Greystone Provides $35 Million in Fannie Mae Financing for Multifamily Property in Fairfield County, Connecticut
Greystone, a leading national commercial real estate finance company, has provided a $35 million Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 165-unit multifamily property in Brookfield, Connecticut. The financing was originated by Dan Sacks, Senior Managing Director, and Avi Kozlowski, Managing Director, at Greystone, with Platinum Capital Group acting as correspondent on the transaction.
Barnbeck Place Apartments consists of studio, one- and two-bedroom units and is 98.2% occupied. The property’s amenities include a clubhouse, fitness center and yoga room. Built in 2015, Barnbeck Place is a mid-rise residential complex that includes affordable housing, with 20% of the units reserved for residents earning 80% AMI. In addition to the Land Use Restriction Agreement in place, the new Fannie Mae financing includes a fixed-rate, five-year term with a 35-year amortization and is interest-only for the first three years.
“This asset is critical to providing affordable housing in Brookfield, where the vacancy rate is only around 5% and the population is growing over time,” said Mr. Sacks. “A gem in the market, the owners have secured long-term financing that will benefit the residents for many years.”
Berkadia announces it has arranged a $12 million refinance loan for The Forge Lofts, a 35-unit boutique building completed in 2022 in the heart of the FATVillage™, downtown Fort Lauderdale’s historic warehouse-turned-tech district. Managing Director Brad Williamson, Senior Managing Director Mitch Sinberg, Managing Directors Scott Wadler and Matt Robbins of Berkadia South Florida arranged the loan on behalf of the sponsor, Urban Street Development, a full-service development firm based in Fort Lauderdale.
Fannie Mae provided the seven-year, fixed-rate loan with full-term interest-only, through its Near-Stabilization Program and Green Building Certification Program.
“This asset is a unique rental loft unlike any other rental property, with high ceilings and an open layout, and excellent Opportunity Zone location,” said Williamson. “Berkadia was able to structure fixed-rate debt with full-term interest-only to mirror the sponsor’s business plan. The Forge Lofts are a great addition to this growing neighborhood.”
Located at 401 NW First Avenue, The Forge Lofts offers one- and two-bedroom units ranging from 775 square feet to 1,330 square feet. Individual units feature 10- to 13-foot ceilings, polished concrete floors, premium kitchen appliance packages with custom kitchen islands, smart home technology, and large balconies. Community amenities include controlled building and garage access, reserved parking, an electric car charging station, high speed Wi-Fi, a 24/7 fitness studio, a summer kitchen and a heated pool.
The Forge Lofts are within walking distance to the Brightline, The Broward Center for the Performing Arts, the Fort Lauderdale Museum of Art, and the Museum of Discovery and Science.
Greystone Provides $23.8 Million in Fannie Mae DUS® Financing for Multifamily Property in Boise, Idaho
Greystone, a leading national commercial real estate finance company, has provided a $23,791,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) Green Rewards loan for a 160-unit multifamily property in Nampa, Idaho. The financing was originated by Lorie Hanson, Managing Director at Greystone, with Tim Van Valin from Sage Creek Group acting as correspondent.
Newly constructed in 2022, Breckenridge Apartments in Canyon County is a garden-style apartment community with 35 buildings that feature one-, two- and three-bedroom units. The $23,791,000 non-recourse, fixed-rate financing carries a 10-year term and 30-year amortization, with seven years of interest-only payments. The property achieved Fannie Mae’s Green Building Certification for its energy and water efficiency.
“Greystone’s extensive lending platform is here to meet client needs through every phase of a project’s lifecycle,” said Ms. Hanson. “We’re deeply committed to serving the multifamily space and work hard to provide our clients with the right financing and a seamless transaction experience.”
“We relied on Greystone’s wealth of knowledge in multifamily finance and couldn’t be more pleased,” said Mr. Samuel Rust, principal of the borrower. “Our team delivered exactly what we needed – they were a true partner though the entire experience and we look forward to working with them again.
Greystone Provides $22.6 Million in Fannie Mae DUS® Financing for Multifamily Property in Virginia Beach
Greystone, a leading national commercial real estate finance company, has provided a $22,554,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) Green Rewards loan to acquire a 208-unit multifamily property in Virginia Beach, Virginia. The financing was originated by Justin Hechler, Director at Greystone, on behalf of Featherstone Partners.
Constructed in 1987, Royal Pointe Apartments in Virginia Beach City is a garden-style apartment community with 15 buildings comprising one- and two-bedroom units. The $22,554,000 non-recourse, fixed-rate Fannie Mae Green Rewards loan carries a 10-year term and 30-year amortization, with full-term interest-only payments. In addition to purchasing the property, loan proceeds enable the borrower to make improvements to the property.
“In this challenging interest rate environment, we’re committed to securing the right financing for our clients, drawing on our deep multifamily expertise and an extensive lending platform in order to do so,” said Mr. Hechler. “Our goal at Greystone is to help clients realize their vision for their properties through exceptional service and seamless transactions.”
“We were deeply impressed by Greystone’s multifamily expertise and attentiveness to every detail throughout this transaction,” said Hannah Taylor, Managing Director, Acquisitions & Capital Markets of Featherstone Partners. “We are delighted to say that our Greystone team was a true partner and we look forward to working with them on future projects.”
Greystone Provides $11.9 Million in Fannie Mae Financing for the Acquisition of Affordable Seniors Housing in Tavares, Florida
Greystone, a leading national commercial real estate finance company, has provided an $11,916,000 Fannie Mae Multifamily Affordable Housing (MAH) loan for the acquisition of a senior living community in Tavares, Florida. The financing was originated by Carter King, Managing Director in Greystone’s Atlanta, GA office. Hallmark Lakepoint Senior, LLC acquired the property.
Constructed in 2006, Lake Point Senior Apartments in Lake County is a 160-unit, LIHTC, age-restricted, 3-story elevatored apartment complex. The $11,916,000 non-recourse, fixed-rate financing carries a 10-year term and 35-year amortization.
“Greystone has substantial multifamily lending proficiency and expertise, particularly in the affordable housing space,” said Mr. King. “We are thrilled to assist clients with the most beneficial financing solutions and are devoted to providing top-tier service during each step of the process.”
Greystone Provides $62.7 Million in Fannie Mae DUS® Financing for Multifamily Property in Salt Lake City, Utah
Greystone, a leading national commercial real estate finance company, has provided a $62,746,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) Green Rewards loan to refinance a 330-unit multifamily property in Lehi, Utah. The financing was originated by Lorie Hanson, Managing Director at Greystone, with Johnny Clawson from The Clawson Group, Inc. acting as correspondent.
Constructed in 2020, Lehi Tech is mid-rise apartment community with five elevator buildings that features one- and two-bedroom units. The $62,746,000 non-recourse, fixed-rate financing carries a 10-year term and 30-year amortization, with full-term interest-only payments. The property achieved a Fannie Mae Green Globes certification for its energy and water usage upgrades. In addition to refinancing, loan proceeds enable the borrower to monetize a portion of their equity in the property.
“At Greystone, we get excited about helping clients secure the right financing solutions and ensuring they have a seamless and superior service experience,” said Ms. Hanson. “We’re always thrilled when clients come back to Greystone for our deep multifamily capabilities – to us, there is no greater thank you.”
“It’s always an easy decision to choose Greystone – they are experts in multifamily finance and a true partner on every transaction,” said Mr. Bryan R. Wrigley, principal of the borrower. “Regardless of whether our issues are complex or straightforward, our Greystone team brings valuable insights and a level of care that exceed our expectations, every time.”
“We appreciate Greystone’s guidance and knowledge of the multifamily finance landscape, making this refinance a successful transaction,” added Mr. Mike Christensen and Mr. Kevin Garn, both key principals to the borrower.