Greystone Provides $123 Million in HUD Secured Funding
NEW YORK, March 23, 2022 (GLOBE NEWSWIRE) — Greystone, a leading national commercial real estate finance company, has provided a total of $123,047,900 in HUD-insured loans to refinance a 560-unit multifamily real estate portfolio in Riverside, California. The transaction was initiated by Dan Sacks and Ilan Bassali of Greystone.
The two HUD-insured loans under Section 223(f) fund Colonnade at Sycamore Highlandscomprising 288 units, and Castlerock in Sycamore Highlands, comprising 272 units, with long-term debt at a fixed rate. The loans of $63.4 million and $59.6 million, respectively, have terms of 35 years, representing a loan-to-value ratio of 77%.
Built in 2000, the properties were acquired by the current owners in 2007 and since then over a combined $2.5 million has been invested in the assets. Together, the assets total 31 three-story buildings spanning just over 30 acres, with amenities including fitness centers, swimming pools, pavilions, bocce courts, fire pits and barbecue areas, and business centers. Located near UC Riverside, both properties serve as home base for students and also offer furnished accommodations.
“These two Class A properties are a shining example of quality sponsorship and well-managed management, and we are delighted to provide a long-term financing solution in today’s rising rate environment,” said Mr Sacks. “Greystone’s expertise in HUD financing, as the #1 commercial lender in the United States, gives clients confidence in our knowledge and execution.”
“We are excited to be working on more transactions in the Western region, where the multifamily market is showing strong signs of growth,” added Mr. Bassali. “While many borrowers are eyeing a sale at valuations at record highs, we continue to work with those looking to maximize capitalization and own their assets for the long term.”
Greystone is a national, privately held commercial real estate finance company with an established reputation as a leader in multifamily and healthcare financing, having been ranked among the top FHA, Fannie Mae and Freddie Mac lenders in these sectors. Loans are offered by Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com.