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.”

Greystone, a leading commercial real estate lending, investment, and advisory company, has provided an $8,000,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 30-acre manufactured housing property in Hemet, California. The transaction was originated by Matt Stevens in Greystone’s San Diego office, on behalf of James Vance DiMaria and Casa Del Rey Estates LLC. 

The $8,000,000 Fannie Mae loan carries a 10-year term with a 30-year amortization period at a low, fixed rate, with interest-only payments for the first three years. The proceeds enable the borrower to continue making ongoing capital improvements and monetize their existing equity in the property.

Situated on 30.66 acres in San Jacinto Valley, Casa Del Rey Mobile Homes Estates is an age-restricted manufactured housing community offering 267 single- and double-wide pads. Residents have access to two community clubhouses, two pools and spas, recreational and exercise facilities, as well as on-site parking, laundry facilities and a carwash area. The property is close to the cities of San Jacinto, Lakeview, Riverside and San Bernardino, and is 85 miles from Los Angeles.

“The Greystone team combines equal parts tenacity and creativity to deliver every client a best-in-class experience, every time,” said Mr. Stevens. “This property has been a staple in our client’s portfolio since the 1970s; securing the right financing meant we were helping them monetize four decades of ownership for their future plans, which is certainly rewarding.”

NEW YORK, NY (July 8, 2019) – Greystone, a leading commercial real estate lending, investment, and advisory company, announced it has provided a $70.4 million Fannie Mae affordable housing loan for an apartment complex in Chicago, IL. The permanent financing for Morningside North Apartments, which helps fulfill Fannie Mae’s Duty to Serve mandate, will provide long-term affordable housing for hundreds of residents in the Midwest.

The 256-unit community, under a 20-year Section 8 HAP Contract, reserves 100% of its units for Very-Low Income Families (60% of Area Median Income or less). The term of the new $70,400,000 Fannie Mae loan is 17 years with 15-year yield maintenance. Financed under the Fannie Mae MBS as Tax-Exempt Bond (M.TEB) program, the borrower received tax-exempt financing from the Illinois Housing Development Authority (IHDA) in the form of long-term bonds. Additionally, Aegon is providing tax credit equity in the amount of $30,511,183 that will be utilized towards planned renovations. With newly-issued 4% tax credits, the transaction qualifies for 90% LTV, as well as the Fannie Mae Green Rewards Program, with the intention to reduce water usage by 30% and energy use by greater than 15%.

Built in 1981, Morningside North Apartments is an 18-story high-rise community made up primarily of one-bedroom units with an on-site office, library, club room, community room, storage, laundry room, controlled access, elevators, and social activities for residents. The property is located in the Gold Coast submarket of Chicago, and has a vacancy rate of under 2%.

“We thank Fannie Mae for their partnership in financing this critical asset in the Chicago market, helping to preserve quality housing for hundreds of residents,” said Jeff Englund, head of the affordable housing lending group at Greystone.

“Fannie Mae is proud to partner with Greystone on the financing of the Morningside North Apartments,” said Bob Simpson, vice president of affordable and green financing for Fannie Mae. “Working with our DUS® partners to provide innovative financing options through the MBS as Tax-Exempt Bond (M.TEB) program is one way that we are working to preserve affordable housing for those who need it most.”

Greystone, a leading commercial real estate lending, investment, and advisory company, announced it has provided an $8,961,000 Fannie Mae loan to refinance a 113-unit property in Georgetown, TX. The transaction was originated by DJ Elefant in Greystone’s New York office on behalf of The Rail at Georgetown LLC with Jason Bartlein of Bolder Capital acting as correspondent. Dan Gillard and the team in Greystone’s Philadelphia office supported Mr. Elefant in closing the transaction.

The Fannie Mae loan carries a 10-year term with 3 years of Interest-only payments. The property, The Rail at Georgetown, is estimated to see a reduction in utility usage by 30 percent through the Green Rewards program.

The market rate community is comprised of one- and two-bedroom rental units and features on-site laundry, a playground, a pet play area, and parking. Originally acquired in 2017, the current owners have invested over $1 million in capital improvements to both the interiors and exterior of the property.

“The borrower executed on their initial game plan after acquisition and now our loan will provide them with long term stability going forward,” said Mr. Elefant. “This property’s vintage made it a perfect candidate for Green Rewards financing from Fannie Mae.”

“We thank Greystone for their guidance through the financing process, and their expertise in the many options for multifamily investors as they look to increase and optimize their real estate portfolios,” said Melissa Jones, a principal of The Rail at Georgetown LLC.

DENVER, CO – June 24, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has arranged $45.65 million in financing for Talavera Apartments, a 240-unit, mid-rise multi-housing community located in Denver, Colorado. 

HFF worked on behalf of the borrower, Denver-based Griffis Residential, to secure the 10-year, Fannie Mae Green Rewards loan through HFF’s risk-transfer joint venture with M&T Realty Capital Corporation. The loan, which was used to fund the acquisition of the property, carries a 3.53% fixed interest rate with full-term interest-only payments.

Talavera Apartments is located at 350 South Jackson Street near Cherry Creek’s numerous high-end retail, dining and entertainment amenities.  Built in 2008, the property features a mix of studio, one-bedroom and two-bedroom units averaging 838 square feet. Community amenities include a swimming pool and spa, covered parking, in-unit washers and dryers, stainless steel appliances and Amazon lockers. The property was more than 97% leased at closing.

“HFF has again proven to be a strong partner, working with Griffis Residential to secure financing for a high-quality asset in our latest real estate investment fund,” said Jim DiRienzo, senior vice president of acquisitions at Griffis Residential. “The apartment homes at Talavera, which has been renamed Griffis Cherry Creek, are primed for interior improvements and additional elements of our investment strategy, including enhanced resident experience, ancillary income initiatives, and management and service upgrades.”

The HFF team representing the borrower was led by senior managing director Eric Tupler and managing director Josh Simon.

Greystone, a leading commercial real estate lending, investment, and advisory company, has provided a $39,715,000 Fannie Mae Delegated Underwriting and Servicing (DUS) loan to refinance a 342-unit multifamily property in Houston, Texas. The transaction was originated by Jason Stein, an originator in Greystone’s New York City office, on behalf of Alara Ventures.  

The $39.7 million Fannie Mae Green Rewards loan carries a 10-year term at a low, fixed rate, with full term interest-only payments. The proceeds enable the borrower to continue with ongoing renovations and capital improvements and monetize existing equity in the property.

Originally constructed in 1993, Greenbriar Park Apartments offers 342 one- and two-bedroom units with in-unit amenities such as laundry and private balconies. Residents also enjoy metrorail access, carport parking, two swimming pools, clubhouse, fitness center and spa facilities, and a business center, as well as picnic and pet play areas. The community is located in Inner Loop Houston, south of Rice University in the medical district, with easy access to major employers, shopping, dining and entertainment.

“Despite being a fairly new property, there were still energy efficiencies that could be realized with some improvements by the owners,” said Mr. Stein. “Fannie Mae’s Green Rewards financing is a win-win for both the borrower, who receives attractive loan terms and lower operational costs, and the residents, who will see lower utility costs over time.”

“After investing in this property with capital improvements and energy efficiency measures, we are thrilled to qualify for Fannie Mae’s Green Rewards program,” said Alison Dimick Malkhassian, founder of Alara Ventures, which purchased the property in 2015. “Greystone’s product knowledge and attentive customer service make the financing process go quite smoothly, and we appreciate their guidance and expertise.”