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Portfolio of Seven Properties Spanning Five States and Totaling 1,486 Units
Greystone, a leading national commercial real estate finance company, has provided a total of $161,427,700 in HUD-insured financing for a portfolio of seven properties across the United States. The seven separate transactions were originated by Eric Rosenstock, Managing Director and Jesse Yodice, Vice President at Greystone, on behalf of Howie Rich of Rich Properties over the last several months.
The portfolio of seven multifamily properties spans five different states and comprise a total of 1,486 units. Greystone provided the HUD-insured financings over the past several months with transactions ranging from $13.2 million to $36 million. The properties include:
- The Heights at Towne Lake in Woodstock, GA
- Rosemeade Apartments in Southbridge, MA
- Waterford Downs Apartments in St. Louis, MO
- Ashborough Apartments in Raleigh, NC
- Parkside Village in Clayton, NC
- Ashbrook Apartments in Carrboro, NC
- Oakhampton Place Apartments in San Antonio, TX
“Refinancing this portfolio has been a labor of love for me and my team, including navigating the various market challenges,” said Eric Rosenstock. “The only constant in the last year has been change, with interest rates and costs rising, but Mr. Howie Rich stayed the course and put complete confidence in Greystone to deliver the best possible execution. It’s highly gratifying for my team to complete the last of the refinancing transactions in this portfolio and I’m proud to add these assets to my servicing book.”
Berkadia announces it has arranged a $38.76 million loan for the recapitalization of The Solera at Kendall West, a 244-unit luxury apartment community built in 2020. Senior Managing Director Mitch Sinberg and Associate Director Matthew Robbins of Berkadia Boca Raton secured the financing on behalf of the sponsor, Rich Properties.
Berkadia originated the Fannie Mae-backed 10-year loan, with a fixed interest rate and four years of interest only
Located at 1462 Solera Terrace, The Solera at Kendall West offers one-, two- and three-bedroom floor plans ranging from 827 square feet to 1,366 square feet. Individual units feature granite countertops, GE appliances including side-by-side refrigerators, walk-in showers, marble vanities, built-in wine racks, an in-unit washer/dryer, walk-in closets, smart home features, and patios and balconies. Some units offer private entries, semi-attached garages and lake views. The gated, dog-friendly community includes amenities such as a tropical pool, 24-hour fitness center with aerobics room, pickleball courts and a sports field, dog park and dog wash area, and BBQ/picnic area.
The property is ideally located just off I-295 in the Arlington Hills/Regency section of Jacksonville, approximately five minutes from the Jacksonville Arboretum Gardens and 12 minutes from Downtown Jacksonville.