DENVER – JLL announced today that it has arranged $16 million in financing for The Park at Sunderland, a 268-unit, garden-style apartment community in Birmingham, Alabama.

JLL worked on behalf of Vazza Real Estate Group to originate the fixed-rate Fannie Mae acquisition loan. The 12-year loan includes five years of interest-only payments followed by a 30-year amortization schedule. Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender, will service the loan.

The Park at Sunderland is located at 660 Valley Crest Drive less than 10 miles from downtown and a two-minute drive to major employers in Northeast Birmingham, including Kamtek, Sterlite and several other transportation and manufacturing operations. The property, which underwent four years of extensive renovations that were completed earlier this year, features units averaging 951 square feet. Community amenities include two swimming pools, a tennis court, playground, picnic area with grills, clubhouse, updated fitness center, business center, internet café, coffee bar and laundry center. The property was 92% occupied at closing. Vazza Real Estate Group plans to invest another $1.4 million of additional capital into the property post-close.

The JLL Capital Markets team representing the borrower was led by Senior Director Kristian Lichtenfels.

“This is our third sizable residential acquisition in the past six months,” said Stephen F. Vazza, President of Vazza Real Estate Group. “Given the favorable credit markets, we are taking a closer look at our inventory in smaller markets where the cap rates are more attractive and supply is limited.”

Greystone, a leading national commercial real estate lending, investment, and advisory company, announced it has provided a $23,000,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 240-unit multifamily property in Oro Valley, AZ. The transaction was originated by Daniel Wolins of Greystone’s New York office.

The $23 million Fannie Mae loan carries a low, fixed interest rate with a 10-year term and 30-year amortization period, including interest-only payments for the first five years. The borrower, an affiliate of Tucson-based HSL Properties, is a long-time client of Greystone.

Originally built in 1988, the recently renovated La Reserve Villas is comprised of market-rate one- and two-bedroom residences with modern appliances and finishes, in-unit washer/dryers, onsite parking and fireplaces in select units. Residents also enjoy access to the property’s clubhouse and fitness center, barbeque areas, two resort-style pools and a spa. Located in the Tucson metro area’s Oro Valley, the property is close to shopping, hotels, and Catalina State Park.

“When clients turn to Greystone time and again, we know that they are placing a premium on not just our extensive lending platform and capabilities, but also on the industry-leading experience we provide them consistently,” said Mr. Wolins. “HSL places its trust in the Greystone experience, and we aim to raise the bar with every transaction by securing the right financing quickly and seamlessly.”

“With each of the multifamily properties in our portfolio, I’ve been able to count on my long-standing Greystone team to deliver what I needed,” said Mr. Omar Mireles, president of HSL Properties. “I appreciate their creative approach and single-minded focus on securing the right financing every time, no matter how unique the property.”

Mezzanine Option Assists Property Investors in Completing the Capital Stack for Multifamily Acquisitions and Refinancings

Greystone, a leading commercial real estate lending, investment, and advisory company, has provided two Fannie Mae loans totaling $19.5 million to finance the acquisition of a 216-unit multifamily property in Haltom City, TX.

In addition to a Fannie Mae Delegated Underwriting and Servicing (DUS®) Green Rewards loan of $18,237,000, Greystone provided a $1,269,000 Delegated Lender Affiliate (DLA) Mezzanine loan to supplement the first mortgage. Both non-recourse loans, funded simultaneously, carry 12-year terms with different fixed interest rates. With a minimum of $1 million, a Fannie Mae DLA mezzanine loan must accompany a senior mortgage that carries a minimum amount of $10 million, and is secured by a 100% pledge of the equity interests in the borrower.

“Greystone’s mezzanine platform, highlighted by this innovative product from Fannie Mae, is a complementary option to assist property investors in completing the capital stack on acquisitions and refinancings,” said Anthony Alicea, head of production for Greystone portfolio lending group.  

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 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.”