Greystone, a leading national commercial real estate finance company, has provided a $54.6 million HUD-insured loan to refinance a 360-unit multifamily property in the northwest Chicago metropolitan area suburb of Bloomingdale, Illinois. The financing was originated by Clint Darby, Managing Director, and Phiet Nguyen, Managing Director, on behalf of Chern Camden.

The $54,560,000 HUD-insured Section 223(f) financing carries a 35-year term and 35-year amortization, along with a low fixed interest rate. The transaction qualified for HUD’s Green financing via Energy Star certification, which further reduced the interest rate. The loan proceeds enabled the borrower to refinance an existing Fannie Mae loan on the property, continue with ongoing maintenance, and monetize existing equity.

Built in 1991, Camden at Bloomingdale consists of 19 garden-style apartment buildings offering one-, two- and three-bedroom units with modern amenities and appliances, in-unit washers/dryers, vaulted ceilings, fireplaces and private outdoor living spaces. Amenities include a clubhouse and business center, fitness center, pool, outdoor sports courts, picnicking grounds and playground areas. The property’s location offers easy access to downtown Chicago and Chicago O’Hare International Airport, and is close to restaurants, shopping at Stratford Square, and nearby recreation centers and parks, including the Mallard Lake Forest Preserve.

“Our team’s extensive HUD platform and knowledge of the multifamily space means that we will always deliver a transaction experience that far exceeds the industry standard,” said Mr. Darby. “We commit to taking a creative, collaborative approach to uncovering the right terms for each client, to bring their unique projects to life.”

“I am truly impressed with Greystone’s speed and care in putting together the right resources and financing for this transaction,” said Mr. Paul Chernawsky, principal of Chern Camden. “Greystone’s service standard is of the highest caliber and I was extremely impressed with the loan processing experience.”

Greystone, a leading national commercial real estate finance company, has provided a total of $25.9 million in Fannie Mae Delegated Underwriting and Servicing (DUS®) Green Rewards loans to refinance two multifamily properties in the San Francisco Bay Area. The transactions were originated by John Tilsch of Greystone’s San Francisco office, with Charlie Sosa of Suwannee Investments, Inc. acting as correspondent.

Borrowers who use Fannie Mae's Green Rewards program commit to engaging in property upgrades that reduce water and energy consumption.

The first Fannie Mae financing, an $8,408,000 loan, has a fixed rate and 10-year term with a 30-year amortization. The non-recourse loan refinances 40 Glen Eyrie, a 34-unit garden-style apartment community in San Jose, California. Originally built in 1962, the pet-friendly property offers one- and two-bedroom units with amenities such as modern appliances, private outdoor living areas and on-site parking,

The second loan, for $17,500,000, features a fixed rate with a 10-year term and 30-year amortization, with three years of interest-only payments. The non-recourse loan refinances Skyline Vista Apartments, a pet-friendly garden style apartment community in Pacifica, California. The property, which was constructed in 1964, consists of 44 two-bedroom units that offer as modern appliances and upgraded finishes, in-unit washer/dryers, and private outdoor living spaces with views of the San Francisco Bay, as well as on-site parking,

“We strive to exceed our clients’ expectations on every transaction and we earn their trust by delivering exceptional terms and seamless service,” said Mr. Tilsch. “The breadth and depth of Greystone’s multifamily lending platform is unparalleled – time and again, we’re able to offer the right financing for borrowers who want to take advantage of the opportunities presented to them in the current market.”

Greystone, a leading private national commercial real estate finance company, has provided two Fannie Mae DUS® loans totaling $13,120,000 million for the acquisition of two multifamily properties in Lawrenceville, Georgia. The acquisition financing was originated by Greystone’s Keith Hires, Carter King, and Mark Nelson.

The acquisition financing for The Carolina is a $6,960,000 Fannie Mae DUS® loan. The second Fannie Mae DUS® loan, for $6,160,000 is for Britain Village. Both have a 10-year term with 5 years yield maintenance followed by 1% prepay. Following two years of interest only payments, the Loans will amortize on a 30-year schedule. The loans are via Fannie Mae's Green Rewards Program which provides borrowers committed to energy or water savings with favorable terms.

The Carolina was built in 1970 and the 82-unit garden-style multifamily property features a mix of two-bedroom flats and townhomes with an average unit size of 961 square feet. The neighborhood has a diverse mix of residential and commercial properties.  

Britain Village, which was built in 1986, is a 68-unit, apartment community featuring vaulted ceilings, 24-hour access, and on-site parking options.

Both properties are in Lawrenceville, Georgia and near retail shopping areas.

“We are grateful to have been involved with these properties through past bridge lending. These properties have much to offer the surrounding community and residents,” said Mr. Hires. “We remain committed to furthering our clients’ opportunities throughout a property’s lifecycle. In this instance, having converted both of these properties from our Bridge program to Fannie Green Rewards loans.”

Greystone, a leading national commercial real estate finance company, has provided $23.8 million in HUD-insured loans to refinance a trio of assisted living facilities in New Hampshire. The Interest Rate Reduction (IRR) transaction was originated by Lisa M. Fischman, vice president in Greystone’s New York office, on behalf of family owned The Courville Company.

The refinanced properties include Courville at Manchester; Courville at Carlyle Place; and Courville Nashua & Aynsley. The IRR reduces the interest rate on an existing HUD-insured loan, maintaining the existing maturity and loan amount.

“An IRR is a good option for mortgagors who have held their asset since before rates dropped earlier this year,” said Ms. Fischman. “At Greystone, we are continually seeking ways to help our clients leverage market dynamics so they can optimize their real estate portfolios, and an IRR is especially valuable in the assisted living and skilled nursing markets, which are under intense fiscal pressure today dealing with COVID-19.”

“The prospect of reducing the debt service with an IRR was made simple with Lisa’s guidance; it was completed in just a couple of weeks and the savings was significant,” said Ms. Paulette DiDomenico, controller, The Courville Company. “We want to ensure we are operating as efficiently and carefully as possible while providing the highest-quality care to our residents during the pandemic, and this transaction has helped our group immensely during these tough times.” 

Greystone, a leading national commercial real estate finance company, has provided a $19,450,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) Green Globes loan to refinance a 144-unit multifamily community in Mooresville, North Carolina. The financing was originated by Cullen O’Grady, Managing Director in Greystone’s Rockville, MD office in collaboration with Payton Banks, Managing Director, Greystone Real Estate Advisors.

Continuum 115 Apartments is a Class A apartment community built in 2018, by investment and development group DYON. The property contains 144 one-, two-, and three-bedroom units across 14.2 acres, with 99% occupancy at the time of closing. Resident amenities include a resort-style pool, al fresco dining area with grills, clubhouse with lounge, game room, business center and fitness center with yoga studio. The property achieved a “Two Green Globes” certification for new construction through Fannie Mae’s Green program. Continuum 115 is within the town limits of Mooresville, Iredell County, North Carolina, approximately 3 miles southwest of the Mooresville central business district and about 30 minutes North of Charlotte.

“We are ecstatic to have closed in the borrower’s desired timeline by providing attractive financing terms through Fannie Mae’s Green program. Fannie Mae was our trusted partner, again, to work with us for the borrower to achieve their Two Green Globes Certification right before we began the refinancing process,” said Mr. O’Grady. “Continuum’s sleek modern unit interiors and state-of-the-art community amenities make the property a best-in-class asset.”

Greystone, a leading national commercial real estate finance company, has provided a $10.4 million bridge loan to refinance a 120-bed skilled nursing facility in Boonville, New York. The transaction was originated by Fred Levine, Managing Director on behalf of Sunset PropCo LLC and Sunset Operating LLC. 

The $10,370,000 non-recourse bridge loan enables the owner to refinance existing recourse senior debt and continue to stabilize the SNF asset until it is ready for permanent financing with low, fixed rate financing through FHA’s 232(f) program.

Sunset Nursing and Rehabilitation Center is a one-story brick facility built over three phases, in 1964, 1971, and 1985, which was renovated in 2008. The facility features 54 semi-private units and 12 private units with a total of 120 beds. Located in Boonville, 20 miles north of Rome, NY, Sunset Nursing and Rehabilitation Center is growing its occupancy and is the only nursing home in a 15-mile radius.

“It takes a very deep understanding of the skilled nursing industry to continue to lend in the era of the pandemic,” said Mr. Levine. “Greystone’s bridge lending group is stepping up its efforts to provide financing solutions to our borrowers so they can continue to focus on resident care.”