DENVER, September 5, 2019 – JLL announces it has arranged financing totaling $22.86 million for Phenix at Infinity Park I and II, two adjacent multi-housing properties totaling 185 units in the Denver suburb of Glendale, Colorado.
Working on behalf of Glendale-based Slipstream Properties, JLL arranged two 10-year, interest-only, fixed-rate loans through Freddie Mac’s Green Advantage program. The loans will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠ lender. Loan proceeds were used to refinance existing loans on the properties.
The Phenix at Infinity Park I and II are situated along East Mississippi Avenue and South Dahlia Street one block southeast of Infinity Park, a sports, entertainment and events venue. In addition, the properties are two miles from the high-end Cherry Creek Shopping Center and approximately five miles southeast of downtown Denver. Phase I was most recently renovated in 2011 and Phase II was renovated in 2014. The buildings comprise a variety of one- and two-bedroom units, which are 97% occupied overall. Community amenities include a swimming pool, dog park, grilling areas and courtyards.
The JLL Capital Markets team representing the seller was led by Senior Director Kristian Lichtenfels.
Greystone, a leading commercial real estate lending, investment, and advisory company, has provided $179.2 million in Freddie Mac loans to refinance four multifamily properties totaling 1,188 units. The loans were originated by PJ McDevitt, an originator for Greystone, on behalf of Watermark Residential. Christopher Hilbert of 3G Capital Advisors served as advisor to the borrower in the transaction.
Located in Arkansas, Colorado, and Texas, the four properties and individual loan amounts include:
· Watermark at Steele Crossing in Fayetteville, AR, 306 units
· Watermark on Harvest Junction in Longmont, CO, 276 units
· Watermark on Twenty Mile in Parker, CO, 294 units
· The Ranch at Sienna Plantation in Missouri City, TX, 312 units
The four separate Freddie Mac Conventional loans all carry 15-year terms with a fixed interest rate and 30-year amortization, as well as 7 years of Interest-only payments. The collection of properties are all newly-constructed and fully stabilized, or nearing stabilization, and offer a range of attractive amenities for residents in the suburbs of Fayetteville, Denver, and Houston.
“It was a pleasure working with the Watermark Residential team to secure a permanent financing solution for this portfolio of newly-stabilized multifamily communities,” said Mr. McDevitt. “Freddie Mac was a pleasure to work with, and their commitment to support the work of quality sponsors is clearly evident.”
“Greystone’s execution of the Agency loan product was flawless, from their market knowledge to product expertise, and we thank both 3G Capital Advisors and Greystone for their guidance through this process. We are thrilled to bring these quality communities to market as we continue to grow our offerings in key submarkets,” said Josh Purvis, Managing Partner, Watermark Residential.
Greystone, a leading commercial real estate lending, investment, and advisory company, announced it has provided a $7,950,000 Freddie Mac Green Advantage® loan to refinance a 92-unit multifamily property in Las Vegas, Nevada. The transaction was originated by Ana Ramos, Managing Director in Greystone’s Los Angeles office with Andy Bratt of Newmark Realty Capital acting as correspondent.
The $8 million fixed-rate loan carries a 10-year term with three years of interest only payments and a 30-year amortization period. The property, Nottingham Gardens, is a garden-style apartment and townhome community built in 1974. Since its acquisition in 2015, the current owner has invested in many capital improvements, both interior and exterior.
“The Freddie Mac Green Advantage® program is an ideal financing solution for properties that can incorporate energy efficient measures with both electricity and water use,” said Ms. Ramos. “The combined benefits of this program yield not only a more efficient building, but also more attractive loan terms for going green. This platform is a win-win for any real estate investor.”
“Greystone’s execution of this loan was superb, from the terms to the communication and transparency from Ana and her team,” said Sarla Gupta, property owner of Nottingham Gardens. “We are so thrilled with the outcome and look forward to working with Greystone on future transactions.”
Greystone, a leading commercial real estate lending, investment, and advisory company, has provided a total of $115 million in Freddie Mac and Fannie Mae Shariah-compliant financing for the acquisition of a 6-asset seniors housing portfolio. Cary Tremper of Greystone originated the financing on behalf of Madison Marquette; GFH Capital, a subsidiary of GFH Financial Group; and operating partners, SRG Senior Living and JEA Senior Living.
Located in California, Michigan, and Washington, the 509-unit, 589-bed portfolio includes an independent living community, two assisted living communities, and three memory care communities.
“It is always a pleasure to work with high-quality sponsors such as Madison Marquette and GFH, and their recent collaboration is an indicator that the global market sees immense value in the senior housing sector,” said Cary Tremper, head of Greystone’s seniors housing finance team. “We are thrilled to have provided financing for this portfolio and are excited for what’s to come for both investors.”
Greystone, a leading commercial real estate lending, investment, and advisory company, has provided a total of $115 million in Freddie Mac and Fannie Mae Shariah-compliant financing for the acquisition of a 6-asset seniors housing portfolio. Cary Tremper of Greystone originated the financing on behalf of Madison Marquette; GFH Capital, a subsidiary of GFH Financial Group; and operating partners, SRG Senior Living and JEA Senior Living.
Located in California, Michigan, and Washington, the 509-unit, 589-bed portfolio includes an independent living community, two assisted living communities, and three memory care communities.
“It is always a pleasure to work with high-quality sponsors such as Madison Marquette and GFH, and their recent collaboration is an indicator that the global market sees immense value in the senior housing sector,” said Cary Tremper, head of Greystone’s seniors housing finance team. “We are thrilled to have provided financing for this portfolio and are excited for what’s to come for both investors.”
Greystone, a leading commercial real estate lending, investment, and advisory company, has provided a $6.5 million Freddie Mac Small Balance Loan (SBL) to refinance a 53-unit multifamily property in East Orange, New Jersey. The transaction was originated by Jason Yuen in Greystone’s New York office, on behalf of Rockledge Clinton LLC. Red Oak Capital Advisors arranged the financing for the borrower.
The $6,500,000 financing is a non-recourse adjustable rate mortgage with a fixed rate for five years and a 30-year amortization period. Built in 1927, 49 South Clinton Street is a four-story, elevator building comprising one-, two- and three-bedroom apartments, with on-site laundry and parking.
“Serving the workforce housing market is a Greystone specialty – we take pride in helping our clients in this segment of the multifamily market,” said Mr. Yuen. As a Top lender for both Freddie Mac and Fannie Mae small loan transactions, Greystone has consistently originated over $1 billion in loans for this category, which includes financing for multifamily properties between 5 and 50 units and loans from $1 million up to $7.5 million.
“I would like to thank Jason Yuen, Fred Levine, and the entire Greystone team for their hard work and effort in closing my recent New Jersey based multifamily refinancing through Freddie Mac. They were professional and creative at every stage and ultimately accomplished exactly what was promised. Overall, the transaction was smooth and efficient, and I very much look forward to working with Greystone again on future transactions,” said Marc Watkins, president of Rockledge Clinton, LLC.
“The entire Greystone team was diligent, responsive, and communicated clearly on a regular basis throughout the transaction,” said Samuel Guss, president of Red Oak Capital Advisors. “And most importantly for us and for our long-time client, Greystone closed the loan as quoted and on time.”
