Greystone, a leading commercial real estate lending, investment, and advisory company, has provided a total of approximately $19,000,000 in loans to refinance three multifamily properties totaling 452 units across East Texas. The transactions were originated on behalf of Amesbury Companies, a longtime Greystone client.
The first 35-year, $5,677,700 permanent FHA-insured loan features a fixed, low interest rate for Glen Hollow Apartments in Kilgore, TX. The multifamily community offers 124 one- and two-bedroom market-rate rental units as well as a community room and swimming pool.
The second 35-year, fixed rate $5,200,000 FHA-insured loan was for Stone Creek Apartments, a 120-unit unit multifamily community offering market-rate one-, two- and three-bedroom apartments in Nacogdoches, TX. The property features a fitness center and swimming pool, community room and dog park for residents.
The third loan was a $8,080,000 Fannie Mae loan with a 10-year term and a low, fixed 30-year amortization. Also located in Nacogdoches, TX, Sunridge Apartments is a 208-unit multifamily community offering studio, one-, two- and three-bedroom market-rate apartments, as well as an onsite pool, fitness center and community center.
Greystone originally provided bridge loans to the borrower to purchase each of the properties in 2015. The permanent loans enable the borrower to refinance out of the bridge loans and to continue making capital improvements to each property.
“We’re thrilled that we can offer clients a diverse range of options for purchase and refinance with our bridge to permanent financing platforms,” said Nikhil Kanodia, head of FHA lending at Greystone. “Multifamily portfolio transactions require flexibility, and we will always go the extra mile to ensure that our clients get the best terms possible, no matter how complex the deal.”
“Greystone guided us through the acquisition finance and permanent loan process flawlessly. Their insight and execution enabled us to find the right product for each asset,” said Robert Peek, Chief Executive Officer of Amesbury Companies. ”Based on my many years in the commercial real estate industry, I can attest that their insights and persistence are simply unmatched.”
Greystone, a leading commercial real estate lending, investment, and advisory company, announced it has provided $78.5 million in HUD-insured financing on a skilled nursing facility (SNF) complex in Woodbury, New York. The transaction was originated by Fred Levine, managing director in Greystone’s Monsey, NY office.
The $78,533,200 permanent FHA refinance carries a low, fixed interest rate and 30-year term and amortization. Greystone arranged a high-leveraged bridge loan for the acquisition in June 2016.
Located on Long Island, the 588-bed Cold Spring Hills Center for Nursing & Rehabilitation facility offers an array of specialized services and programs, including clinical care; physical, occupational and speech therapies; amputee rehabilitation; pulmonary / ventilator care; cardiac care; and memory care. Significant, multi-year renovations were completed to the property’s five, interconnected residential buildings properties and additional office building in 2010.
“It’s gratifying when sophisticated industry leaders such as these borrowers recognize the value we bring to transactions and continue to come back to Greystone for their financing needs,” said Mr. Levine. “We pledge to continue to deliver unparalleled execution.”
Greystone, a leading commercial real estate lending, investment, and advisory company, announced it has provided a total of $11,727,000 in Fannie Mae loans to refinance a portfolio of multifamily properties in Brooklyn, New York. The loans were originated by Anthony Cristi in Greystone’s New York office on behalf of Zalmen Wagschal.
The four separate Fannie Mae loans, closed in under 2 weeks from the application date, are all 7-year Hybrid Adjustable Rate Mortgages (ARMs), secured to refinance the following properties comprising 6-12 units in the Bushwick and Bedford-Stuyvesant neighborhoods:
-- 867-869 Knickerbocker Avenue;
-- 221 Himrod Street;
-- 299 Throop Avenue; and
-- 634 Wilson Avenue.
“When an owner is both prepared and motivated, the loan process can be quick and efficient,” said Mr. Cristi. “That said, it took an incredible amount of cooperation among all parties, including Fannie Mae, to close this financing in just 10 days.”
“The relatively shorter-term period of a hybrid loan enables an owner to perform value-add improvements to a property, acting as a bridge of sorts, to a longer-term solution once the property is reappraised and ready to be refinanced,” added Mr. Cristi.
Greystone Real Estate Advisors announced it has closed the $13.4 million sale of Pine Hill Apartments, a multifamily property in Wheeling, IL. Bill Montana and Chris Sackley facilitated the transaction on behalf of the seller.
Located 30 miles northwest of Chicago, Pine Hill was originally developed in 1979 as 264 apartment homes, and converted to condominiums in 2006, when 117 of the units were sold as condominiums. The transaction involved the sale of the remaining 147 rental apartments. The buyer will ultimately revert the property back to solely rental units, and also renovate interiors and the common areas, enhancing the residential community immensely for current and future tenants.
“The unit mix and on-site amenities offered at the property provide the perfect value-add opportunity,” said Mr. Sackley, Managing Director at Greystone Real Estate Advisors. “We were confident that the property would attract a great deal of interest from buyers due to its location in a desirable community and its existing high-occupancy. With the new renovations, the appeal of this community will only grow.”
#1 HUD Lending Platform Sees Boost from 150% Increase in YOY Bridge Loan Volume
Greystone, a leading commercial real estate lending, investment, and advisory company, announced it has provided $23.7 million in HUD-insured financing for Hunter’s Cove Apartment Homes in Waxahachie, Texas. Ana Ramos, managing director in Greystone’s Los Angeles office, originated the transaction.
The $23,700,000 in permanent FHA financing for Hunter’s Cove carries a low, fixed interest rate and 30-year term and amortization period. The new HUD 223(f) financing is a permanent exit from the bridge loan that Greystone had arranged in April of this year, which contributed to a 150% increase in Greystone’s YTD bridge loan volume over last year. Today, Greystone ranks as the #1 HUD lender for multifamily and healthcare loans.
Located just outside of Dallas, TX, Hunter’s Cove Apartments features eight, three-story garden-style buildings with a combined 192 residences. The homes range from one- to three-bedroom units, all with lake views. In addition, residents have access to a clubhouse, fitness, center, dog park, enclosed garages and a resort-style swimming pool.
“Greystone’s bridge-to-HUD process is truly best-in-class, supported by a phenomenal team that seamlessly shepherds a borrower through two loan applications while enabling them to complete a smooth acquisition,” said Ms. Ramos. “The HUD-insured loan product, with its low rate and long term, is truly one of the best permanent financing solutions available today, especially in such a volatile rate environment.”
#1 HUD Lending Platform Sees Boost from 150% Increase in YOY Bridge Loan Volume
Greystone, a leading commercial real estate lending, investment, and advisory company, announced it has provided $23.7 million in HUD-insured financing for Hunter’s Cove Apartment Homes in Waxahachie, Texas. Ana Ramos, managing director in Greystone’s Los Angeles office, originated the transaction.
The $23,700,000 in permanent FHA financing for Hunter’s Cove carries a low, fixed interest rate and 30-year term and amortization period. The new HUD 223(f) financing is a permanent exit from the bridge loan that Greystone had arranged in April of this year, which contributed to a 150% increase in Greystone’s YTD bridge loan volume over last year. Today, Greystone ranks as the #1 HUD lender for multifamily and healthcare loans.
Located just outside of Dallas, TX, Hunter’s Cove Apartments features eight, three-story garden-style buildings with a combined 192 residences. The homes range from one- to three-bedroom units, all with lake views. In addition, residents have access to a clubhouse, fitness, center, dog park, enclosed garages and a resort-style swimming pool.
“Greystone’s bridge-to-HUD process is truly best-in-class, supported by a phenomenal team that seamlessly shepherds a borrower through two loan applications while enabling them to complete a smooth acquisition,” said Ms. Ramos. “The HUD-insured loan product, with its low rate and long term, is truly one of the best permanent financing solutions available today, especially in such a volatile rate environment.”
