Trending Multifamily News
Greystone, a leading national commercial real estate finance company, provided a $24,750,000 Freddie Mac Optigo® loan to refinance a 70-unit senior housing property in Mashpee, Massachusetts that includes 10% of the units designated affordable housing by the Cape Cod Housing Authority. The transaction was handled by Shailini Nehra, Managing Director at Greystone, on behalf of Northbridge Companies.
The $24,750,000 Freddie Mac fixed-rate, non-recourse financing carries a 10-year term and 30-year amortization. Built in 2018, Laurentide at Mashpee Commons in Barnstable County includes studio, one-, and two-bedroom units and offers assisted living and memory care services. The community, managed by New England-based owner / operator Northbridge Companies, features a full physical and occupational therapy gym, movie theatre, bistro, café, a large outdoor patio, and landscaped walking paths. Residents also enjoy salon and barber shop services, chef-prepared meals, life enrichment, and wellness programming.
“At Greystone, we are dedicated to helping clients realize their vision for their properties – our extensive lending platform means we bring the right resources to bear on any project,” said Cary Tremper, head of Greystone’s Senior Housing Capital Markets Team. “We are driven by our commitment to meeting the financing needs of the senior housing space, and it was our pleasure to work with Northbridge on this transaction.”
“Northbridge is committed to creating environments where residents can be inspired to live well and love life,” said Mr. James Coughlin, CEO, Northbridge Companies, which develops, owns, and manages vibrant senior living communities throughout New England. “Our Greystone team’s passion for what we do made them a true partner on this transaction and we look forward to working with them again in the future.”
Greystone, a private national commercial real estate finance company, announced it provided a $203,143,000 Freddie Mac Optigo® loan made to an affiliate of TRITEC Real Estate Company for the Alston Station Square, a recently-built, six-building, 489-unit Class A market-rate rental apartment complex located at 1000 Mill Road in Ronkonkoma, New York, which is situated in the Town of Brookhaven in Suffolk County, Long Island. The new 10-year, fixed-rate Freddie Mac loan refinances the original construction loan from Bank of America. The Greystone Capital Advisors team led by Drew Fletcher, Matthew Hirsch, Jesse Kopecky, and Tori Colledge served as exclusive advisors on behalf of the Sponsor and assisted in arranging the financing which was provided by Greystone Servicing through its Agency lending team, led by Dan Gillard who originated the loan from Greystone Servicing.
Alston is the first phase of The Hub at Ronkonkoma Master Development, a 2+ million square foot master plan that the Town of Brookhaven awarded to TRITEC in 2012 to lead the transformation of Ronkonkoma as a regional transportation center for eastern Long Island. The Property is a newly constructed four-story luxury multifamily complex within walking distance of the Long Island Railroad Ronkonkoma train station.
Alston incorporates a comprehensive suite of amenities exceeding all comparable assets in the surrounding market of Long Island and on-par with newly constructed luxury residences in the greater New York metro area. Community amenities include a pool, multiple lounges, courtyards, and a fitness center with units featuring top of the line finishes.
“TRITEC is excited to have worked with Greystone and Freddie Mac on this milestone transaction,” said Jim Coughlan, Principal of TRITEC. “Greystone and Freddie Mac delivered a creative and foundational execution for the first of this multi-phase project to transform downtown Ronkonkoma.”
“We are thrilled to have worked with TRITEC as they complete stabilization of this critical first phase of The Hub in Ronkonkoma,” said Drew Fletcher, President, Greystone Capital Advisors. “This financing is proof of their vision for the project to develop distinctive properties that create enduring value and enhance the neighborhoods in which they are located.”
Greystone, a leading national commercial real estate finance company, has provided a $27,503,000 Freddie Mac Optigo® loan to refinance a 109-unit multifamily / mixed use property in Philadelphia, Penn. The transaction was originated by Ryan Harkins and Dan Gillard of Greystone on behalf of Gotham Tower LP.
The non-recourse, fixed-rate, 12-year loan for The Gotham replaces construction financing as the building became stabilized after completion. Acquired in 2018, the property has seen extensive capital improvements as it was transformed from its original use as a silk factory to a mixed-use property with studio, one-, two-, three-, and four-bedroom units along with an attractive amenity package.
“This development project was a unique opportunity to bring high-quality rental housing to the Philadelphia market while preserving the historic charm of the original use of the site as Gotham Silk Factory,” said Jim Maransky, principal of the borrower. “This was an extremely complex multi-phase development project with a large historic component. Greystone was the perfect partner to help guide us through the permanent financing process, and we are thrilled with the outcome.”
“Working with Jim and the Ebuilt team was a true pleasure as we helped to position this unique property for long-term success with Freddie Mac permanent financing,” said Mr. Harkins. “The Gotham is a transformational property that is going to enhance the growing Fishtown/Kensington section of Philadelphia for years to come.”
Ken Wellar of Rittenhouse Realty Advisors assisted in arranging the financing.
“The Gotham was a perfect execution of a redevelopment in one of the hottest markets in Philadelphia,” said Wellar. “We believe Jim and his team will experience great rent growth over the next five to ten years. Dan and Ryan did a great job getting this one across the finish line.”
Greystone, a leading national commercial real estate finance company, has provided $49 million in Freddie Mac financing for a multifamily property in Los Angeles, CA. The financing was originated by Tony Spaeth and Trip Going of Greystone.
The $49,000,000 Freddie Mac conventional loan carries a 10-year term with interest only payments for the first 5 years, as well as a 30-year amortization period. Built in 2020, the multifamily community comprises 186 units.
“We are delighted that we can help our client access the right financing through our extensive platform,” said Mr. Spaeth. “Greystone’s deep experience with multifamily property financing enables us to navigate a variety of capital needs.”
“We’re grateful to the Greystone team for working with Freddie Mac to pull the right terms together and we look forward to expanding this property to support additional residents in the LA market,” said the key principal of the borrower.
Vanderpoel will co-lead the platform with Senior Managing Director Steve Henderson
CHICAGO – Sept. 22, 2021 – JLL announced today that Luke Vanderpoel has been appointed Senior Managing Director and co-lead of the company’s Freddie Mac platform alongside Senior Managing Director Steve Henderson.
Vanderpoel has nearly 20 years of experience in commercial real estate with a specialization in Agency debt and Freddie Mac loan programs. Over the course of his career, he’s been involved in more than $25 billion of commercial real estate transactions, including Freddie Mac originations. He began his career as a Production Analyst with HFF, which was acquired by JLL in 2019.
For the sixth consecutive year in a row, JLL was ranked the #1 Freddie Mac Affordable Housing Lender in 2020. JLL also ranked the #3 Freddie Mac Multi-housing Lender by volume in 2020 with year-end transaction volume totaling $9.9 billion.
“As we continue to focus on our multi-housing business and growing our agency lending platform, it was a natural progression for Luke to move into a leadership role within the group,” said Gerard Sansosti, Executive Managing Director and Co-lead of JLL’s Debt and Loan Sale platform. “His knowledge, relationships and affable professionalism make him a valuable teammate for our JLL team as well as our multi-housing clients.”
JLL Capital Markets arranged the refinancing for Canopy Place
MIAMI, Sept. 7, 2021 – JLL Capital Markets announced today that it has arranged a $16 million refinancing for Canopy Place, a 150-unit, townhome-style multi-housing community in Jacksonville, Florida.
JLL worked on behalf of the borrower, Beachwold Residential LLC, to secure the 10-year, floating-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.
Canopy Place consists exclusively of three-bedroom townhomes that feature private patios, extra storage, walk-in closets and a full suite of upgraded appliances. The community offers a swimming pool, clubhouse and children’s play area. Beachwold has implemented a renovation project that included exterior painting, interior flooring replacements and roof, air conditioning and foundation repairs.
Located at 11050 Harts Rd., Canopy Place is near Interstates 95 and 295, providing easy access to the area’s amenities. Additionally, residents have access to public transportation close to the property. Nearby amenities include Regal Cinemas 14, River City Market Place, Highlands Shopping Center, UF Health North, Ray Greene Park and a variety of local and national restaurants and retail.
The JLL Capital Markets debt team that represented the borrower was led by Senior Managing Directors Elliott Throne, Mona Carlton and C.W. Early, Vice President David Lott and Associate Kenny Cutler.
“This financing produced a substantial cash-out at an extremely attractive floating rate, all while allowing for prepayment flexibility,” said Throne. “This loan structure is one of the many benefits of Freddie Mac financing and allowed the borrower to be rewarded for their continued success since acquiring the asset.”
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 JLL Real Estate Capital, 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.