Greystone, a leading national commercial real estate finance firm, has provided a $30,821,000 Freddie Mac Forward Tax-Exempt Loan (TEL) to help finance the addition of 172 units to an existing affordable housing property in Bloomington, MN. The loan was originated by Kyle Jemtrud, managing director at Greystone, on behalf of Aeon.  

The Freddie Mac affordable loan carries a two-year forward period plus an 18-year term at a fixed rate with a 40-year amortization. The financing, in combination with other capital sources, will be used to construct 172 new apartments on land adjacent to the existing Village Club apartment complex located at 1930 E. 86^th St. The two new four-story buildings will include three- and four-bedroom homes to serve larger families. With construction due to begin in August 2020, the community will be known as SoLo Apartments.   

Today, the 306 existing units at the adjacent Village Club serve mixed-income residents, with more than half of the units at or below 60 percent of the area median income and the remaining units at or below 80 percent of the area median income. Two thirds of the new units to be constructed at SoLo will be affordable at or below 60 percent of the area median income, and one third will be affordable at or below 80 percent of the area median income. The existing and to-be-constructed buildings are on an almost 18-acre site that features an indoor and outdoor pool, a racquetball court, a movie room and updated community space.

“Greystone’s knowledge and expertise in affordable housing, as well as their strong relationship with Freddie Mac, were all integral to this financing package being a success,” said Alan Arthur, President and CEO of Aeon.

“This Freddie Mac program is a fantastic option for affordable housing developers. It allows them to secure long-term exit financing on tax credit construction projects before they ever break ground,” said Mr. Jemtrud. “We truly enjoy working with Aeon and helping them finance their portfolio to serve the residents of Minnesota.”

PHOENIX, June 8, 2020 – JLL Capital Markets announced today that it has arranged a refinancing totaling $185.63 million for a 1,439-unit portfolio of five multi-housing properties in and around Phoenix, Arizona.

JLL worked on behalf of the borrower, a partnership between Wealhouse Capital Management and Western Wealth Capital, to secure five, seven-year, floating-rate non-recourse loans through Freddie Mac. The loans will be serviced by Jones Lang LaSalle Multifamily, LLC, a Freddie Mac Optigo℠ lender.

The portfolio comprises the Carlyle Apartments and the Carlyle Townhomes in Phoenix; Greentree Place and Autumn Creek in Chandler; and Spring Meadow in Glendale. The properties are garden-style and were constructed between 1981 and 1996 and feature a range of amenities, including resort-style pools, clubhouses, fitness rooms, basketball courts, valet trash service, green areas and dog parks. The assets are situated in excellent locations throughout metropolitan Phoenix, which is the nation’s No. 1 multi-housing market in terms of historical and projected rent growth.

“Wealhouse is happy with our continued investments in initiatives that bring benefits to the tenants such as upgrading the energy efficiency of the properties and improving ESG,” said Scott Morrison, CEO of Wealhouse Capital. “We also look forward to continuing our investments in Phoenix and its surrounding sub-markets as we continue to anticipate leading population and economic growth.”

The JLL Capital Markets team representing the borrower was led by Managing Director Josh Simon and Senior Director Brad Miner.

“The Phoenix multi-housing market has remained extremely resilient during this current pandemic, affording us the opportunity to provide significant financing, in terms of multi-housing assets in the Phoenix area, to Wealhouse and Western Wealth teams on these five assets,” Miner said.

“It’s always a pleasure working with the borrower and their impressive portfolio, and we are grateful for our partners at Freddie Mac, who remained steadfast through the process and executed their part expertly,” Simon added.

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.

Greystone, a leading national commercial real estate lending, investment, and advisory company, has provided a $29.9 million Freddie Mac loan to acquire a 280-unit multifamily property in Noblesville, Indiana. The transaction was originated by Dan Sacks in Greystone’s New York office, on behalf of Lightstone.

The $29.9 million Freddie Mac loan carries a 10-year term with a 30-year amortization, with the first three years of interest-only payments.  The loan proceeds will be used to complete ongoing renovations to the property.

Built in 2009, Autumn Breeze Apartments is a garden-style community consisting of 1-, 2- and 3-bedroom units with high-end finishes, fireplaces and private patios and balconies. Residents of the pet-friendly community enjoy access to amenities such as a pool and fitness center, outdoor recreational facilities, billiards room, conference room and business center. The property is minutes from historic downtown Noblesville, near the Ruoff Home Mortgage Music Center and Hamilton Town Center, as well as area parks, recreation and entertainment.

“We are pleased that we were able to help our client secure the right financing terms and continue building out their portfolio with this acquisition,” said Mr. Sacks. “Our extensive lending platform means we can be creative and come up with solutions that others can’t, and we’ll always go the extra mile to help clients realize their dreams.”

“We couldn’t be happier with the efforts of our Greystone team,” said Mr. David Lichtenstein, principal of Lightstone. “At a time when so much is uncertain, we knew we could rely on our team to get this transaction done in a way that seemed effortless. We look forward to working with them again in the future.”

MIAMI, June 1, 2020 – JLL Capital Markets announced today that it has arranged a $32.25 million refinancing for Lake House, a 240-unit, garden-style multi-housing community in Davenport, Florida.

JLL worked on behalf of the borrower, Beachwold Residential, to secure the 10-year, floating-rate loan through Freddie Mac. The loan will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠ lender.

Lake House is situated on 19.72 acres at 200 Village Boulevard in the community of Davenport, outside of Orlando. The property benefits from several nearby employment demand drivers, including Walt Disney World, Universal, numerous Fortune 500 distribution centers and Orlando Health’s new “Reunion Village” development. Additionally, the immediate area surrounding the property offers residents an abundance of retail, restaurants, recreation and entertainment offerings. Renovated in 2019, Lake House offers tenants one-, two- and three-bedroom floor plans, and community amenities that include a pet-friendly environment, clubhouse, health and fitness center, car care area, basketball court, outdoor grill, swimming pool, tennis court and bark park.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Mona Carlton, Managing Director Elliott Throne, Directors Jesse Wright and Amit Kakar and Associate Michael DiCosimo.

“This refinance is a testament to lenders like Freddie Mac who continue to provide unbelievably attractive financing terms in a unique time when all else seems uncertain,” Throne said. “Beachwold was able to take advantage of historically low rates that better position both them and this great asset for many years to come.”

Greystone, a leading national commercial real estate lending, investment, and advisory company, has provided a $20 million Freddie Mac loan to refinance a multifamily property in Springfield, New Jersey. The transaction was originated by Dan Sacks in Greystone’s New York office with David Cohen of Meridian Capital Group as correspondent.

The $20 million Freddie Mac financing carries a seven-year term with a 30-year amortization, with the first two years of interest-only payments. Centrally located in Union County, The Cove at Springfield Apartments is a garden-style community consisting of 91 well-appointed 1-, 2-, and 3-bedroom units that include in-unit laundry facilities, and hardwood floors. Residents can enjoy community amenities such as a clubhouse, fitness center and garage parking. The pet-friendly property is in close proximity to major highways, airports and public transportation to New York City, and offers easy access to the area’s employers, colleges and universities, shopping, parks and recreation.

“Our team worked tirelessly to secure the right financing terms and bring this transaction to a quick and seamless close for our client,” said Mr. Sacks. “I’m thrilled that we were able to deliver above and beyond our client’s expectations and prove once again that nothing can derail Greystone’s industry-leading deal close process and commitment to providing a superb client experience.”