Greystone, a leading national commercial real estate lending, investment, and advisory company, announced it has provided $8,005,000 in total Fannie Mae small loans to refinance a portfolio of multifamily properties in Philadelphia, Penn. The loans were originated by Anthony Cristi of Greystone’s New York office on behalf of La Gioconda Company, a family-owned multifamily property investment firm based in Philadelphia.
The Fannie Mae financing was secured for a total of 10 workforce housing properties totaling 88 units. All properties received fully amortizing Hybrid 7-year adjustable rate mortgages.
“Fannie Mae financing provides an ideal solution for value-add and refinance strategies, especially in today’s favorable rate environment,” said Mr. Cristi. “Greystone has a robust suite of financing solutions for any capital need, and I am thrilled to have assisted La Gioconda in their quest to extract value from their assets and reduce their debt service.”
“Greystone’s expertise in multifamily refinance has proven a truly valuable part of our property investment strategy,” said borrower Domenico Nigro. “With their guidance, we will be able to optimize and expand our real estate portfolio over time.”
NEW YORK – JLL announces that it has arranged financing totaling $119 million for 33 West End Apartments and Port 10 Apartments, two mixed-income, high-rise residential properties in prime Manhattan locations.
JLL worked on behalf of the borrower and original developer of the properties, Atlantic Development Group, to originate two fixed-rate, long-term Fannie Mae loans. The loan for 33 West End Apartments totaled $80 million and the loan for Port 10 Apartments totaled $39 million. Both loans will be serviced by Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender.
33 West End Apartments is a 25-story, 211-unit property on the Upper West Side steps from Lincoln Center and Central Park. The property consists of a mix of affordable and market-rate studio, one-bedroom and two-bedroom units ranging from 426 to 1,182 square feet along with 7,191 square feet of ground-floor retail. Property amenities include 24-hour concierge services, a fitness center, tenant lounge, bus service to the train station, in-unit and ground-floor laundry rooms and an outdoor terrace.
Port 10 Apartments is a 13-story, 89-unit property located on 10th Avenue between West 27th and West 28th Street in Chelsea. Completed in 2010, the building also includes 8,000 square feet of ground-floor retail. The nearly 98% leased building consists of 71 market-rate and 18 affordable units with common area amenities, including a resident lounge, rooftop common area, fitness center and bike storage.
The JLL Affordable Housing Capital Markets team representing the borrower was led by Managing Director C.W. Early.
“These deals presented a multitude of unique challenges for which JLL and Fannie Mae found solutions,” Early said. “We are pleased to have had the opportunity to provide our client with truly customized financing solutions with long-term executions that allow the properties to transition through the 421-A exemption burn-off period while still maintaining historically low interest rates with long-term interest only periods, which will only enhance cash flows.”
"These were complicated transactions that needed an experienced lender with strong agency relationships,” said Peter Fine, CEO of Atlantic Development in New York City. “We couldn't have asked for more from the JLL team on the successful executions."
DENVER – JLL announced today that it has arranged $16 million in financing for The Park at Sunderland, a 268-unit, garden-style apartment community in Birmingham, Alabama.
JLL worked on behalf of Vazza Real Estate Group to originate the fixed-rate Fannie Mae acquisition loan. The 12-year loan includes five years of interest-only payments followed by a 30-year amortization schedule. Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender, will service the loan.
The Park at Sunderland is located at 660 Valley Crest Drive less than 10 miles from downtown and a two-minute drive to major employers in Northeast Birmingham, including Kamtek, Sterlite and several other transportation and manufacturing operations. The property, which underwent four years of extensive renovations that were completed earlier this year, features units averaging 951 square feet. Community amenities include two swimming pools, a tennis court, playground, picnic area with grills, clubhouse, updated fitness center, business center, internet café, coffee bar and laundry center. The property was 92% occupied at closing. Vazza Real Estate Group plans to invest another $1.4 million of additional capital into the property post-close.
The JLL Capital Markets team representing the borrower was led by Senior Director Kristian Lichtenfels.
“This is our third sizable residential acquisition in the past six months,” said Stephen F. Vazza, President of Vazza Real Estate Group. “Given the favorable credit markets, we are taking a closer look at our inventory in smaller markets where the cap rates are more attractive and supply is limited.”
Greystone, a leading national commercial real estate lending, investment, and advisory company, announced it has provided a $23,000,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 240-unit multifamily property in Oro Valley, AZ. The transaction was originated by Daniel Wolins of Greystone’s New York office.
The $23 million Fannie Mae loan carries a low, fixed interest rate with a 10-year term and 30-year amortization period, including interest-only payments for the first five years. The borrower, an affiliate of Tucson-based HSL Properties, is a long-time client of Greystone.
Originally built in 1988, the recently renovated La Reserve Villas is comprised of market-rate one- and two-bedroom residences with modern appliances and finishes, in-unit washer/dryers, onsite parking and fireplaces in select units. Residents also enjoy access to the property’s clubhouse and fitness center, barbeque areas, two resort-style pools and a spa. Located in the Tucson metro area’s Oro Valley, the property is close to shopping, hotels, and Catalina State Park.
“When clients turn to Greystone time and again, we know that they are placing a premium on not just our extensive lending platform and capabilities, but also on the industry-leading experience we provide them consistently,” said Mr. Wolins. “HSL places its trust in the Greystone experience, and we aim to raise the bar with every transaction by securing the right financing quickly and seamlessly.”
“With each of the multifamily properties in our portfolio, I’ve been able to count on my long-standing Greystone team to deliver what I needed,” said Mr. Omar Mireles, president of HSL Properties. “I appreciate their creative approach and single-minded focus on securing the right financing every time, no matter how unique the property.”
Mezzanine Option Assists Property Investors in Completing the Capital Stack for Multifamily Acquisitions and Refinancings
Greystone, a leading commercial real estate lending, investment, and advisory company, has provided two Fannie Mae loans totaling $19.5 million to finance the acquisition of a 216-unit multifamily property in Haltom City, TX.
In addition to a Fannie Mae Delegated Underwriting and Servicing (DUS®) Green Rewards loan of $18,237,000, Greystone provided a $1,269,000 Delegated Lender Affiliate (DLA) Mezzanine loan to supplement the first mortgage. Both non-recourse loans, funded simultaneously, carry 12-year terms with different fixed interest rates. With a minimum of $1 million, a Fannie Mae DLA mezzanine loan must accompany a senior mortgage that carries a minimum amount of $10 million, and is secured by a 100% pledge of the equity interests in the borrower.
“Greystone’s mezzanine platform, highlighted by this innovative product from Fannie Mae, is a complementary option to assist property investors in completing the capital stack on acquisitions and refinancings,” said Anthony Alicea, head of production for Greystone portfolio lending group.
Greystone, a leading commercial real estate lending, investment, and advisory company, has provided a total of $115 million in Freddie Mac and Fannie Mae Shariah-compliant financing for the acquisition of a 6-asset seniors housing portfolio. Cary Tremper of Greystone originated the financing on behalf of Madison Marquette; GFH Capital, a subsidiary of GFH Financial Group; and operating partners, SRG Senior Living and JEA Senior Living.
Located in California, Michigan, and Washington, the 509-unit, 589-bed portfolio includes an independent living community, two assisted living communities, and three memory care communities.
“It is always a pleasure to work with high-quality sponsors such as Madison Marquette and GFH, and their recent collaboration is an indicator that the global market sees immense value in the senior housing sector,” said Cary Tremper, head of Greystone’s seniors housing finance team. “We are thrilled to have provided financing for this portfolio and are excited for what’s to come for both investors.”
