Greystone, a leading national commercial real estate finance company, has provided a total of $25.9 million in Fannie Mae Delegated Underwriting and Servicing (DUS®) Green Rewards loans to refinance two multifamily properties in the San Francisco Bay Area. The transactions were originated by John Tilsch of Greystone’s San Francisco office, with Charlie Sosa of Suwannee Investments, Inc. acting as correspondent.

Borrowers who use Fannie Mae's Green Rewards program commit to engaging in property upgrades that reduce water and energy consumption.

The first Fannie Mae financing, an $8,408,000 loan, has a fixed rate and 10-year term with a 30-year amortization. The non-recourse loan refinances 40 Glen Eyrie, a 34-unit garden-style apartment community in San Jose, California. Originally built in 1962, the pet-friendly property offers one- and two-bedroom units with amenities such as modern appliances, private outdoor living areas and on-site parking,

The second loan, for $17,500,000, features a fixed rate with a 10-year term and 30-year amortization, with three years of interest-only payments. The non-recourse loan refinances Skyline Vista Apartments, a pet-friendly garden style apartment community in Pacifica, California. The property, which was constructed in 1964, consists of 44 two-bedroom units that offer as modern appliances and upgraded finishes, in-unit washer/dryers, and private outdoor living spaces with views of the San Francisco Bay, as well as on-site parking,

“We strive to exceed our clients’ expectations on every transaction and we earn their trust by delivering exceptional terms and seamless service,” said Mr. Tilsch. “The breadth and depth of Greystone’s multifamily lending platform is unparalleled – time and again, we’re able to offer the right financing for borrowers who want to take advantage of the opportunities presented to them in the current market.”

Greystone, a leading private national commercial real estate finance company, has provided two Fannie Mae DUS® loans totaling $13,120,000 million for the acquisition of two multifamily properties in Lawrenceville, Georgia. The acquisition financing was originated by Greystone’s Keith Hires, Carter King, and Mark Nelson.

The acquisition financing for The Carolina is a $6,960,000 Fannie Mae DUS® loan. The second Fannie Mae DUS® loan, for $6,160,000 is for Britain Village. Both have a 10-year term with 5 years yield maintenance followed by 1% prepay. Following two years of interest only payments, the Loans will amortize on a 30-year schedule. The loans are via Fannie Mae's Green Rewards Program which provides borrowers committed to energy or water savings with favorable terms.

The Carolina was built in 1970 and the 82-unit garden-style multifamily property features a mix of two-bedroom flats and townhomes with an average unit size of 961 square feet. The neighborhood has a diverse mix of residential and commercial properties.  

Britain Village, which was built in 1986, is a 68-unit, apartment community featuring vaulted ceilings, 24-hour access, and on-site parking options.

Both properties are in Lawrenceville, Georgia and near retail shopping areas.

“We are grateful to have been involved with these properties through past bridge lending. These properties have much to offer the surrounding community and residents,” said Mr. Hires. “We remain committed to furthering our clients’ opportunities throughout a property’s lifecycle. In this instance, having converted both of these properties from our Bridge program to Fannie Green Rewards loans.”

Greystone, a leading national commercial real estate finance company, has provided a $19,450,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) Green Globes loan to refinance a 144-unit multifamily community in Mooresville, North Carolina. The financing was originated by Cullen O’Grady, Managing Director in Greystone’s Rockville, MD office in collaboration with Payton Banks, Managing Director, Greystone Real Estate Advisors.

Continuum 115 Apartments is a Class A apartment community built in 2018, by investment and development group DYON. The property contains 144 one-, two-, and three-bedroom units across 14.2 acres, with 99% occupancy at the time of closing. Resident amenities include a resort-style pool, al fresco dining area with grills, clubhouse with lounge, game room, business center and fitness center with yoga studio. The property achieved a “Two Green Globes” certification for new construction through Fannie Mae’s Green program. Continuum 115 is within the town limits of Mooresville, Iredell County, North Carolina, approximately 3 miles southwest of the Mooresville central business district and about 30 minutes North of Charlotte.

“We are ecstatic to have closed in the borrower’s desired timeline by providing attractive financing terms through Fannie Mae’s Green program. Fannie Mae was our trusted partner, again, to work with us for the borrower to achieve their Two Green Globes Certification right before we began the refinancing process,” said Mr. O’Grady. “Continuum’s sleek modern unit interiors and state-of-the-art community amenities make the property a best-in-class asset.”

Greystone, a leading private national commercial real estate finance company, provided two refinance loans totaling $42.6 million for a multifamily portfolio in the Sacramento region. The transactions were led by Greystone Real Estate Advisors’ Todd Vitzthum and Simon Hermann (Northern California region) and Cody Field of Greystone’s San Francisco office on behalf of the property owner, Albert Gomez.

Leveraging its expertise across a range of capital options, Greystone provided the debt financing from two different sources, Freddie Mac and Fannie Mae. The properties include:

• Carmel Pointe, a 332-unit property located in Sacramento proper, which received a 10-year, fixed-rate, $31,950,000 Freddie Mac mortgage. Built in 1985, the property spans 28 buildings and includes 558 parking spots. Amenities at the majority one- and two-bedroom community include two outdoor swimming pools, spa, fitness center, clubhouse, playground, dog park, tennis court, and on-site laundry rooms.
• Ashbury Court, a 92-unit property in Rancho Cordova, Sacramento county, which received a 10-year, fixed-rate, $10,650,000 Fannie Mae Green Rewards mortgage. Amenities for the studio-, one-, and two-bedroom units include a clubhouse with fitness center, swimming pool, tennis court, and laundry. By participating in the Green Rewards program, the property owner will install water and energy efficiency measures at the property.

“The Greystone team delivered again and helped secure superior loans during a difficult time,” said Mr. Gomez. “The professionalism and experience of Cody, Simon and the team were on full display as they navigated the multiple agency products to secure optimal financing.” 

“Like many middle-market properties across the country, Carmel Pointe and Ashbury Court experienced an impact from the pandemic, but because the owner is a stable, quality sponsor and a repeat client, we were able to identify solid options to refinance and shore up some capital,” said Mr. Field.

“It’s a pleasure when we can help clients solve both immediate capital concerns, while at the same time providing long-term finance options that better their portfolio overall,” said Mr. Vitzthum.

Greystone, a leading national commercial real estate finance company, has provided a $6,500,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a multifamily property on 29th Street in Astoria, Queens. The transaction was originated by Jason Yuen, director at Greystone with George Eliopoulos of Velios Capital acting as correspondent. 

The $6.5 million Fannie Mae loan has a fixed rate 10-year term. The non-recourse loan refinances Madrid Towers, a 58-unit six-story elevator building located on the east side of 29th Street between 31st Avenue and 30th Drive.

“We are so pleased to assist this long-time family owner of 35 years in refinancing this well-located asset in Queens at a historically low full-term interest-only rate,” said Mr Yuen. “The entire deal team at Greystone, including Brent Carter along with George at Velios, was instrumental in ensuring a timely closing.”

“I wish to thank Jason and team for their professionalism and working with our firm to achieve the investment goals of our client,” said Mr. Eliopoulos, principal, Velios Capital. “We look forward to working with Greystone again in the very near future.”

JLL Capital Markets arranged the loan for the modern multi-housing property built with eco-friendly materials

SAN DIEGO, October 28, 2020 – JLL Capital Markets announced today that it has arranged a $10.25 million refinancing of Truax Lofts and Truax House, a newly constructed, 36-unit, modern residential community built with eco-friendly materials in San Diego’s Bankers Hill neighborhood.

JLL worked on behalf of the borrower, San Diego-based Nakhshab Development & Design (NDD), to originate the 10-year, fixed-rate Fannie Mae Green loan. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender. 

Truax Lofts consists of a new building with 26 units, and Traux House is a renovated, historic Craftsman with 10 additional units and a community room. Four units are very low-income units. Traux House was originally built in 1912 and served as the only hospice for AIDS patients during the epidemic. NDD restored the structure and developed the new building on an adjacent plot. Both projects were named for AIDS awareness and prevention leader Dr. Brad Truax and completed using eco-friendly and sustainable materials and finishes, including photovoltaic solar panels, LEED Gold design specifications, ENERGY STAR appliances and energy efficient fixtures. Community amenities include outdoor dining, barbecues and a movie screen; a firepit with lounge seating; garden; bike storage; and Webpass Internet. 

Located at 2517 Union St. and 598 W. Laurel St., the property is on a private cul-de-sac in the heart of Bankers Hill, one of San Diego’s premiere neighborhoods. The property is proximate to Little Italy, downtown and Balboa Park, in addition to providing prime views of San Diego Bay and Maple Canyon. 

The JLL Capital Markets Debt Placement team representing the seller was led by Senior Managing Director Aldon Cole, Managing Director Chris Collins and Analyst Anthony Rosetta. 

“This was a very competitive loan process, and Fannie Mae was ultimately able to maximize the loan proceeds we requested and came in with the lowest interest rate,” Collins said. “We are very excited for the NDD team and pleased with the loan execution overall.”

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. 

Photo Credit:  Darren Bradley