Greystone, a leading national commercial real estate finance company, has provided a total of $19,010,000 in Fannie Mae Delegated Underwriting and Servicing (DUS®) and Freddie Mac financing for two multifamily properties in northern California. The transactions were originated by John Tilsch of Greystone’s San Francisco office, on behalf of Gil Allon and Ariel Shenhar.
Greystone provided a fixed-rate, non-recourse, 10-year $8,902,000 Fannie Mae DUS loan for Woodfield Patio Homes, an 88-unit property located in North Highlands, just northeast of Sacramento, CA. The property was constructed between 1950 and 1952 on 4 non-contiguous parcels totaling 7.63 acres and encompasses 22 buildings.
Greystone also provided a fixed-rate, non-recourse, 7-year $10,108,000 Freddie Mac loan for Greystone Place Apartments, a 120-unit apartment community in Sacramento, CA. Since acquiring the property in 2016, Mr. Allon has significantly improved the performance of the asset through capital expenditures, identifying additional revenue sources, and management.
“Despite the challenging environment for property owners, there is availability for financing, and now is the time to take advantage of low interest rates,” said Mr. Tilsch. “Greystone can provide a number of financing options for borrowers, including both Fannie Mae and Freddie Mac, as well as bridge financing and other short- and long-term solutions to meet a borrower’s current capital needs.”
“Greystone provided a dynamic solution for our existing refinance needs on Woodfield and Greystone Place, and seamlessly guided me through two different -- but both very attractive -- financing options,” said Mr. Allon. “John’s market knowledge and client service are incredible resources as I look to continue exploring refinancing options.”
Wild Pines of Naples has 96 market-rate and 104 income-restricted apartments
Naples, Fla. (November 13, 2020) – Berkadia announces it has secured a $20.62 million loan for the acquisition Wild Pines of Naples, a 200-unit multifamily property with a mix of market-rate and income-restricted apartments located in the affluent Naples, Florida market. Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins of Berkadia’s Boca Raton office secured the financing on behalf of GMF Capital of New York, New York.
Berkadia originated, and Freddie Mac purchased, the 15-year, fixed-rate loan with 10 years interest only.
“Wild Pines of Naples presented an unusual opportunity to acquire a core Naples property with both market rate and income-restricted units,” said Sinberg. “Because there is a dearth of affordable product and a considerable amount of luxury rental product in this region, this was a tremendous value-add opportunity for GMF to achieve appreciation at well below replacement cost.”
Located at 2580 Wild Pines Lane, Wild Pines of Naples was built in two phases in 1968/1986 and 2001, respectively. Phase I consists of 96 market-rate units in 12 one- and two-story buildings and Phase II added 104-rent/income-restricted units (maximum 60% of AMI) in 7 two-story buildings. The income-restricted units will remain affordable until 2031.
Both phases feature nearly identical one-bedroom floor plans averaging 600 square feet. Community amenities include two pools, two laundry rooms, a clubhouse with business center and leasing office, gym, and picnic area, all of which were recently renovated.
The property is located just 1.6 miles from downtown historic Naples, offering excellent accessibility to employment centers and retail destinations in the region. Located within five miles of the property are a Publix, Coastland Center Mall, Lorenzo Walker Technical College, Naples Zoo, Naples Botanical Gardens and the NHC Healthcare System, along with Naples beaches.
Included in the sale of the property are 23 garages available for rent and 0.6 acres of undeveloped land which could be used to add more units or provide additional community amenities.
###
About Berkadia®:
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.
© 2020 Berkadia Proprietary Holding LLC. Berkadia® is a registered trademark of Berkadia Proprietary Holding LLC.
Commercial mortgage loan banking and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc.
Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc.
This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
In California, Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116, and Berkadia Real Estate Advisors Inc. under CA Real Estate Broker Lic. # 01931050.
Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions.
For state licensing details for the above entities, visit: http://www.berkadia.com/legal/licensing.aspx
Greystone, a leading private national commercial real estate finance company, provided two refinancing loans for a multifamily portfolio in Sanford, Florida. The transactions were originated by Dan Sacks, Managing Director in Greystone’s New York office.
The properties include:
- Aqua Link, a 140-unit property, which received a 10-year, variable-rate, $12,115,000 Freddie Mac mortgage. Renovated in 2020, the garden-style property spans 9 acres. Amenities for the two- and three-bedroom units include grilling area, coffee bar, common laundry, swimming pool, picnic area, playground, and clubhouse, with 321 surface parking spaces.
- Stoneridge, a 120-unit property, which received a 10-year, variable-rate, $8,541,000 Freddie Mac mortgage. Built in 1975 and renovated in 2020, the garden-style property consists of studio-, one-, two-, and three-bedroom units. Amenities include a grilling area, coffee bar, common laundry, picnic area, playground, and clubhouse, with 188 surface parking spaces.
“It’s been a pleasure working with this team as they grow their portfolio,” said Mr. Sacks. “We are thrilled that clients rely on us time and again for their portfolios, and we can work to find new terms to help our clients.”
Greystone, a leading private national commercial real estate finance company, provided two refinance loans totaling $42.6 million for a multifamily portfolio in the Sacramento region. The transactions were led by Greystone Real Estate Advisors’ Todd Vitzthum and Simon Hermann (Northern California region) and Cody Field of Greystone’s San Francisco office on behalf of the property owner, Albert Gomez.
Leveraging its expertise across a range of capital options, Greystone provided the debt financing from two different sources, Freddie Mac and Fannie Mae. The properties include:
- Carmel Pointe, a 332-unit property located in Sacramento proper, which received a 10-year, fixed-rate, $31,950,000 Freddie Mac mortgage. Built in 1985, the property spans 28 buildings and includes 558 parking spots. Amenities at the majority one- and two-bedroom community include two outdoor swimming pools, spa, fitness center, clubhouse, playground, dog park, tennis court, and on-site laundry rooms.
- Ashbury Court, a 92-unit property in Rancho Cordova, Sacramento county, which received a 10-year, fixed-rate, $10,650,000 Fannie Mae Green Rewards mortgage. Amenities for the studio-, one-, and two-bedroom units include a clubhouse with fitness center, swimming pool, tennis court, and laundry. By participating in the Green Rewards program, the property owner will install water and energy efficiency measures at the property.
“The Greystone team delivered again and helped secure superior loans during a difficult time,” said Mr. Gomez. “The professionalism and experience of Cody, Simon and the team were on full display as they navigated the multiple agency products to secure optimal financing.”
“Like many middle-market properties across the country, Carmel Pointe and Ashbury Court experienced an impact from the pandemic, but because the owner is a stable, quality sponsor and a repeat client, we were able to identify solid options to refinance and shore up some capital,” said Mr. Field.
“It’s a pleasure when we can help clients solve both immediate capital concerns, while at the same time providing long-term finance options that better their portfolio overall,” said Mr. Vitzthum.
Greystone, a leading private national commercial real estate finance company, has provided a $58,653,000 Freddie Mac loan to refinance a 306-unit multifamily property in Naples, Florida. The transaction was originated by Dan Sacks, Managing Director in Greystone’s New York office, on behalf of The Embassy Group.
The $58.65 million Freddie Mac floating rate loan, which refinances an existing Fannie Mae loan provided by Greystone to acquire the property in 2017, carries a 10-year term with a 30-year amortization and five years of interest-only payments.
Originally constructed in 2007, Amberton Townhomes consists of 306 two- and three-bedroom units in 39 two- and three-story buildings set across professionally landscaped grounds. Each townhome features in-unit laundry and modern appliances as well as attached, private garages and outdoor living space. Residents have access to the gated community’s clubhouse, pool and fitness center. The pet-friendly property offers easy access to Interstate 75, and is centrally located near the area’s dining, entertainment, beach and shopping venues.
“Our focus is on finding ‘just-right’ financing solutions so our clients can have the best financing behind the properties in their portfolios through every iteration of the market,” said Mr. Sacks. “Our clients come back to us because our white-glove service experience means we’ll deliver the transaction terms they need, every time.”
“After working with our Greystone team to acquire this property a few years ago, there was never a question whether we would come back to them,” said Mr. David Willner, principal, The Embassy Group. “Whether we’re talking about securing the right financing or handling a transaction from start to finish, Dan and his team are simply the best at exceeding our expectations on every level.”
The 264-unit Grand Pavilion sold for $32.77 million to Praxis Capital
Tampa, Fla. (November 2, 2020) – Berkadia announces it has arranged the sale and financing of Grand Pavilion, a 264-unit garden-style multifamily community located in Tampa. Senior Managing Director Cole Whitaker and Managing Director Jason Stanton of Berkadia’s Tampa and Orlando offices listed the property on behalf of the seller, ESG Kullen. Berkadia worked in conjunction on transaction with BlueGate Partners, LLC out of New York, represented by Mark DeLillo and Craig Callaway.
Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins of Berkadia’s Boca Raton office originated $24.4 million in financing via Freddie Mac on behalf of the buyer, Praxis Capital, which acquired the property for $32.77 million. The 10-year, floating-rate loan offered an attractive rate and five years interest only.
“This property recently received $3 million in upgrades and is well positioned to compete with similar vintage product in this submarket with modest improvements to the unit interiors,” said Stanton.
Located at 3110 Grand Pavilion Drive, Grand Pavilion was built in 1984 and offers a mix of one- and two-bedroom units ranging in size from 540 square feet to 873 square feet. Apartments feature new carpet and plank flooring, a screened in patio or balcony, walk-in closets, and in some units, kitchens have been updated with new appliances, hardware and cabinetry. Community amenities include a new state-of-the-art fitness center, swimming pool with sundeck, outdoor picnic/grill area, tot lot/playground, bark park, clubhouse lounge, game room, and package receiving area.
The property is ideally located in Northeast Tampa, less than five minutes from the University of South Florida, Busch Gardens Tampa Bay and AdventHealth Tampa, and 20 minutes from downtown Tampa.
###
About Berkadia®:
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.
© 2020 Berkadia Proprietary Holding LLC. Berkadia® is a registered trademark of Berkadia Proprietary Holding LLC.
Commercial mortgage loan banking and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc.
Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc.
This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
In California, Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116, and Berkadia Real Estate Advisors Inc. under CA Real Estate Broker Lic. # 01931050.
Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions.
For state licensing details for the above entities, visit: http://www.berkadia.com/legal/licensing.aspx
