Greystone, a leading national commercial real estate finance company, has provided a total of $24,850,000 in Fannie Mae Delegated Underwriting and Servicing (DUS®) loans as supplemental financing for two multifamily properties in Phoenix, AZ. The new loan transactions were originated by Tony Spaeth and Trip Going of Greystone.
The first property, a 461-unit complex, received $10,400,000 in Fannie Mae coterminous supplemental financing from Greystone. The property was built in 1983 and comprises 23 residential buildings, a laundry building, leasing office and golf cart shed, with studio-, one-, and two-bedroom units.
The second property, a 548-unit complex, received $14,450,000 in coterminous supplemental Fannie Mae financing from Greystone. The property was built in 1980 an comprises 62 residential buildings, two clubhouses, and a leasing office, with one-, two-, and three-bedroom units.
“Greystone is a Top 10 Fannie Mae lender, and we are thrilled to have helped our repeat client deepen their relationship with Fannie Mae as a borrower with this supplemental financing,” said Mr. Spaeth. “Coming out of the height of the pandemic, multifamily property owners are looking to maximize their equity to ensure the long-term strength of their investments.”
Greystone, a leading national commercial real estate finance company, has provided a $20,400,000 bridge loan for the acquisition of a multifamily property in Greensboro, North Carolina. The transaction was originated by Dan Sacks, Managing Director at Greystone.
The property, acquired for $24,500,000, is secured by a Greystone bridge loan that includes a 30-month term with one six-month extension, with the intention for a permanent take-out via Fannie Mae financing with Greystone.
Brannon Park is a 299-unit property located at 3822 Mizzell Road comprising 13 three-story residential buildings. Amenities include a swimming pool; tennis court; playground; fitness center; and laundry facilities. The property consists of studio, one-, and two-bedroom units, and the new owner intends to invest $1.35 million for renovations of 225 units.
“We are thrilled to have helped our repeat client with an acquisition loan in continuing to build their multifamily portfolio,” said Mr. Sacks.
Greystone, a leading national commercial real estate finance company, has closed a $27.4 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan for the $48.8 million acquisition of a 276-unit multifamily property in Raleigh, North Carolina. The transaction was originated by Scott Chisholm, Michael Zampetti, and Rich Swietkowski of Greystone, on behalf of Bluerock Residential Growth REIT, Inc.
Greystone provided the original acquisition loan securing Windsor Falls Apartments in 2017, and the $27.4 million Fannie Mae DUS loan includes the original terms - a 10-year, fixed rate loan with a 30-year amortization and five years of interest-only payments. The 96% occupied community consists of 13 three-story buildings constructed in 1994 and includes amenities such as a clubhouse, fitness center, yoga room, and swimming pool.
“This acquisition was nearly seamless with Greystone’s guidance and expertise with the asset and Agency financing,” Bluerock commented.
“Greystone’s long relationship with Fannie Mae is certainly beneficial for our clients, and it’s gratifying when a client is happy with the existing financing terms at acquisition,” said Mr. Zampetti. “The seller improved the property during their hold period, and Bluerock is now acquiring a quality asset for their portfolio that will perform well over time.”
Greystone, a leading national commercial real estate finance company, has provided a $15,800,000 million bridge loan for the acquisition of a skilled nursing, memory care, and personal care campus in Erie, Pennsylvania. The financing was originated by Fred Levine, Managing Director at Greystone.
The purchase of Saint Mary’s East renamed Nightingale Nursing and Rehab Center, was secured by a short-term two-year floating rate, interest-only loan, which Greystone will work to transition to permanent HUD-insured financing. The complex includes six buildings comprising 139 skilled nursing beds, of which 39 are for a dedicated for Memory Care residents; 131 licensed personal care beds; and 91 residential living units.
“This is the first step in the bridge-to-HUD process and a continuation of our commitment to provide liquidity to healthcare providers,” said Mr. Levine.
“We see a lot of potential in the former St. Mary’s East campus, partially due to the large number of private resident rooms,” said Dov Braun, Key Principal of the borrowers. “Implementing our operational plans and enhanced resident care programs to continue and build on Saint Mary’s reputation of exceptional resident care is our priority.”
Greystone, a leading national commercial real estate finance company, has provided $11,160,000 in HUD 223(f) financing to refinance a 93-unit multifamily property in Moorhead, Minnesota. The transaction was originated by Dan Sacks and Ilan Bassali of Greystone on behalf of the Northridge Group.
The $11 million HUD-insured loan carries a 35-year term and amortization, along with a low, fixed rate. Constructed in two phases in 2016 and in 2019, South Shore Landing I & II Apartments consists of four, detached mid-rise elevator buildings offering studio, one-, two- and three-bedroom apartments that feature modern appliances and finishes, in-unit washer/dryers and private outdoor living spaces. Residents have access to a clubhouse, fitness center, game and media room, barbeque and picnic area, pet park and a heated parking garage. The property is close to the region’s major employers, shopping, dining and educational centers, including Minnesota State University Moorhead campus, and is close to major highways that offer convenient access to the Canadian border and Minneapolis.
“There is no greater compliment than when our clients entrust us with multiple properties in their portfolio,” said Mr. Bassali. “Greystone strives to be the partner that brings to life our clients’ long-term vision for each property, which is why we work hard to exceed expectations on every transaction.”
“Once again, our Greystone team was able to secure the right financing for our needs,” said Ryan Carlson, co-founder and principal of the Northridge Group. “We were initially attracted to Greystone’s deep multifamily expertise and extensive lending platform, but it is the seamless execution and unparalleled service experience that keeps us coming back.”
Greystone, a leading national commercial real estate finance company, has provided $36,464,000 million in HUD-insured financing for three skilled nursing facilities in North Carolina. The financing was originated by Fred Levine, Managing Director at Greystone.
Located in Durham, North Carolina, the Carver Living Center is a 232-bed skilled nursing facility that includes 48 private rooms and 92 semiprivate rooms. The facility offers long-term care, short-term rehabilitation, and a secured memory care unit. This facility received $17.16 million in HUD-insured financing that carries a 30-year term with a fixed, low interest rate.
Willow Ridge Rehabilitation and Living Center received $11.4 million in HUD-insured financing which carries a 30-year term with low interest rates. Located in Rutherfordton, North Carolina, the facility features 136 skilled nursing beds with 20 private rooms and 58 semiprivate rooms. The facility offers long-term care, short-term rehabilitation, and a secured memory care unit.
The Greens at Pinehurst Rehabilitation & Living Center was refinanced with $7,896,000 in HUD-insured financing with a 30-year term. The skilled nursing facility is licensed for 120 beds in 68 units and is located in Pinehurst, NC.
“We bridged the acquisition of these facilities with our non-recourse bridge-to-HUD program,” said Mr. Levine. “These facilities join a long list of successful HUD financings executed by our team at Greystone over the past 20 years. Securing permanent financing with an FHA loan enables an owner to ensure long-term, low-rate financing for decades.”