Greystone, a leading commercial real estate lending, investment and advisory company, has provided $15,800,000 in Freddie Mac financing for a new seniors affordable housing property to be built in Covington, Georgia. The transaction was originated by PJ McDevitt of Greystone on behalf of Dominium Holdings, one of the largest affordable housing development and management companies in the country.

The $15.8 million Freddie Mac Tax Exempt Loan (Forward TEL) is part of the Freddie Mac Target Affordable Housing (TAH) Program. The financing includes a 30-month forward period for construction, with Freddie Mac’s permanent take-out carrying an 18-year term with a 35-year amortization period at a low, fixed rate. Construction of the property is scheduled to be completed in 2021.

Located 30 miles southeast of downtown Atlanta in Covington, the Legends of Covington Senior community will offer a mix of one-, two- and three-bedroom apartments – 198 in total – for individuals 55-years of age and older. The property will consist of a single, four story building, and will offer amenities such as a clubhouse, gym and sports court, business center, media room, laundry, elevator, beauty salon, picnic area, storage and onsite parking. The property will be located near the Newton County Senior Center, which is considered to be the one of the most active senior centers in the State of Georgia.

“We are thrilled that we could help our long-time client secure the right financing for this project, with a quick close so that they could break ground as soon as possible,” said Jeff Englund, Senior Managing Director of Greystone’s Atlanta office and head of Greystone’s affordable housing group. “We thank Freddie Mac for their partnership in financing this project, which will fill a gap in affordable housing options for seniors in this community.”

“We knew we could rely on Greystone for this important project – though Newton County has a vibrant 55+ community, affordable housing stock for seniors is always in high demand,” said Paul Sween, principal of Dominium Holdings. “We’re grateful to our Greystone team for working with Freddie Mac to pull the right terms together and we look forward to bringing Legends to life.”

Greystone, a leading national commercial real estate lending, investment and advisory company, announced it has provided a $33,700,000 Freddie Mac loan to refinance Belmont Shores Mobile Estates, a 347-unit age-restricted manufactured housing and mobile home community in Long Beach, California. The transaction was originated by Dale Holzer in Greystone’s Newport Beach, CA office, on behalf of Alamitos Bay Partnership LLC with Don Smith of Sunrise Mortgage & Investment Co. acting as a correspondent.

The $33.7 million Freddie Mac loan carries a 15-year term and a 30-year amortization period. The loan will help fund significant capital improvements for the property, including reconfiguration of the common area’s buildings.

Located within the beach community in California, Belmont Shores Mobile Estates offers a beach lifestyle for its residents with a 24-hour manned entrance gate. Residents have access to various amenities including a clubhouse, swimming pool, jacuzzi spa, exercise and laundry facility, billiard room, library, walking path and gathering areas. The property is located a block east of Pacific Coast Highway and is walking distance to shopping and recreation areas.

“It’s been a pleasure collaborating with the borrower to help them achieve their ambitious plan to revitalize this property,” said Mr.Holzer. “The property has been in our client’s portfolio since 1981; securing the financing helps to facilitate the long-term viability of the property and most importantly, ensure a comfortable living space for the residents of Belmont Shores Mobile Estates.”

“Greystone’s expertise with the Freddie Mac lending platform has been an asset to this financing process and we are thrilled to move forward with our capital improvement plan,” said Greg Gill, member and local representative of the borrower. “We thank them for their close collaboration on this transaction and look forward to continue to grow our relationship.” 

Greystone, a leading national commercial real estate lending, investment and advisory company, announced it has provided a $33,700,000 Freddie Mac loan to refinance Belmont Shores Mobile Estates, a 347-unit age-restricted manufactured housing and mobile home community in Long Beach, California. The transaction was originated by Dale Holzer in Greystone’s Newport Beach, CA office, on behalf of Alamitos Bay Partnership LLC with Don Smith of Sunrise Mortgage & Investment Co. acting as a correspondent.

The $33.7 million Freddie Mac loan carries a 15-year term and a 30-year amortization period. The loan will help fund significant capital improvements for the property, including reconfiguration of the common area’s buildings.

Located within the beach community in California, Belmont Shores Mobile Estates offers a beach lifestyle for its residents with a 24-hour manned entrance gate. Residents have access to various amenities including a clubhouse, swimming pool, jacuzzi spa, exercise and laundry facility, billiard room, library, walking path and gathering areas. The property is located a block east of Pacific Coast Highway and is walking distance to shopping and recreation areas.

“It’s been a pleasure collaborating with the borrower to help them achieve their ambitious plan to revitalize this property,” said Mr.Holzer. “The property has been in our client’s portfolio since 1981; securing the financing helps to facilitate the long-term viability of the property and most importantly, ensure a comfortable living space for the residents of Belmont Shores Mobile Estates.”

“Greystone’s expertise with the Freddie Mac lending platform has been an asset to this financing process and we are thrilled to move forward with our capital improvement plan,” said Greg Gill, member and local representative of the borrower. “We thank them for their close collaboration on this transaction and look forward to continue to grow our relationship.” 

Greystone, a leading national commercial real estate lending, investment and advisory company, announced it has provided a $33,700,000 Freddie Mac loan to refinance Belmont Shores Mobile Estates, a 347-unit age-restricted manufactured housing and mobile home community in Long Beach, California. The transaction was originated by Dale Holzer in Greystone’s Newport Beach, CA office, on behalf of Alamitos Bay Partnership LLC with Don Smith of Sunrise Mortgage & Investment Co. acting as a correspondent.

The $33.7 million Freddie Mac loan carries a 15-year term and a 30-year amortization period. The loan will help fund significant capital improvements for the property, including reconfiguration of the common area’s buildings.

Located within the beach community in California, Belmont Shores Mobile Estates offers a beach lifestyle for its residents with a 24-hour manned entrance gate. Residents have access to various amenities including a clubhouse, swimming pool, jacuzzi spa, exercise and laundry facility, billiard room, library, walking path and gathering areas. The property is located a block east of Pacific Coast Highway and is walking distance to shopping and recreation areas.

“It’s been a pleasure collaborating with the borrower to help them achieve their ambitious plan to revitalize this property,” said Mr.Holzer. “The property has been in our client’s portfolio since 1981; securing the financing helps to facilitate the long-term viability of the property and most importantly, ensure a comfortable living space for the residents of Belmont Shores Mobile Estates.”

“Greystone’s expertise with the Freddie Mac lending platform has been an asset to this financing process and we are thrilled to move forward with our capital improvement plan,” said Greg Gill, member and local representative of the borrower. “We thank them for their close collaboration on this transaction and look forward to continue to grow our relationship.” 

Loan proceeds refinance existing debt on the Raleigh, North Carolina, garden-style apartment community

WASHINGTON D.C., September 18, 2019 – JLL announced today it has secured $24 million in financing for Olde Raleigh Apartments, a 228-unit, garden-style apartment community located in Raleigh, North Carolina.

JLL worked on behalf of Taurus Investment Holdings, LLC, to arrange the 10-year, floating-rate loan through Freddie Mac’s Green Advantage program. The loan will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠ lender. Loan proceeds refinanced existing debt on the property.

Olde Raleigh is located at 4000 Grand Manor Court near William B. Umstead State Park and Interstates 40 and 440, which provide residents with access around the Raleigh-Durham MSA. The property consists of a mix of one-, two- and three-bedroom floor plans with a large selection of in-home features, including gourmet kitchens with stainless steel appliances, garden tubs, custom built-ins, plank flooring, in-unit washers and dryers and private patios or balconies. Community amenities include a resort-style pool, outdoor grilling station, clubroom, fitness center, business center with conference lounge, car care center, pet wash station and dog park. Olde Raleigh was more than 94% occupied at closing. 

The JLL Capital Markets team representing the borrower was led by Senior Director Jamie Leachman.

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.