Greystone, a real estate lending, investment and advisory company, today announced it has provided three Fannie Mae DUS® loans totaling $36,810,000 to refinance an 811-unit multifamily property portfolio in Texas. The loans were originated by Tony Spaeth of Greystone.
The Fannie Mae DUS loans carry 10-year terms with 30-year amortizations, each with a period of interest-only payments. The properties include:
· Park at Crestview, located in Austin, TX and comprised of 248 units, was refinanced for $16,725,000 with three years of interest-only;
· Park at Ventana, located in San Antonio, TX and comprised of 319 units, was refinanced for $11,570,000 with five years of interest-only and;
· Villas at Ventana, located in San Antonio, TX and comprised of 244 units, was refinanced for $8,515,000 with five years of interest-only.
The Texas properties host contemporary amenities including a swimming pool, fitness center, clubhouse lounge, and business center.
"Greystone’s expertise with both the Fannie Mae DUS product and agile navigation of the Texas multifamily market has enabled us to coordinate this trio of closings for our client in alignment with their existing portfolio under the most beneficial terms," said Joe Mosley, Executive Managing Director and head of Agency lending at Greystone.
Greystone, a real estate lending, investment and advisory company, announced it has originated and closed $1,000,000,000 in Freddie Mac Small Balance Loans since the Freddie Mac Small Balance Loan program was launched in October 2014. In that time, Greystone has closed over 350 Freddie Mac Small Balance Loan transactions from the East Coast to the West Coast.
"We applaud Greystone's continued commitment to the small loan market and reaching this milestone," said Steve Johnson, Freddie Mac's senior director of small balance lending. "In serving the critical small loan market, Greystone delivers consistent service and reliable execution."
Freddie Mac’s Small Balance Loan program includes fixed-rate and hybrid adjustable-rate mortgage loans ranging from $1 million to $5 million on multifamily acquisitions or refinancings.
"Freddie Mac’s small balance loan product continues to be our fastest-growing platform, as it addresses the specific financing needs of smaller multifamily property owners with a highly competitive product,” said Rick Wolf, Senior Managing Director and head of Greystone's small loan lending group. “Greystone has a seamless loan application and origination process in place which covers the US, and we continue to be a leading provider of Freddie Mac small balance loans.”
The Freddie Mac Small Balance Loan Terms include:
· Properties with at least five units
· Partial or full term interest only available
· Up to 80% LTV in certain markets
· 1:25x debt service coverage ratio minimum in many markets, and 1:20x in top markets
· 60-120 day rate lock available
· Hybrid ARMs or fixed-rate mortgage loan
· Highly competitive rates and low transaction costs
The Freddie Mac Small Balance Loan Closed in Under 60 Days
Greystone, a real estate lending, investment and advisory company, today announced it has provided a $5,000,000 Freddie Mac Small Balance Loan to finance the acquisition of Greystone Place Apartments in Sacramento, CA. The loan for the property, which is not affiliated with Greystone, was originated by John Tilsch of the company’s San Francisco office.
The Freddie Mac Small Balance Loan carries a 20-year term with a fixed rate for the first five years and one year of interest-only over a 30-year amortization at 73% LTV. Greystone Place is a 120-unit apartment complex located in the premier secondary market in California.
"With its rapid growth in population and employment, Sacramento is becoming one of the strongest rent growth markets in the nation," said Rick Wolf, senior managing director and head of Greystone's small loan lending group. “The client chose Greystone as a repeat lender due to our reputation as a leader in Freddie Mac Small Balance multifamily lending and our in-depth knowledge of the Sacramento market.”
Greystone closed a $1,950,000 Freddie Mac Small Balance Loan to refinance The Village at Mount Pleasant in the Adams Morgan area of Washington, D.C. The loan for the 15-unit apartment community carries a 10-year fixed rate term with 30-year amortization and is interest-only for three years.
The Village at Mount Pleasant is comprised of four studio units and 11 one-bedroom units contained within one 3‐story building. Property amenities include 11 open parking spaces and a common laundry room. The loan provided by Greystone was originated by Andrew Ellis of Greystone’s Rockville, MD office.
About Greystone
Greystone is a real estate lending, investment and advisory company with an established reputation as a leading commercial mortgage lender, consistently ranking as a top FHA and Fannie Mae lender in multifamily and healthcare financing. Our range of services includes commercial lending across a variety of platforms such as Fannie Mae, Freddie Mac, CMBS, FHA, USDA, bridge and proprietary loan products. Loans are offered through Greystone Servicing Corporation, Inc., Greystone Funding Corporation and/or other Greystone affiliates. For more information, visit www.greyco.com.
Greystone, a New York-based real estate development, lending and advisory company, announced the $8.8 million acquisition of a shovel-ready development site located at 1501 SW 37th Avenue in Miami, FL. The project lies on an approximately 34,000 square foot (net) lot that will be developed into approximately 91,000 square feet of residential and 6,500 square feet (net) of ground-floor retail space.
Borges and Associates, a leading world-class architectural and design firm, envision a 14-story building, with amenities including: an outdoor pool and spa, club room, business center and a fully equipped, 24-hour fitness center. The development plan is fully approved and includes a total of 100 residences with one- and two-bedroom apartments. All units are anticipated to have private balconies, with two townhouse-style units boasting rooftop terraces.
1501 SW 37th Avenue is slated for completion in the first quarter of 2018. The property is ideally situated within walking distance to Downtown Coral Gables and Miracle Mile.
Marking its third South Florida development project, Greystone continues to grow in the region, having developed more than 800,000 gross square feet to date. 1501 SW 37th Avenue is a short distance from The Mile, a 120-unit luxury rental building developed by Greystone and sold to a major national REIT in December 2015 for $48 million ($400,000 per unit), marking record pricing in Miami.
Greystone also is currently developing 2500 Biscayne Boulevard, a 20-story luxury apartment complex with street level retail located near Biscayne Bay. 2500 Biscayne was acquired by Greystone in May 2014 as a 45,365 square foot (1.04 acre) parcel of land in the Edgewater district of Miami. The project is currently being developed into a 156-unit mixed-use property boasting 20,000 square feet of street-level retail.
“The Miami real estate market is extremely vibrant – much like New York, but unique in its own way – and we are enjoying the exploration, acquisition and development process as an extension of our development roots in the North,” said Jeffrey Simpson, head of Greystone Development. “All of our local partners have been integral to the success of these South Florida projects and we look forward to adding more in the pipeline,” Simpson added.
