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.”

Greystone, a leading national commercial real estate finance company, has provided a $6,500,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a multifamily property on 29th Street in Astoria, Queens. The transaction was originated by Jason Yuen, director at Greystone with George Eliopoulos of Velios Capital acting as correspondent. 

The $6.5 million Fannie Mae loan has a fixed rate 10-year term. The non-recourse loan refinances Madrid Towers, a 58-unit six-story elevator building located on the east side of 29th Street between 31st Avenue and 30th Drive.

“We are so pleased to assist this long-time family owner of 35 years in refinancing this well-located asset in Queens at a historically low full-term interest-only rate,” said Mr Yuen. “The entire deal team at Greystone, including Brent Carter along with George at Velios, was instrumental in ensuring a timely closing.”

“I wish to thank Jason and team for their professionalism and working with our firm to achieve the investment goals of our client,” said Mr. Eliopoulos, principal, Velios Capital. “We look forward to working with Greystone again in the very near future.”

Greystone, a leading commercial real estate lending, investment, and advisory company, has provided a $24 million HUD-insured loan to refinance a 190-unit multifamily property in Chesapeake, Virginia. The transaction was originated by Eric Rosenstock, Managing Director and Jesse Yodice, Vice President, on behalf of Baron Realty Advisors. 

The $24,105,000 HUD-insured Section 223(a)(7) financing carries a 40-year term and amortization, along with a low, fixed rate, and a Green Mortgage Insurance Premium (MIP) reduction. Constructed in 2011, Tapestry Park Apartments features 10 three-story garden-style apartment buildings comprising 190 one-, two- and three-bedroom units with modern amenities and finishes, in-unit laundry, and private outdoor living space. Residents can enjoy the community’s clubhouse and fitness center; pool; picnic and play area; dog park; car wash; and on-site parking. Located in the heart of Chesapeake, the property offers easy access to the 168 Bypass and Highways 64 and 464, and is close to the area’s shopping, beautiful beaches and outdoor recreation, as well as major employment centers and Chesapeake Medical.

“The Greystone team excels at scenario-planning with our clients and finding the right financing terms for every economic cycle,” said Mr. Yodice. “Clients look to us to anticipate their needs throughout every market turn -- they know that Greystone’s extensive lending platform, deep industry knowledge and creativity results in a transaction experience they cannot get anywhere else.”

“In this uncertain environment, my partners and I were not just satisfied with being in a good place today, we wanted to secure a stronger tomorrow. We turned to our Greystone team to execute based on their industry knowledge and track record,” said Peter J. Weidhorn, principal, Baron Realty Advisors. “We are pleased Greystone helped us monetize our long-term strategic plan for this community, they are true professionals who make the process easy and seamless.”

Tax-Exempt and Taxable Bond Transaction Finances Significant Portion of Construction Costs

Greystone affiliate, America First Multifamily Investors L.P. (ATAX), has provided $22 million in tax-exempt and taxable bond financing for the $28.7 million construction of a 75-unit affordable housing property in Brawley, CA. The transaction was originated by Frank Bravo, senior vice president and originator at ATAX.

Pacific West Communities, based in Idaho, will benefit from the ATAX construction financing with a 24-month term and paydown of tax credit equity, and additional equity from a low-income housing tax credit investor. The project will be funded by $15 million in tax-exempt bonds and $7 million in taxable bonds, to be privately placed with ATAX.

The planned property, Ocotillo Springs Apartments, will provide low-income housing for residents meeting 30-60% Area Median income (AMI). The apartment complex, to be comprised of four three-story buildings, is intended to be net-zero-energy and is funded in part by a grant received from the State of California’s Greenhouse Gas Reduction Fund in 2019. The property will include a 3,000 sq. ft. community building with test kitchen, lab, playground, swimming pool, bike storage, fitness center, and BBQ areas. The Town of Brawley is located in Imperial County approximately 130 miles due East of San Diego, CA. 

“Orchestrating this transaction for Pacific West Communities ensures that new affordable housing will be added to the depleted stock we have today in the U.S., and it also illustrates the importance of the 4% tax credit,” said Mr. Bravo. “In collaboration with Greystone, ATAX has created a one-of-a-kind financing product that will make these types of transactions possible.”

Greystone is the #1 provider of HUD-insured multifamily loans, a top provider of Fannie Mae and Freddie Mac affordable housing loans, and acquired the parent of the General Partner of America First Multifamily Investors, L.P. in 2019. ATAX manages over $1 billion in assets consisting primarily of mortgage revenue bonds intended for multifamily affordable housing construction and permanent financing.