Greystone, a leading national commercial real estate finance company, has provided a $35,000,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 515-unit multifamily community in Colton, California. The transaction was originated by Ana Ramos, managing director in Greystone’s Los Angeles office with Dan LuVisi of Marketplace Capital acting as correspondent.

The Fannie Mae loan carries a 15-year term and 30-year amortization at low leverage (below 50% LTV) and a low, fixed interest rate (below 3%) resulting in approximately $10 million in cash-out proceeds. 

Located at 2069 West San Bernardino Avenue in San Bernardino County, Westcourt Apartments comprises 137 one-bedroom/one-bath units and 378 two-bedroom/two-bath units. On-site amenities at the property include an onsite office/clubhouse; fitness center; three swimming pools; two hot tubs; playground; tennis court; laundry facilities; storage rooms; and controlled access.

“While there are many challenges for property investors as a result of the pandemic, there are also new opportunities due to sustained, low interest rates, and the potential for cash-out,” said Ms. Ramos. “Fannie Mae financing is an excellent choice for long-term, low-rate commercial mortgages for sponsors that have a proven track record. Greystone is expeditious and passionate about finding the best fit for our clients during the challenges California is facing environmentally, economically, and under the veil of COVID-19.”

Greystone, a leading national commercial real estate finance company, has provided a $52,250,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 434-unit manufactured housing community in San Jose, California. The transaction was originated by Tim Thompson, managing director in Greystone’s San Francisco office, on behalf of Chateau La Salle 2012, LLC.

The $52.3 million Fannie Mae financing has a 10-year term and 30-year amortization, with a fixed rate and full-term interest-only payments. At approximately 53% loan-to-value, the mortgage enables the borrower to refinance their existing Greystone loan and monetize their existing equity in the property.  

Built in 1980, Chateau La Salle is a mobile home community consisting of 434 pads set across 58 acres of well-manicured grounds. The property’s amenities include a community clubhouse with wine tasting room, swimming pool, fitness center, laundry facilities and tennis courts. Located off of Highway 87 in a quiet, gated neighborhood, the property is conveniently located near San Jose’s major highways, which provide easy access to the area’s retailers, restaurants, employment centers, and recreation.

“It’s a joy to partner with clients whose unique vision can have a positive on the lives of the residents at their portfolio properties,” said Mr. Thompson. “We’re thrilled when our team can come together to leverage our diverse lending platform and put together the financing terms that will help our clients, in any market or economic environment.”

“We keep coming back to the professionals at Greystone because their ability to execute on exactly what we need is unparalleled,” said Mr. Arthur Chatoff, principal for the borrower, Chateau La Salle 2012, LLC. “Their commitment to helping us achieve our goals is unwavering, and they are undeterred by any challenges or hurdles that get put before them. With Greystone on our side, we know that the transaction will get done.”

Greystone Exceeds $1 Billion in Total Small Loan Originations with Freddie Mac and Fannie Mae Combined Year-to-Date; Reaches Lifetime Origination Total for Freddie Mac SBL Loans of Over $5 Billion

Greystone, a leading national commercial real estate finance company, announced it has reached two significant milestones in small loan production, including exceeding $1 billion in combined Freddie Mac and Fannie Mae multifamily small loans origination year-to-date in 2020. A participant with both GSE small loan programs since inception, Greystone Servicing Company LLC is one of the first Optigo® lenders to exceed $5 billion in origination for Freddie Mac’s Small Balance Loan platform since their program launched in 2014.

“The market challenges that arose this year during the pandemic particularly impacted the workforce housing market, but Greystone has remained steady as a source for Agency financing throughout it all, especially as interest rates continue to remain low,” said Rick Wolf, head of Greystone’s small loan platform. “We value our partnerships with Freddie Mac and Fannie Mae and their critical role in helping to finance the workforce housing market, which supports critically-needed affordable rental housing in all markets around the nation.”

Loans offered for the small loan asset class, which typically include properties between 5 and 50 units, range from approximately $1 million to $6 million (up to $7.5 million for Freddie Mac). The mortgages include hybrid adjustable rates, fixed rates, and interest-only options at up to 80% LTV, as well as flexible step down prepayment options. Interest-only financing is available on a case-by-case basis.

“We congratulate Greystone on achieving a tremendous milestone - being one of the first Optigo Small Balance lenders to surpass the $5 billion mark,” said Megan McElgunn, Senior Director of SBL production for Freddie Mac. “Since 2014, Greystone has been a key partner contributing to the success of our SBL platform, and we look forward to our continued work together in providing financing to this critical segment of the multifamily market.”

“Greystone continues to be a vital contributor to Fannie Mae’s small loans lending platform. Their dedication and experience in this important segment of housing has been crucial and we are grateful for their partnership in providing liquidity for workforce housing,” said Ann Atkinson, Senior Director, MF Customer Engagement, Fannie Mae. “With partners such as Greystone, we provide reliable and sustainable financing solutions for small loans nationwide. Today, more than ever, people need access to safe, decent, affordable housing; Greystone and Fannie Mae are here to fulfill that need through this difficult time.”

Greystone, a leading national commercial real estate finance firm, has provided a $15,326,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 208-unit multifamily property in Lindenwold, New Jersey. The transaction was originated by Dan Sacks, Managing Director in Greystone’s New York office, with Jack Miller of Platinum Capital Group acting as the correspondent on behalf of Goldcrest Properties.

The $15.3 million Fannie Mae loan, which refinances an existing Greystone bridge loan used to purchase the property in 2019, carries a 12-year term, three years of interest-only payments, and 30-year amortization. For the transaction, Greystone leveraged Fannie Mae’s Green Rewards program, as the borrower committed to using a portion of the loan proceeds for making energy and water usage upgrades to the property.  

Originally built in 1971, Kingsrow Apartment Homes is a garden-style community consisting of one- and two-bedroom units featuring walk-in closets, dishwashers, and in-unit laundry hook ups (in select units). Residents enjoy access to the property’s swimming pool, and picnic areas, as well as laundry facilities and onsite parking. The pet-friendly property is close to local shopping and a nearby train station offers easy access to downtown Philadelphia, just 15 miles away. Its proximity to major highways enables residents to commute to employment centers in nearby Camden and Cherry Hill, as well as Philadelphia.

“We excel at helping clients expand their real estate portfolios and we are extremely grateful when they keep coming back to us to do so,” said Mr. Sacks. “We are thrilled that we have been able to see this transaction through from the very beginning, and we look forward to working with Goldcrest Properties again in the future.”

“This is our seventh transaction with the Greystone team in about a year’s time – the level of service and attention to detail is the best in the business,” said Hillel Hertz, principal borrower and CEO of Goldcrest Properties, which owns and manages approximately 900 multifamily units in the Pennsylvania/New Jersey market. “Our team has consistently been able to recognize our needs and work creatively within the constraints of a fast-changing market to get us financing terms that exceed our expectations.”

Greystone, a leading commercial real estate lending, investment, and advisory company, has provided a $10,500,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance an affordable housing property in Mankato, Minnesota. The transaction was originated by Kyle Jemtrud, managing director at Greystone, on behalf of Mankato MAHC LLC.  

The $10.5 million in Fannie Mae financing carries a 12-year term at a fixed rate with a 30-year amortization, and four years of interest-only payments. The non-recourse loan refinances River Bluff Apartments, a 150-unit rental community located 80 miles southwest of downtown Minneapolis, which was acquired by the sponsor in 2017.

“Refinancing during a pandemic was not without its challenges, but the sponsors came prepared for the new capital reserves requirements, and were able to harness long-term financing to maintain this critical affordable housing,” said Mr. Jemtrud. “It’s been a pleasure working with this team as they grow their multifamily portfolio.”

“Our mission is to provide quality housing to our community in Minnesota, and Greystone has been a critical part of that process,” said Matthew Teasdale, Key Principal of the sponsor / borrower. “Their guidance in navigating the changes in terms and requirements, as well as Kyle’s local market knowledge, has been invaluable.”

Loans secured by multi-housing communities in Rapid City, South Dakota  

DENVER, June 29, 2020 – JLL Capital Markets announced today that it has arranged $27.5 million in financing for Harmony Heights Apartments and Stoney Creek Apartments, two garden-style multi-housing communities totaling 533 units in Rapid City, South Dakota. 

JLL worked on behalf of the borrowers, Harmony Heights Associates LLP and Stoney Creek Associates LLP, to originate two uncrossed, 10-year, fixed-rate Fannie Mae loans. The loans, which will be used to refinance existing financing, will be serviced by Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender. 

Harmony Heights Apartments consists of 15 three-story buildings housing 255 units. The property is situated on 17.43 acres at 1819 Harmony Heights Lane just south of Interstate 90 in Rapid City. 

The 278-unit Stoney Creek Apartments is situated on 27.5 acres at 2710 Wilkie Drive approximately five miles south of downtown Rapid City. Developed by the borrower in 2008, the property consists of 16 three-story residential buildings along with a clubhouse and 29 detached garages.  

The JLL Capital Markets team representing the borrower was led by Senior Director Brock Yaffe. 

JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities. Agency/GSE lending and loan servicing are performed by Jones Lang LaSalle Multifamily, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.