The Freddie Mac Small Balance Loan Closed in Under 60 Days

Greystone, a real estate lending, investment and advisory company, today announced it has provided a $5,000,000 Freddie Mac Small Balance Loan to finance the acquisition of Greystone Place Apartments in Sacramento, CA. The loan for the property, which is not affiliated with Greystone, was originated by John Tilsch of the company’s San Francisco office.

The Freddie Mac Small Balance Loan carries a 20-year term with a fixed rate for the first five years and one year of interest-only over a 30-year amortization at 73% LTV. Greystone Place is a 120-unit apartment complex located in the premier secondary market in California.

"With its rapid growth in population and employment, Sacramento is becoming one of the strongest rent growth markets in the nation," said Rick Wolf, senior managing director and head of Greystone's small loan lending group. “The client chose Greystone as a repeat lender due to our reputation as a leader in Freddie Mac Small Balance multifamily lending and our in-depth knowledge of the Sacramento market.”

Greystone closed a $1,950,000 Freddie Mac Small Balance Loan to refinance The Village at Mount Pleasant in the Adams Morgan area of Washington, D.C. The loan for the 15-unit apartment community carries a 10-year fixed rate term with 30-year amortization and is interest-only for three years.

The Village at Mount Pleasant is comprised of four studio units and 11 one-bedroom units contained within one 3‐story building.  Property amenities include 11 open parking spaces and a common laundry room. The loan provided by Greystone was originated by Andrew Ellis of Greystone’s Rockville, MD office.

About Greystone

Greystone is a real estate lending, investment and advisory company with an established reputation as a leading commercial mortgage lender, consistently ranking as a top FHA and Fannie Mae lender in multifamily and healthcare financing. Our range of services includes commercial lending across a variety of platforms such as Fannie Mae, Freddie Mac, CMBS, FHA, USDA, bridge and proprietary loan products. Loans are offered through Greystone Servicing Corporation, Inc., Greystone Funding Corporation and/or other Greystone affiliates. For more information, visit www.greyco.com.

Greystone, a New York-based real estate development, lending and advisory company, announced the $8.8 million acquisition of a shovel-ready development site located at 1501 SW 37^th Avenue in Miami, FL. The project lies on an approximately 34,000 square foot (net) lot that will be developed into approximately 91,000 square feet of residential and 6,500 square feet (net) of ground-floor retail space.

Borges and Associates, a leading world-class architectural and design firm, envision a 14-story building, with amenities including: an outdoor pool and spa, club room, business center and a fully equipped, 24-hour fitness center. The development plan is fully approved and includes a total of 100 residences with one- and two-bedroom apartments. All units are anticipated to have private balconies, with two townhouse-style units boasting rooftop terraces.

1501 SW 37^th Avenue is slated for completion in the first quarter of 2018. The property is ideally situated within walking distance to Downtown Coral Gables and Miracle Mile.

Marking its third South Florida development project, Greystone continues to grow in the region, having developed more than 800,000 gross square feet to date. 1501 SW 37^th Avenue is a short distance from The Mile, a 120-unit luxury rental building developed by Greystone and sold to a major national REIT in December 2015 for $48 million ($400,000 per unit), marking record pricing in Miami.

Greystone also is currently developing 2500 Biscayne Boulevard, a 20-story luxury apartment complex with street level retail located near Biscayne Bay. 2500 Biscayne was acquired by Greystone in May 2014 as a 45,365 square foot (1.04 acre) parcel of land in the Edgewater district of Miami. The project is currently being developed into a 156-unit mixed-use property boasting 20,000 square feet of street-level retail.

“The Miami real estate market is extremely vibrant – much like New York, but unique in its own way – and we are enjoying the exploration, acquisition and development process as an extension of our development roots in the North,” said Jeffrey Simpson, head of Greystone Development. “All of our local partners have been integral to the success of these South Florida projects and we look forward to adding more in the pipeline,” Simpson added.