Greystone, a leading commercial real estate lending, investment, and advisory company, has provided a $34,419,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 266-unit multifamily property in Lubbock, Texas. The transaction was originated by Steven Mumford in Greystone’s Atlanta office on behalf of Avalon Estates, with Peter Sharp of Eastpoint Funding and Kirk Slemmer of Promenade Lending as advisors to the borrower.  

The $34.4 million Fannie Mae financing has a 12-year term and 30-year amortization, with five years of interest only payments. The loan enables the borrower to consolidate three construction loans into permanent financing, continue with ongoing improvements, and monetize their existing equity. Construction on the property began in 2017 and was completed in three phases through 2019.

Catalina West is a garden-style apartment community consisting of 30 residential buildings with one-, two- and three-bedroom open-concept units offering modern amenities and finishes, in-unit laundry hook ups, and private garages. Residents also enjoy access to a community clubhouse and 24-hour Peloton® fitness center, pool, grilling stations, outdoor lounge and dog park. Located just a few miles from Texas Tech University, the property is minutes from the West End Shopping Center’s retail shops, restaurants and services.

“We are delighted that we can help our client access the right financing through our extensive platform and bring this property’s construction phase to a successful close,” said Mr. Mumford. “Our team’s trademark commitment to service and industry-leading execution resulted in a seamless and quick transaction for our client, even as the Covid-19 pandemic added a new layer of deal complexity.”

“I cannot express how grateful we are to the Greystone experts who saw this deal through to the finish line,” said Mr. Olov Nasiell, principal at Avalon Estates. “The passion, creativity and commitment of Greystone’s professionals is unparalleled – it’s what drew us to the company years ago. And though this transaction is completed, we look forward to working with our Greystone team again in the future.”

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.”

Greystone, a leading national commercial real estate lending, investment and advisory company, has provided a $8.6 million HUD-insured construction loan for the expansion of Bristol Village, an assisted living facility located in Clarence Center, New York. The transaction was originated by Lisa M. Fischman, vice president in Greystone’s New York office, on behalf of Bristol Village.

The $8,600,000 fixed, low interest rate HUD-insured 241(a) construction loan converts to permanent financing when the expansion project is completed, and will run concurrent with the property’s existing HUD-insured loan, which Greystone originated in 2011. Proceeds from this loan will be used to add 32 assisted living beds, a total addition of 23,000 square feet, including the expansion of the property’s existing community spaces.

HUD’s 241(a) loan product provides supplemental financing for significant improvements to multifamily and healthcare properties with existing HUD-insured loans.

Constructed in 2003, Bristol Village is a single story assisted living facility comprised of 110 beds with 84 units on 20 beautifully landscaped acres in Western New York State, just outside of Buffalo. Carrying a strong reputation reflected by its ongoing waiting list, the property provides on-site amenities such as a theater and activity room, physician’s office, hair salon, and gift shop.

“We love the challenge of helping our clients get the best financing terms so that their investment dollars can make the most impact on the properties they own and the residents they serve,” said Ms. Fischman. “We are always willing to go the extra mile to research all of the options available and are sensitive to the unique needs of each and every client we serve.”

“There is no other team like Greystone – their deep expertise in healthcare lending resulted in a tremendous amount of unknotting transaction-related knots and securing an interest rate uncharacteristically low for a 241(a). Their ability to listen and understand our unique situation nine years ago, brought us back to them today,” said Mr. Mike Helbringer, CEO of Bristol Village, a not-for-profit. “Greystone’s professionalism and diligence throughout every stage of this transaction produced an end result that will improve Bristol Village’s fiscal security for years to come.”

Greystone, a leading national commercial real estate lending, investment, and advisory company, has provided a $45,770,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan for the acquisition of a 321-unit multifamily property in Ambler, Pennsylvania. The transaction was originated by Dan Sacks in Greystone’s New York office on behalf of Woods Realty Associates.

The $45.8 million Fannie Mae loan carries a 12-year term with a 30-year amortization, with the first six years of interest-only payments. A portion of the loan proceeds will also go toward completing property renovations and interior unit upgrades.

Originally built in 1974, The Woods Apartments is a garden style, multifamily apartment community consisting of one-, two-, and four-bedroom-units featuring stainless steel appliances and high end finishes. Located in Montgomery County, the suburban property is near the Main Line’s major employers, retailers and community services, and is served by SEPTA’s Ambler station and Interstate 276, which offer easy access to the city center of Philadelphia.

“There is no higher compliment than when long-standing clients return to us to help them expand their real estate portfolio,” said Mr. Sacks. “We are thrilled to get the right financing terms in place for Woods Realty once again, and look forward to working with them on future projects.”

“We rely on Greystone for the professionalism, creativity, and can-do tenacity that they bring to every transaction,” said Mr. Isaac Scheinerman, managing member of Woods Realty Associates. “Under every circumstance – including these unprecedented times – they remain unflappable and dedicated on getting our deals done seamlessly and efficiently.”

Greystone, a leading national commercial real estate lending, investment, and advisory company, has provided a $27.6 million Freddie Mac loan for the acquisition of a multifamily property in Hammond, Indiana. The transaction was originated by Dan Sacks and Eric Rosenstock, both Managing Directors at Greystone, on behalf of Bayshore Properties.

The conventional Freddie Mac Capital Markets Execution (CME) Green Up acquisition loan for Tanglewood Apartments carries a 10-year term and 30-year amortization, with the first two years of interest-only payments. Tanglewood is a 384-unit Class-B multifamily property acquired for $33.5 million, and is located in the Gary metropolitan statistical area (MSA) in Northwest Indiana. The property consists of 16 three-story buildings spread across nearly 20 acres, with amenities including clubhouse, pool, sauna, fitness center, picnic areas and detached garages.

“Given the current market conditions, higher debt leverage such as on this transaction – at nearly 80% -- is harder to achieve,” said Mr. Rosenstock. “We worked closely with Freddie Mac’s team and the borrower to get everyone comfortable with the strong underwriting presented, available liquidity and necessary reserves.”

“Overall, with the Freddie Mac Green Up improvements planned to be made, the property will ultimately be more efficient and provide savings to the tenants,” added Mr. Nick Kozul, principal, Bayshore Properties. ‘We are grateful to the Greystone team for their commitment to getting this done during a pandemic, and achieving a great result for us.”

Greystone, a leading commercial real estate lending, investment, and advisory company, has provided a $17,800,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 208-unit multifamily property in Fairburn, Georgia. The transaction was originated by Keith Hires in Greystone’s Atlanta office.  

The $17.8 million Fannie Mae loan carries a 12-year term and 30-year amortization, with two years of interest only payments. The refinancing enables the borrower to continue the property’s ongoing renovations, as well as monetize their existing equity.

Built in 2001, Cambridge Faire Apartment Homes is a pet-friendly, garden-style apartment community featuring 208 one-, two- and three-bedroom units with upgraded finishes and new appliances, as well as in-unit laundry hook ups. Residents enjoy access to the community’s pool and fitness center, clubhouse, sports courts, dog park and car wash. Located near Interstate 85 in the southwest region of metro Atlanta, the property is a short drive from Hartsfield-Jackson International Airport, and offers easy access to many restaurants and retailers, as well as to Atlanta’s central business district.

“We love helping clients access our extensive platform for the right type of long-term permanent financing, regardless of market conditions,” said Mr. Hires. “We strive to make it as easy and seamless as possible for clients realize their long-term vision for their investment, in every transaction we do for them.”