Greystone, a leading national commercial real estate lending, investment and advisory company, announced it has provided a $33,700,000 Freddie Mac loan to refinance Belmont Shores Mobile Estates, a 347-unit age-restricted manufactured housing and mobile home community in Long Beach, California. The transaction was originated by Dale Holzer in Greystone’s Newport Beach, CA office, on behalf of Alamitos Bay Partnership LLC with Don Smith of Sunrise Mortgage & Investment Co. acting as a correspondent.

The $33.7 million Freddie Mac loan carries a 15-year term and a 30-year amortization period. The loan will help fund significant capital improvements for the property, including reconfiguration of the common area’s buildings.

Located within the beach community in California, Belmont Shores Mobile Estates offers a beach lifestyle for its residents with a 24-hour manned entrance gate. Residents have access to various amenities including a clubhouse, swimming pool, jacuzzi spa, exercise and laundry facility, billiard room, library, walking path and gathering areas. The property is located a block east of Pacific Coast Highway and is walking distance to shopping and recreation areas.

“It’s been a pleasure collaborating with the borrower to help them achieve their ambitious plan to revitalize this property,” said Mr.Holzer. “The property has been in our client’s portfolio since 1981; securing the financing helps to facilitate the long-term viability of the property and most importantly, ensure a comfortable living space for the residents of Belmont Shores Mobile Estates.”

“Greystone’s expertise with the Freddie Mac lending platform has been an asset to this financing process and we are thrilled to move forward with our capital improvement plan,” said Greg Gill, member and local representative of the borrower. “We thank them for their close collaboration on this transaction and look forward to continue to grow our relationship.” 

Greystone, a leading national commercial real estate lending, investment and advisory company, announced it has provided a $33,700,000 Freddie Mac loan to refinance Belmont Shores Mobile Estates, a 347-unit age-restricted manufactured housing and mobile home community in Long Beach, California. The transaction was originated by Dale Holzer in Greystone’s Newport Beach, CA office, on behalf of Alamitos Bay Partnership LLC with Don Smith of Sunrise Mortgage & Investment Co. acting as a correspondent.

The $33.7 million Freddie Mac loan carries a 15-year term and a 30-year amortization period. The loan will help fund significant capital improvements for the property, including reconfiguration of the common area’s buildings.

Located within the beach community in California, Belmont Shores Mobile Estates offers a beach lifestyle for its residents with a 24-hour manned entrance gate. Residents have access to various amenities including a clubhouse, swimming pool, jacuzzi spa, exercise and laundry facility, billiard room, library, walking path and gathering areas. The property is located a block east of Pacific Coast Highway and is walking distance to shopping and recreation areas.

“It’s been a pleasure collaborating with the borrower to help them achieve their ambitious plan to revitalize this property,” said Mr.Holzer. “The property has been in our client’s portfolio since 1981; securing the financing helps to facilitate the long-term viability of the property and most importantly, ensure a comfortable living space for the residents of Belmont Shores Mobile Estates.”

“Greystone’s expertise with the Freddie Mac lending platform has been an asset to this financing process and we are thrilled to move forward with our capital improvement plan,” said Greg Gill, member and local representative of the borrower. “We thank them for their close collaboration on this transaction and look forward to continue to grow our relationship.” 

Greystone, a leading national commercial real estate lending, investment and advisory company, announced it has provided a $33,700,000 Freddie Mac loan to refinance Belmont Shores Mobile Estates, a 347-unit age-restricted manufactured housing and mobile home community in Long Beach, California. The transaction was originated by Dale Holzer in Greystone’s Newport Beach, CA office, on behalf of Alamitos Bay Partnership LLC with Don Smith of Sunrise Mortgage & Investment Co. acting as a correspondent.

The $33.7 million Freddie Mac loan carries a 15-year term and a 30-year amortization period. The loan will help fund significant capital improvements for the property, including reconfiguration of the common area’s buildings.

Located within the beach community in California, Belmont Shores Mobile Estates offers a beach lifestyle for its residents with a 24-hour manned entrance gate. Residents have access to various amenities including a clubhouse, swimming pool, jacuzzi spa, exercise and laundry facility, billiard room, library, walking path and gathering areas. The property is located a block east of Pacific Coast Highway and is walking distance to shopping and recreation areas.

“It’s been a pleasure collaborating with the borrower to help them achieve their ambitious plan to revitalize this property,” said Mr.Holzer. “The property has been in our client’s portfolio since 1981; securing the financing helps to facilitate the long-term viability of the property and most importantly, ensure a comfortable living space for the residents of Belmont Shores Mobile Estates.”

“Greystone’s expertise with the Freddie Mac lending platform has been an asset to this financing process and we are thrilled to move forward with our capital improvement plan,” said Greg Gill, member and local representative of the borrower. “We thank them for their close collaboration on this transaction and look forward to continue to grow our relationship.” 

Loan proceeds refinance existing debt on the Raleigh, North Carolina, garden-style apartment community

WASHINGTON D.C., September 18, 2019 – JLL announced today it has secured $24 million in financing for Olde Raleigh Apartments, a 228-unit, garden-style apartment community located in Raleigh, North Carolina.

JLL worked on behalf of Taurus Investment Holdings, LLC, to arrange the 10-year, floating-rate loan through Freddie Mac’s Green Advantage program. The loan will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠ lender. Loan proceeds refinanced existing debt on the property.

Olde Raleigh is located at 4000 Grand Manor Court near William B. Umstead State Park and Interstates 40 and 440, which provide residents with access around the Raleigh-Durham MSA. The property consists of a mix of one-, two- and three-bedroom floor plans with a large selection of in-home features, including gourmet kitchens with stainless steel appliances, garden tubs, custom built-ins, plank flooring, in-unit washers and dryers and private patios or balconies. Community amenities include a resort-style pool, outdoor grilling station, clubroom, fitness center, business center with conference lounge, car care center, pet wash station and dog park. Olde Raleigh was more than 94% occupied at closing. 

The JLL Capital Markets team representing the borrower was led by Senior Director Jamie Leachman.

DENVER, September 5, 2019 – JLL announces it has arranged financing totaling $22.86 million for Phenix at Infinity Park I and II, two adjacent multi-housing properties totaling 185 units in the Denver suburb of Glendale, Colorado.

Working on behalf of Glendale-based Slipstream Properties, JLL arranged two 10-year, interest-only, fixed-rate loans through Freddie Mac’s Green Advantage program. The loans will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠ lender. Loan proceeds were used to refinance existing loans on the properties.

The Phenix at Infinity Park I and II are situated along East Mississippi Avenue and South Dahlia Street one block southeast of Infinity Park, a sports, entertainment and events venue. In addition, the properties are two miles from the high-end Cherry Creek Shopping Center and approximately five miles southeast of downtown Denver. Phase I was most recently renovated in 2011 and Phase II was renovated in 2014. The buildings comprise a variety of one- and two-bedroom units, which are 97% occupied overall.  Community amenities include a swimming pool, dog park, grilling areas and courtyards.

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

Greystone, a leading commercial real estate lending, investment, and advisory company, has provided $179.2 million in Freddie Mac loans to refinance four multifamily properties totaling 1,188 units. The loans were originated by PJ McDevitt, an originator for Greystone, on behalf of Watermark Residential. Christopher Hilbert of 3G Capital Advisors served as advisor to the borrower in the transaction.

Located in Arkansas, Colorado, and Texas, the four properties and individual loan amounts include:

·       Watermark at Steele Crossing in Fayetteville, AR, 306 units

·       Watermark on Harvest Junction in Longmont, CO, 276 units

·       Watermark on Twenty Mile in Parker, CO, 294 units

·       The Ranch at Sienna Plantation in Missouri City, TX, 312 units

The four separate Freddie Mac Conventional loans all carry 15-year terms with a fixed interest rate and 30-year amortization, as well as 7 years of Interest-only payments. The collection of properties are all newly-constructed and fully stabilized, or nearing stabilization, and offer a range of attractive amenities for residents in the suburbs of Fayetteville, Denver, and Houston.

“It was a pleasure working with the Watermark Residential team to secure a permanent financing solution for this portfolio of newly-stabilized multifamily communities,” said Mr. McDevitt. “Freddie Mac was a pleasure to work with, and their commitment to support the work of quality sponsors is clearly evident.”

“Greystone’s execution of the Agency loan product was flawless, from their market knowledge to product expertise, and we thank both 3G Capital Advisors and Greystone for their guidance through this process. We are thrilled to bring these quality communities to market as we continue to grow our offerings in key submarkets,” said Josh Purvis, Managing Partner, Watermark Residential.