Greystone, a leading national commercial real estate finance firm, has provided a $39,060,000 Fannie Mae DUS® loan for the acquisition of an affordable housing property in Corona, California, on behalf of Avanath Capital. The property was represented for sale by Aaron Hargrove and Eric Taylor of Greystone Real Estate Advisors, and the buyer’s financing was originated by Jeff Englund of Greystone.
The Fannie Mae Multifamily Affordable Housing (MAH) acquisition loan for River Run Senior Apartments, originally built in 2004 with 4% low-income housing tax credits and tax-exempt bond financing, carries a 10-year term at a fixed interest rate and a 30-year amortization, with full-term interest only payments. The 360-unit property is age-restricted to individuals aged 55 years or older and offers one- and two-bedroom units with community amenities such as a clubhouse, library, heated swimming pool, picnic area with BBQ grills, dog park, shuffleboard, and rose gardens.
“River Run fits perfectly in line with Avanath’s mission to provide families with higher-quality, well-maintained and safe affordable housing, and we are thrilled to have added this quality asset to our portfolio with Greystone’s help,” said Andrew Mackay, SVP of Acquisitions for Avanath Capital. “Greystone’s affordable housing expertise is truly unparalleled, but on top of that, their approach to customer service is why we are repeat clients.”
“The Avanath team was a true pleasure to work with, and it’s gratifying to help investors with such a strong mission to preserving affordable housing in areas such as California, which is facing many economic and environmental challenges on top of the pandemic’s stressors,” said Mr. Englund, head of affordable housing lending at Greystone. “Greystone’s expertise with affordable housing and its many complexities – tax credits, bonds, and land use agreements – as well as our long relationship with Fannie Mae, are all part of the ways we help investors navigate this critical area of real estate.
Greystone, a leading national commercial real estate finance firm, has provided a $20,142,000 Fannie Mae DUS® loan for the acquisition of an affordable housing property in Chico, California. The loan was originated by Scott Wallace, Director at Greystone.
The Fannie Mae affordable loan for Cedar Village Apartments, a section 8 HAP property, carries a 15-year term at a fixed rate with a 35-year amortization. The 116-unit, garden style property was originally constructed in 1979 and consists of 10 two-story apartment buildings. The complex offers one-, two-, and three-bedroom units and features amenities such as a laundry room, playground, and business center.
“It was a pleasure working with the borrower to secure long-term financing with Fannie Mae and play a role in preserving affordable housing in the state of California,” said Mr. Wallace. “Greystone’s expertise with affordable housing financing and our long relationship with Fannie Mae is certainly beneficial for our clients.”
“Greystone’s guidance and expertise with Agency financing has played an integral role in the success of team’s mission to make affordable housing available to local residents,” said Andrew Agetstein of Pennant Housing Group.
Greystone, a leading national commercial real estate finance company, has provided a $22 million Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to acquire a 324-unit multifamily property in Indianapolis, Indiana. The financing was originated by Dan Sacks, Managing Director at Greystone, for long-time client Cyclone Wildwood 324, LLC.
The $21,996,000 Fannie Mae loan carries a 12-year term and 30-year amortization, along with a low, fixed rate and five years of interest-only payments. Wildwood Village Apartments consists of 33 garden-style apartment buildings, offering one- and two-bedroom units with modern appliances, in-unit washer/dryer hook ups, fireplaces, generous storage and private outdoor spaces. Residents of the pet-friendly community also enjoy access to the community clubhouse, business center, fitness center, swimming pool, sports court and dog park. The property is located near Interstate 65 and offers easy access to downtown Indianapolis, as well as to the area’s dining and shopping establishments.
“There is no greater compliment than when clients come back to us with other properties in their portfolio,” said Mr. Sacks. “The long-standing relationships we’ve built with our clients are based on their trust in our proven ability to understand their needs and execute their transactions seamlessly.”
“When we’re under a timeline to acquire an asset, we know we can rely on Greystone to get the deal done,” said Mr. Eichorn, principal of Cyclone Wildwood 324. “This was another successful 1031 exchange – we truly rely on Greystone because they demonstrate a passion and vision for our properties that mirrors our own, and frankly, their knowledge of the multifamily space is really unparalleled in this industry.”
Greystone, a leading national commercial real estate finance company, has provided a $51,470,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a multifamily property in Tampa, Florida. The financing was originated by Kyle Jemtrud, Managing Director at Greystone, with Largo Capital’s Orlando office team as correspondent.
The non-recourse $51,470,000 Fannie Mae loan carries a 12-year term, a fixed interest rate, five years of interest-only payments, and a 30-year amortization period. Built in 2020, Affinity, offers one- two- and three-bedroom apartments across five buildings. Amenities at the property include a 24-hour fitness studio, resort style pool area with firepits and grills, game room, and coffee bar.
“We were thrilled to help the borrower secure long-term financing with Fannie Mae and play a role in setting this property up for success in the growing Tampa market,” said Mr. Jemtrud. “When it comes to multifamily lending, our expertise runs deep and our ability to execute is unparalleled.”
“Greystone’s guidance in navigating the changes in terms and requirements, as well as Kyle’s local market knowledge, has been invaluable during this process,” said Michael Wright, President, MMI Development of Orlando.
Greystone, a leading national commercial real estate finance company, has provided a $16,376,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 168-unit multifamily community in Pensacola, Florida. The fixed-rate, 12-year loan with six years of interest-only payments and a 30-year amortization schedule was originated by Cullen O’Grady, Managing Director in Greystone’s Rockville, MD office.
The Flats at Ninth Avenue, built in 1971, comprises one- and two-bedroom units across 6.79 acres and was 99% occupied at time of close. Community amenities include a pool, bark park, volleyball court, clubhouse, and business center. The property is located in a desirable submarket of Pensacola, just north of I-10 offering quick access to all areas of Pensacola including the Naval Air Station. Three of Pensacola’s top five employers – the University of West Florida, Baptist Health Centers and West Florida Hospital are all within a mile of the property.
The sponsor is a private company and repeat client of Mr. O’Grady’s with a long-established track record and portfolio with Fannie Mae loans for multifamily properties.
“We executed the loan with very favorable Fannie Mae terms, allowing the borrower to achieve a strategic combination of cash-out and to secure a significant decrease in the interest rate,” said Mr. O’Grady. “We are always grateful when trusted clients come to Greystone for agency financing solutions, placing their trust in not only our lending capabilities but also our industry leading expertise.”
Greystone, a leading national commercial real estate finance company, has provided a total of $20 million in Fannie Mae Delegated Underwriting and Servicing (DUS®) loans to refinance two multifamily properties with 168 units in Philadelphia, Pennsylvania. Both transactions were originated by Dan Sacks, Managing Director in Greystone’s New York office.
For the refinancing of Holme Circle in Philadelphia, Greystone provided a fixed rate, $10,500,000 Fannie Mae DUS loan with a 10-year term and 30-year amortization, and four years of interest-only payments. The 102-unit multifamily garden apartment community was constructed in 1964, and Greystone had provided the existing Freddie Mac loan on the property in 2018.
Greystone also provided a fixed rate, $9,600,000 Fannie Mae DUS green loan with a 10-year term, 30-year amortization and four years of interest-only payments for Laverock Place Apartments, a 66-unit mid-rise apartment community built in 1968 in Philadelphia. The loan proceeds refinance the existing Freddie Mac loan on the property, which Greystone also provided in 2018.
“Our team excels at helping clients find the right financing for each of the multifamily properties in their portfolios in every market cycle,” said Mr. Sacks. “Greystone’s commitment to seamless execution and a quick close means that clients can have the flexibility they need to realize their vision for these properties over the long-term.”