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.”

Greystone, a leading national commercial real estate finance company, has provided a $10,791,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 200-unit affordable housing property in Dallas, Texas. The transaction was originated by Ana Ramos, managing director in Greystone’s Los Angeles office, with Eric Better of BCREM Capital Inc., acting as correspondent on behalf of 378 Creekside.

The $10.8 million Fannie Mae loan carries a 10-year term with a fixed interest rate and a 30-year amortization. In addition to refinancing, part of the loan proceeds will be used for ongoing renovations and capital improvements, including energy-efficient upgrades, to maximize the value of the property. The property has a project-based HAP contract and LIHTC LURA; due to terms of the HAP contract and creative structuring, Greystone was able to find the right solution for both the borrower and Fannie Mae.

Originally constructed in 1967, Creekside Villas Apartments is a garden-style apartment community offering 200 one-, two- and three-bedroom units. The property was recently renovated in 2019, and offers residents a clubhouse, business center, laundry room, playground, dog park and on-site parking. The Dallas property is located near the Trinity River, just off the F. Hawn Freeway, providing easy access to neighborhood schools, grocery stores and parks.

“Our Greystone team is passionate about find the best financing fit for clients, especially for affordable housing, which is so critical to our society,” said Ms. Ramos. “We are thrilled to provide an excellent solution that will maintain affordability for this property in Dallas, which will positively impact the hundreds of residents at Creekside Villas.”

“Greystone did it again – this time, finding us the right financing terms for a complicated transaction in the middle of a pandemic,” said Mr. Rajab Ali, principal of 378 Creekside. “Ana and her team are tireless and unflappable. Our goal is to offer families at every income level access to quality living spaces that they are proud to call ‘home.’ We are truly grateful that Greystone is our partner in this effort, giving us the tools we need to bring our vision to life.”

Greystone, a leading national commercial real estate finance company, has provided a total of $25.9 million in Fannie Mae Delegated Underwriting and Servicing (DUS®) Green Rewards loans to refinance two multifamily properties in the San Francisco Bay Area. The transactions were originated by John Tilsch of Greystone’s San Francisco office, with Charlie Sosa of Suwannee Investments, Inc. acting as correspondent.

Borrowers who use Fannie Mae's Green Rewards program commit to engaging in property upgrades that reduce water and energy consumption.

The first Fannie Mae financing, an $8,408,000 loan, has a fixed rate and 10-year term with a 30-year amortization. The non-recourse loan refinances 40 Glen Eyrie, a 34-unit garden-style apartment community in San Jose, California. Originally built in 1962, the pet-friendly property offers one- and two-bedroom units with amenities such as modern appliances, private outdoor living areas and on-site parking,

The second loan, for $17,500,000, features a fixed rate with a 10-year term and 30-year amortization, with three years of interest-only payments. The non-recourse loan refinances Skyline Vista Apartments, a pet-friendly garden style apartment community in Pacifica, California. The property, which was constructed in 1964, consists of 44 two-bedroom units that offer as modern appliances and upgraded finishes, in-unit washer/dryers, and private outdoor living spaces with views of the San Francisco Bay, as well as on-site parking,

“We strive to exceed our clients’ expectations on every transaction and we earn their trust by delivering exceptional terms and seamless service,” said Mr. Tilsch. “The breadth and depth of Greystone’s multifamily lending platform is unparalleled – time and again, we’re able to offer the right financing for borrowers who want to take advantage of the opportunities presented to them in the current market.”

Greystone, a leading private national commercial real estate finance company, has provided two Fannie Mae DUS® loans totaling $13,120,000 million for the acquisition of two multifamily properties in Lawrenceville, Georgia. The acquisition financing was originated by Greystone’s Keith Hires, Carter King, and Mark Nelson.

The acquisition financing for The Carolina is a $6,960,000 Fannie Mae DUS® loan. The second Fannie Mae DUS® loan, for $6,160,000 is for Britain Village. Both have a 10-year term with 5 years yield maintenance followed by 1% prepay. Following two years of interest only payments, the Loans will amortize on a 30-year schedule. The loans are via Fannie Mae's Green Rewards Program which provides borrowers committed to energy or water savings with favorable terms.

The Carolina was built in 1970 and the 82-unit garden-style multifamily property features a mix of two-bedroom flats and townhomes with an average unit size of 961 square feet. The neighborhood has a diverse mix of residential and commercial properties.  

Britain Village, which was built in 1986, is a 68-unit, apartment community featuring vaulted ceilings, 24-hour access, and on-site parking options.

Both properties are in Lawrenceville, Georgia and near retail shopping areas.

“We are grateful to have been involved with these properties through past bridge lending. These properties have much to offer the surrounding community and residents,” said Mr. Hires. “We remain committed to furthering our clients’ opportunities throughout a property’s lifecycle. In this instance, having converted both of these properties from our Bridge program to Fannie Green Rewards loans.”

Greystone, a leading national commercial real estate finance company, has provided a $19,450,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) Green Globes loan to refinance a 144-unit multifamily community in Mooresville, North Carolina. The financing was originated by Cullen O’Grady, Managing Director in Greystone’s Rockville, MD office in collaboration with Payton Banks, Managing Director, Greystone Real Estate Advisors.

Continuum 115 Apartments is a Class A apartment community built in 2018, by investment and development group DYON. The property contains 144 one-, two-, and three-bedroom units across 14.2 acres, with 99% occupancy at the time of closing. Resident amenities include a resort-style pool, al fresco dining area with grills, clubhouse with lounge, game room, business center and fitness center with yoga studio. The property achieved a “Two Green Globes” certification for new construction through Fannie Mae’s Green program. Continuum 115 is within the town limits of Mooresville, Iredell County, North Carolina, approximately 3 miles southwest of the Mooresville central business district and about 30 minutes North of Charlotte.

“We are ecstatic to have closed in the borrower’s desired timeline by providing attractive financing terms through Fannie Mae’s Green program. Fannie Mae was our trusted partner, again, to work with us for the borrower to achieve their Two Green Globes Certification right before we began the refinancing process,” said Mr. O’Grady. “Continuum’s sleek modern unit interiors and state-of-the-art community amenities make the property a best-in-class asset.”

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.