Greystone, a leading private national commercial real estate finance company, provided two refinancing loans for a multifamily portfolio in Sanford, Florida. The transactions were originated by Dan Sacks, Managing Director in Greystone’s New York office.

The properties include:

• Aqua Link, a 140-unit property, which received a 10-year, variable-rate, $12,115,000 Freddie Mac mortgage. Renovated in 2020, the garden-style property spans 9 acres. Amenities for the two- and three-bedroom units include grilling area, coffee bar, common laundry, swimming pool, picnic area, playground, and clubhouse, with 321 surface parking spaces.
• Stoneridge, a 120-unit property, which received a 10-year, variable-rate, $8,541,000 Freddie Mac mortgage. Built in 1975 and renovated in 2020, the garden-style property consists of studio-, one-, two-, and three-bedroom units. Amenities include a grilling area, coffee bar, common laundry, picnic area, playground, and clubhouse, with 188 surface parking spaces.

“It’s been a pleasure working with this team as they grow their portfolio,” said Mr. Sacks. “We are thrilled that clients rely on us time and again for their portfolios, and we can work to find new terms to help our clients.”

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 private national commercial real estate finance company, has provided a $58,653,000 Freddie Mac loan to refinance a 306-unit multifamily property in Naples, Florida. The transaction was originated by Dan Sacks, Managing Director in Greystone’s New York office, on behalf of The Embassy Group. 

The $58.65 million Freddie Mac floating rate loan, which refinances an existing Fannie Mae loan provided by Greystone to acquire the property in 2017, carries a 10-year term with a 30-year amortization and five years of interest-only payments.

Originally constructed in 2007, Amberton Townhomes consists of 306 two- and three-bedroom units in 39 two- and three-story buildings set across professionally landscaped grounds. Each townhome features in-unit laundry and modern appliances as well as attached, private garages and outdoor living space. Residents have access to the gated community’s clubhouse, pool and fitness center. The pet-friendly property offers easy access to Interstate 75, and is centrally located near the area’s dining, entertainment, beach and shopping venues.

“Our focus is on finding ‘just-right’ financing solutions so our clients can have the best financing behind the properties in their portfolios through every iteration of the market,” said Mr. Sacks. “Our clients come back to us because our white-glove service experience means we’ll deliver the transaction terms they need, every time.”

“After working with our Greystone team to acquire this property a few years ago, there was never a question whether we would come back to them,” said Mr. David Willner, principal, The Embassy Group. “Whether we’re talking about securing the right financing or handling a transaction from start to finish, Dan and his team are simply the best at exceeding our expectations on every level.”

The 264-unit Grand Pavilion sold for $32.77 million to Praxis Capital  

Tampa, Fla. (November 2, 2020) – Berkadia announces it has arranged the sale and financing of Grand Pavilion, a 264-unit garden-style multifamily community located in Tampa. Senior Managing Director Cole Whitaker and Managing Director Jason Stanton of Berkadia’s Tampa and Orlando offices listed the property on behalf of the seller, ESG Kullen. Berkadia worked in conjunction on transaction with BlueGate Partners, LLC out of New York, represented by Mark DeLillo and Craig Callaway.

Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins of Berkadia’s Boca Raton office originated $24.4 million in financing via Freddie Mac on behalf of the buyer, Praxis Capital, which acquired the property for $32.77 million.  The 10-year, floating-rate loan offered an attractive rate and five years interest only. 

“This property recently received $3 million in upgrades and is well positioned to compete with similar vintage product in this submarket with modest improvements to the unit interiors,” said Stanton.

Located at 3110 Grand Pavilion Drive, Grand Pavilion was built in 1984 and offers a mix of one- and two-bedroom units ranging in size from 540 square feet to 873 square feet. Apartments feature new carpet and plank flooring, a screened in patio or balcony, walk-in closets, and in some units, kitchens have been updated with new appliances, hardware and cabinetry. Community amenities include a new state-of-the-art fitness center, swimming pool with sundeck, outdoor picnic/grill area, tot lot/playground, bark park, clubhouse lounge, game room, and package receiving area.

The property is ideally located in Northeast Tampa, less than five minutes from the University of South Florida, Busch Gardens Tampa Bay and AdventHealth Tampa, and 20 minutes from downtown Tampa.

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About Berkadia®:

Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.

© 2020 Berkadia Proprietary Holding LLC. Berkadia® is a registered trademark of Berkadia Proprietary Holding LLC.

Commercial mortgage loan banking and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc.

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This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.

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For state licensing details for the above entities, visit: http://www.berkadia.com/legal/licensing.aspx

JLL Capital Markets arranged the loan, which will be used for apartment upgrades 

LOS ANGELES, October 20, 2020 – JLL Capital Markets announced today that it has arranged a loan for Center Village Apartments, a 60-unit affordable Low-Income Housing Tax Credit community in Northeast Portland, Oregon.

JLL worked on behalf of Innovative Housing, Inc. (IHI) to secure the 17-year, 35-year amortization loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender. JLL also coordinated a 24-month forward interest rate. This loan, along with other capital sources, repaid an original Wells Fargo Bank construction loan.  

Center Village is a mid-rise, multi-housing community with rents restricted to 30% to 60% of area median income. The loan was used for improvements to the multi-housing property, including a new roof, exterior siding, window replacement and interior unit and common area upgrades.

“IHI is excited for the opportunity to redevelop this property so it will continue to operate long into the future,” said Carolyn O’Doherty, Housing Developer at IHI. “The 60 family-sized units currently house more than 175 people who are now able to enjoy refreshed apartments and better amenities thanks to the investment by JLL and other partners.”

JLL’s Capital Markets team representing the borrower was led by Director Anson Snyder.

“JLL and Freddie Mac are committed to providing long-term permanent loans for affordable housing,” Synder said. “Working with the IHI development team is a privilege. Portland families will have an affordable housing option for years to come.”

JLL has extensive experience helping clients obtain financing and sources reliable, cost-competitive mortgage products for acquisitions, refinancing or rehabilitation of affordable housing properties. With access to key lenders and capital, JLL connects clients directly with Freddie Mac, among others, to get the best possible financing structure. In 2019, JLL was recognized as the #1 targeted Freddie Mac lender for affordable housing deals.

Greystone, a private national commercial real estate finance company, announced today its closing of a $289,289,000 permanent Freddie Mac loan made to an affiliate of BLDG Management Company, Inc. (“BLDG”) for the Summit, a premier multifamily rental building in Midtown Manhattan. The new 10-year, fixed-rate Freddie Mac loan refinances the original $251,000,000 construction credit facility provided by Bank of China in 2015. The Greystone Capital Advisors debt advisory team, led by Drew Fletcher, President, with support from Matthew Klauer and Cassandra Connolly, represented BLDG and assisted in obtaining the Freddie Mac financing through Greystone’s Affordable Lending team. Greystone’s Jeff Englund, Scott Wallace and Chris Phillips collaborated with Freddie Mac Production Manager Naureen Versi and managed the loan process for Greystone.

The Summit, located at 222 East 44^th Street, is composed of 441,000 gross square feet and 429 residential rental units. Of the 429 units, 22 units are designated as affordable housing units for tenants whose household incomes are at or below 120% of the New York City Area Median Income (“AMI”), 44 units are designated for tenants earning 60% of AMI, 43 units are designated for tenants earning at or below 40% of AMI, and the remaining 320 units are market-rate. The Summit features amenities such as a fitness complex with basketball and squash courts, indoor pool, sauna, theater, game lounge, and outdoor entertainment deck. In addition, the Summit’s penthouse sky lounge offers expansive views of the East River and the Manhattan skyline, multiple outdoor terraces, and several individually curated indoor spaces for private events.

"I am extremely proud of our continued efforts to support affordable housing in New York City and I thank all those involved for their dedication to increasing the amount of affordable rental units in an area that critically needs it,” said Steve Johnson, Vice President for Targeted Affordable Housing at Freddie Mac.

“This was a large, complex transaction that in the current environment required careful coordination among Freddie Mac, the New York State Housing Finance Agency, Greystone, and BLDG,” added Naureen Versi, the Production Manager who worked on the transaction.

“BLDG is excited to expand its relationship with Greystone and Freddie Mac through this landmark financing,” said Lloyd Goldman, Founder and President of BLDG. “Despite the current headwinds facing the New York City multifamily market, Greystone and Freddie Mac delivered a market-leading execution and worked tirelessly with us to close this loan in the midst of a global pandemic.”

“We have enjoyed a long-standing relationship with BLDG and are thrilled to have worked on both the original construction financing and now the permanent financing for the Summit,” said Drew Fletcher. “This financing is a testament to their long-term vision and focus on developing distinctive properties that create enduring value and enhance the neighborhoods in which they are located.”

Jeff Englund, Senior Managing Director and head of Greystone’s Affordable Lending group, added, “Affordable housing remains critically important to New York and nationwide, and Greystone continues to demonstrate its commitment to finance transactions that create or preserve this valuable housing for the long-term.”