Greystone, a leading national commercial real estate lending, investment, and advisory company, has provided a $12,075,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 36-unit multifamily property in Chicago, IL. The transaction was originated by Clint Darby in Greystone’s Chicago office with 925 Chicago Investment Partners LLC.  

The $12.1 million Fannie Mae Near Stabilization loan carries a 10-year term with a 30-year amortization, with the first four years of interest-only payments. This permanent loan represents an exit from construction financing.

Located in the River West neighborhood of Chicago, Germain House is a mixed-use property with ground-floor retail and loft-style units. The building was converted from commercial office-use to residential in 2018, including new amenities for residents such as a fitness center, clubhouse, pool, bike room, and rooftop deck.

“Our clients were able to repurpose this vintage commercial building into a collection of highly desirable, unique market-rate units - a great addition to the River West area,” said Mr. Darby. “We are thrilled to have provided the permanent financing solution as the project becomes stabilized, and congratulate them on a job well done. We look forward to working with them on future projects.”

“This development project was a labor of love for us, and we are thrilled with the outcome for long-term financing, and for Greystone’s guidance along the way,” said Ted Thilman, Principal, Rockwell Property Co.

Greystone, a leading national commercial real estate lending, investment, and advisory company, has provided an approximate $37 million Fannie Mae structured adjustable rate mortgage (SARM) loan for the acquisition of a 134-unit seniors housing property in Rocklin, CA. Greystone’s seniors housing finance team originated the loan on behalf of the buyer, Harbert Seniors Housing Fund II, L.P.

Located in the Sacramento MSA, The Pines at Rocklin is operated as an independent living, assisted living and memory care facility and is licensed for a total capacity of 142 residents. Merrill Gardens Senior Living serves as the operator and joint venture partner of the community, which was built in 2015. Greystone’s financing includes a 10-year term with an adjustable rate and five years of interest-only.

“Rocklin and the surrounding area are seeing overall population growth greater than the national average, so demand for this product type in this particular region is strong,” said Cary Tremper, head of Greystone’s seniors housing finance team. “We have truly enjoyed working with Harbert to expand and optimize their portfolio over the years by providing attractive long-term financing for both acquisitions and refinancing.”

Greystone, a national commercial real estate lending, investment, and advisory company, announced it has provided a $15,375,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to finance the acquisition of a 184-unit multifamily property in Baton Rouge, LA. The transaction was originated by Keith Hires, Managing Director in Greystone’s Atlanta office, on behalf of Cyprus Multifamily in New Orleans.

The $15.4 million Fannie Mae Green Rewards loan carries a 12-year term with 2 years of interest-only payments. The property, Live Oaks Apartment Homes, is a Class A apartment community built in 2001.  Its current age enables the new owner to implement impactful energy efficiency tactics to reduce water and electricy usage, and receive discounted pricing on the financing.   

Live Oaks provides its residents with a range of upscale finishes and amenities, including crown molding, vaulted ceilings, bay windows, built-in bookshelves, patios/balconies, clubhouse, pool, and fitness center. Located off Jefferson Highway, Live Oaks is minutes from the city's leading employers, including LSU, Lady of the Lake Regional Medical Center, and Turner Industries Group. Live Oaks also provides residents with one of the best locations with close proximity to premier retail centers.

“The buyer saw an opportunity to acquire a high-quality asset and execute energy efficient retrofits to reduce debt service and optimize the value of the asset,” said Mr. Hires. “With Fannie Mae’s Green Rewards product, buyers of properties in the 15-20 year vintage can certainly benefit from making these changes, as well as to the benefit of the residents and the environment overall.”

CHICAGO – JLL announced today that it has closed the $38 million sale and arranged $27.4 million in financing for Echelon at Middletown, a 210-home, garden-style apartment community located in Louisville, Kentucky’s affluent East End submarket.

JLL marketed the property exclusively on behalf of the seller, The Garrett Companies, and procured the buyer, Brookview Realty Group. Additionally, JLL worked on behalf of the new owner to secure the 10-year, fixed-rate Fannie Mae loan. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender.

Echelon at Middletown is situated on 12.55 acres at 400 Echelon Way approximately 17 miles east of downtown Louisville in the East End, which is home to stately mansions, top public and private schools and a concentration of top employers. Completed in 2017, the property features a variety of one-, two- and three-bedroom units averaging 1,080 square feet with community amenities, including a resort-style pool and spa, grilling stations, poolside fire pit, off-leash pet park, clubhouse, resident lounge, business center and fitness center with yoga studio. The property also includes 358 surface, attached and detached garage parking spaces.

The JLL Capital Markets team representing the seller was led by Senior Director Wick Kirby, Managing Director Marty O’Connell, Director Kevin Girard and Analyst Kyle Butler.

JLL’s Capital Markets debt placement team representing the new owner was led by Senior Managing Director Dave Keller and Analyst Nelson Almond.

WASHINGTON D.C. – JLL announced today it has closed the $58.85 million sale and $45.9 million financing of Palette at Arts District, a 243-unit multi-housing community located in the Arts District of Hyattsville, Maryland.

JLL marketed the property on behalf of the seller, a global real estate investment manager, and procured the buyer, Harbor Group International, LLC. In addition, JLL worked on the new owner’s behalf to arrange a 10-year, fixed-rate Fannie Mae acquisition loan. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender.

Palette at Arts District is situated on 3.75 acres at 5501 45th Avenue within a 20-minute drive of Washington, D.C.’s CBD, a five-minute drive from Prince George’s Plaza Metro Station (Green Line) and a 10-minute walk to the Riverdale MARC train station. The property is also a short walk via the adjacent walking trail to Prince George’s County’s first Whole Foods store, which is surrounded by numerous other retail and dining options. Community amenities include a resort-style pool with lounge seating, courtyard with a fireplace and gas grills, dog park with agility stations, clubroom with pool table, indoor/outdoor cybercafé with coffee bar, state-of-the-art fitness center and conference room. Other amenities include a rooftop deck with bar, fire pit, grill and pool table offering stunning city views. The property, which was constructed in 2012, consists of a variety of studio, one- and two-bedroom floor plans averaging 870 square feet and approximately 4,700 square feet of ground-floor retail.

The JLL Capital Markets team representing the seller included Walter Coker and Brian Crivella.

JLL’s Capital Markets debt placement team representing the new owner was led by Jamie Leachman.

Greystone, a national commercial real estate lending, investment, and advisory company, announced it has provided a $25,500,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 257-unit multifamily property, Woodgate Apartments, in Chamblee, GA. The transaction was originated by Keith Hires and Mark Nelson, Managing Directors in Greystone’s Atlanta office.

The $25.5 million Fannie Mae Green Rewards loan, which refinances a Greystone bridge loan, carries a 10-year term and 30-year amortization period at a low, fixed rate. Woodgate Apartments was built in 1963 and renovated between 2015 and 2018, during which time the owner invested nearly $400,000 of the original $17,000,000 bridge financing for capital improvements. As part of the new financing package, the owner plans to continue its commitment to renovating the property. The amenities at Woodgate Apartments include a swimming pool, playground, surface parking, and picnic area with grills.

“With the ongoing renovations the investors have planned for Woodgate Apartments, it’s clear that they have a long-term plan for this asset, and we are thrilled to have executed permanent financing on their behalf,” said Mr. Hires. “Greystone’s bridge lending platform provides the ideal jumping off point for a property owner to improve and stabilize an asset, as well as take advantage of incentives for making the property more energy efficient.”