan carries a 12-year term with 2 years of interest-only payments. The property, Live Oaks Apartment Homes, is a Class A apartment community built in 2001.  Its current age enables the new owner to implement impactful energy efficiency tactics to reduce water and electricy usage, and receive discounted pricing on the financing.   

Live Oaks provides its residents with a range of upscale finishes and amenities, including crown molding, vaulted ceilings, bay windows, built-in bookshelves, patios/balconies, clubhouse, pool, and fitness center. Located off Jefferson Highway, Live Oaks is minutes from the city's leading employers, including LSU, Lady of the Lake Regional Medical Center, and Turner Industries Group. Live Oaks also provides residents with one of the best locations with close proximity to premier retail centers.

“The buyer saw an opportunity to acquire a high-quality asset and execute energy efficient retrofits to reduce debt service and optimize the value of the asset,” said Mr. Hires. “With Fannie Mae’s Green Rewards product, buyers of properties in the 15-20 year vintage can certainly benefit from making these changes, as well as to the benefit of the residents and the environment overall.”

CHICAGO – JLL announced today that it has closed the $38 million sale and arranged $27.4 million in financing for Echelon at Middletown, a 210-home, garden-style apartment community located in Louisville, Kentucky’s affluent East End submarket.

JLL marketed the property exclusively on behalf of the seller, The Garrett Companies, and procured the buyer, Brookview Realty Group. Additionally, JLL worked on behalf of the new owner to secure the 10-year, fixed-rate Fannie Mae loan. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender.

Echelon at Middletown is situated on 12.55 acres at 400 Echelon Way approximately 17 miles east of downtown Louisville in the East End, which is home to stately mansions, top public and private schools and a concentration of top employers. Completed in 2017, the property features a variety of one-, two- and three-bedroom units averaging 1,080 square feet with community amenities, including a resort-style pool and spa, grilling stations, poolside fire pit, off-leash pet park, clubhouse, resident lounge, business center and fitness center with yoga studio. The property also includes 358 surface, attached and detached garage parking spaces.

The JLL Capital Markets team representing the seller was led by Senior Director Wick Kirby, Managing Director Marty O’Connell, Director Kevin Girard and Analyst Kyle Butler.

JLL’s Capital Markets debt placement team representing the new owner was led by Senior Managing Director Dave Keller and Analyst Nelson Almond.

WASHINGTON D.C. – JLL announced today it has closed the $58.85 million sale and $45.9 million financing of Palette at Arts District, a 243-unit multi-housing community located in the Arts District of Hyattsville, Maryland.

JLL marketed the property on behalf of the seller, a global real estate investment manager, and procured the buyer, Harbor Group International, LLC. In addition, JLL worked on the new owner’s behalf to arrange a 10-year, fixed-rate Fannie Mae acquisition loan. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender.

Palette at Arts District is situated on 3.75 acres at 5501 45th Avenue within a 20-minute drive of Washington, D.C.’s CBD, a five-minute drive from Prince George’s Plaza Metro Station (Green Line) and a 10-minute walk to the Riverdale MARC train station. The property is also a short walk via the adjacent walking trail to Prince George’s County’s first Whole Foods store, which is surrounded by numerous other retail and dining options. Community amenities include a resort-style pool with lounge seating, courtyard with a fireplace and gas grills, dog park with agility stations, clubroom with pool table, indoor/outdoor cybercafé with coffee bar, state-of-the-art fitness center and conference room. Other amenities include a rooftop deck with bar, fire pit, grill and pool table offering stunning city views. The property, which was constructed in 2012, consists of a variety of studio, one- and two-bedroom floor plans averaging 870 square feet and approximately 4,700 square feet of ground-floor retail.

The JLL Capital Markets team representing the seller included Walter Coker and Brian Crivella.

JLL’s Capital Markets debt placement team representing the new owner was led by Jamie Leachman.

Greystone, a national commercial real estate lending, investment, and advisory company, announced it has provided a $25,500,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 257-unit multifamily property, Woodgate Apartments, in Chamblee, GA. The transaction was originated by Keith Hires and Mark Nelson, Managing Directors in Greystone’s Atlanta office.

The $25.5 million Fannie Mae Green Rewards loan, which refinances a Greystone bridge loan, carries a 10-year term and 30-year amortization period at a low, fixed rate. Woodgate Apartments was built in 1963 and renovated between 2015 and 2018, during which time the owner invested nearly $400,000 of the original $17,000,000 bridge financing for capital improvements. As part of the new financing package, the owner plans to continue its commitment to renovating the property. The amenities at Woodgate Apartments include a swimming pool, playground, surface parking, and picnic area with grills.

“With the ongoing renovations the investors have planned for Woodgate Apartments, it’s clear that they have a long-term plan for this asset, and we are thrilled to have executed permanent financing on their behalf,” said Mr. Hires. “Greystone’s bridge lending platform provides the ideal jumping off point for a property owner to improve and stabilize an asset, as well as take advantage of incentives for making the property more energy efficient.”

Greystone, a leading national commercial real estate lending, investment, and advisory company, announced it has provided $8,005,000 in total Fannie Mae small loans to refinance a portfolio of multifamily properties in Philadelphia, Penn. The loans were originated by Anthony Cristi of Greystone’s New York office on behalf of La Gioconda Company, a family-owned multifamily property investment firm based in Philadelphia.

The Fannie Mae financing was secured for a total of 10 workforce housing properties totaling 88 units. All properties received fully amortizing Hybrid 7-year adjustable rate mortgages.  

“Fannie Mae financing provides an ideal solution for value-add and refinance strategies, especially in today’s favorable rate environment,” said Mr. Cristi. “Greystone has a robust suite of financing solutions for any capital need, and I am thrilled to have assisted La Gioconda in their quest to extract value from their assets and reduce their debt service.”  

“Greystone’s expertise in multifamily refinance has proven a truly valuable part of our property investment strategy,” said borrower Domenico Nigro. “With their guidance, we will be able to optimize and expand our real estate portfolio over time.”

NEW YORK – JLL announces that it has arranged financing totaling $119 million for 33 West End Apartments and Port 10 Apartments, two mixed-income, high-rise residential properties in prime Manhattan locations.

JLL worked on behalf of the borrower and original developer of the properties, Atlantic Development Group, to originate two fixed-rate, long-term Fannie Mae loans. The loan for 33 West End Apartments totaled $80 million and the loan for Port 10 Apartments totaled $39 million. Both loans will be serviced by Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender.

33 West End Apartments is a 25-story, 211-unit property on the Upper West Side steps from Lincoln Center and Central Park. The property consists of a mix of affordable and market-rate studio, one-bedroom and two-bedroom units ranging from 426 to 1,182 square feet along with 7,191 square feet of ground-floor retail. Property amenities include 24-hour concierge services, a fitness center, tenant lounge, bus service to the train station, in-unit and ground-floor laundry rooms and an outdoor terrace.

Port 10 Apartments is a 13-story, 89-unit property located on 10th Avenue between West 27th and West 28th Street in Chelsea. Completed in 2010, the building also includes 8,000 square feet of ground-floor retail. The nearly 98% leased building consists of 71 market-rate and 18 affordable units with common area amenities, including a resident lounge, rooftop common area, fitness center and bike storage.

The JLL Affordable Housing Capital Markets team representing the borrower was led by Managing Director C.W. Early.

“These deals presented a multitude of unique challenges for which JLL and Fannie Mae found solutions,” Early said. “We are pleased to have had the opportunity to provide our client with truly customized financing solutions with long-term executions that allow the properties to transition through the 421-A exemption burn-off period while still maintaining historically low interest rates with long-term interest only periods, which will only enhance cash flows.”

"These were complicated transactions that needed an experienced lender with strong agency relationships,” said Peter Fine, CEO of Atlantic Development in New York City. “We couldn't have asked for more from the JLL team on the successful executions."