Greystone, a leading national commercial real estate finance company, has provided a total of $103,740,000 in Freddie Mac Optigo® loans to refinance two separate multifamily communities in Tamarac, FL and Birmingham, AL. The financing was originated by Haig Kilicyan and Donny Rosenberg of Greystone on behalf of White Eagle Group.
Midora at Woodmont, owned and operated by White Eagle since 2016, is a 199-unit community in Tamarac secured by a $37,310.000 loan. Property amenities include waterfront units, fully equipped business center, 24-hour fitness and wellness center, bark park, and resort style lakeside swimming pool.
Avenues of Inverness is a 586-unit community in Birmingham secured by a $66,430,000 loan. Owned and operated by White Eagle since 2018, the property offers resident amenities serene lake views, swimming pool with expansive sundeck, business center with cyber cafe and co-working space, and two community waterfront piers.
The Freddie Mac loans for both properties carry seven-year terms at a fixed rate with five years of interest-only payments and 35-year amortizations.
“We strive to offer our residents quality and comfortable housing in areas where there is a great need, and these refinancings will ensure that we can continue to invest in our assets and their long-term success,” said Abe Spitz of White Eagle Property Group.
“Both of these transactions were index locked within 24 hours of their executed applications, showing that we acted swiftly in collaboration with our client to ensure the best outcome,” said Mr. Kilicyan. “Freddie Mac financing has been in great demand, and these assets were a perfect fit for this platform.”
Greystone, a leading national commercial real estate finance company, announced it has provided a Freddie Mac loan to refinance a 357-unit multifamily property located in Schaumburg, IL. The financing was originated by Eric Rosenstock and Dan Sacks, both Senior Managing Directors at Greystone, on behalf of Bayshore Properties.
Greystone provided a $55,620,000 five-year, interest-only Freddie Mac Optigo® loan. An additional $6,000,000 in preferred equity funds were provided by 7Acres at closing, totaling $61.6 million for the transaction.
21 Kristen Apartments is a condo deconversion that the borrower acquired in 2022 and who has since invested over $2.5 million in capital expenditures. The property has 30% of its units reserved for residents at 30% to 80% Area Median Income (AMI). Located in the Chicago MSA submarket of Schaumburg, 21 Kristen is within a neighborhood boasting a mix of municipal/recreational, residential, retail, and office uses. The multifamily property comprises one-, two-, and three-bedroom units and includes community amenities such as a pool, fitness center, and library / meeting room.
“Greystone is a highly reliable lender with an excellent suite of options for borrowers,” said Mr. Nick Kozul, principal, Bayshore Properties. “The Greystone team is beyond dedicated to exceeding expectations and we value our collaboration.”
“It’s been an honor to work with Bayshore Properties over the years and help their portfolio grow in size and strength,” said Mr. Rosenstock. “This recent refinance, which is a take-out of previous Greystone debt, helps set the property up for success as we move toward the next CRE market cycle.”
Greystone, a leading national commercial real estate finance company, has provided a $41,535,000 Freddie Mac Optigo® loan to refinance a 252-unit multifamily property in Winter Park, FL. The financing was originated by Haig Kilicyan and Donny Rosenberg of Greystone on behalf of White Eagle Group.
Crane’s Landing, located in Winter Park FL, is a pristine rental community that has been owned and operated by White Eagle since 2016. Community amenities include a clubhouse, business center, billiards room, swimming pool, fitness center, volleyball court, grilling area, and tennis court. The Freddie Mac financing is a seven-year fixed rate mortgage with five years of interest-only payments and a 35-year amortization.
“Through ongoing investments in property upgrades, White Eagle Group is enhancing living conditions and reinforcing its commitment to affordable housing across its portfolio,” said Abe Spitz of White Eagle Property Group.
“As a testament to the close collaboration with our client, our teams’ expertise and efficiency, and our knowledge and working relationship with Freddie Mac, we were able to close this financing in under 45 calendar days,” said Mr. Kilicyan.
Greystone, a leading national commercial real estate finance company, announced it has closed a Freddie Mac loan and preferred equity component to refinance a 288-unit multifamily property located in North Carolina. The financing, $56.3 million in total, was originated by Dan Sacks, Senior Managing Director and Harrison Drucker, Director at Greystone with Matthew Zisler, Senior Managing Director at Greystone, securing the preferred equity on behalf of the client.
Greystone provided a $50,071,000 10-year Freddie Mac Optigo® loan with an additional $6,250,000 in preferred equity funds provided by Lubert Adler.
The refinanced property is a newly constructed, Class A multifamily community completed between 2021 and 2022. Comprising one-, two-, and three-bedroom units, the property offers residents a range of unique amenities including a saltwater swimming pool, leash-free bark park with agility equipment, outdoor social lounge and grilling pavilion, complimentary Starbucks coffee bar, 24-hour fitness center and yoga room, resident lounge, conference room, cybercafé, Amazon Hub package locker, soft-surface playground, and complimentary Wi-Fi.
“Greystone strives to be a highly collaborative financing partner for our clients, and the availability of our in-house preferred equity services make this much easier to help clients get to the closing table,” said Mr. Drucker. “We are thrilled to have helped our client refinance this quality asset for long-term success.”
Greystone, a leading national commercial real estate finance company, provided a $6,110,000 Freddie Mac Optigo® Targeted Affordable Housing (TAH) loan to finance two permanent supportive living properties in New York City’s Harlem neighborhood. The financing was originated by Avi Lifshitz, a loan originator at Greystone, on behalf of David Levitan of Liberty One Group.
The multifamily shelters, located on West 133rd Street and operated by non-profit Urban Resource Institute in partnership with NYC’s Department of Homeless Services, are comprised of 34 individual residential units across two contiguous five-story walk-up buildings. The unit mix includes studio, one-, and two-bedroom units, and all units contain private bathrooms and kitchens.
“Greystone aims to not only be a leading provider of financing for affordable housing, but to be active experts in all areas of mission-driven housing and the various ways it can be both supported and created,” said Steve Rosenberg, founder and CEO of Greystone. “We appreciate the close collaboration with Freddie Mac, which absolutely aligns with our mission to help secure much-needed quality housing for individuals across New York City and beyond.”
“As a core element of our mission and Equitable Housing Finance Plan, Freddie Mac works to help advance equity, affordability and sustainability for families in traditionally underserved communities,” said Peter Lillestolen, Vice President, Multifamily Production & Sales, Targeted Affordable Housing. “Permanent Supportive Housing is a critical solution for a vulnerable population, and we are proud to be part of creative, intentional partnerships like this one, where we can come together to bring supportive living communities to life.”
Greystone, a leading national commercial real estate finance company, has provided an $81,129,000 Freddie Mac Optigo® loan to refinance a 397-unit multifamily property in Jurupa Valley, CA. The financing was originated by Clint Darby and Andrew Remenschneider at Greystone, working in conjunction with BMO Bank. BMO provided the construction loan on the property and collaborated with Greystone for a permanent exit on behalf of client Bridge Investment Group.
Vernola Marketplace Apartments is a luxury multifamily property built in 2022. Amenities at the community include a resort-style swimming pool, fitness center, clubhouse, dog park, playground, EV charging stations, game room, three outdoor kitchens, soccer field and resident events.
The $81.1 million non-recourse, fixed-rate loan was financed through Freddie Mac's Optigo® Program and index locked within 24 hours after the Federal Reserve meeting in early November 2023, resulting in an opportunistic rate drop.
“BMO’s collaboration with Greystone allowed for an ideal execution for our valued customer,” said Kim Liautaud, head of BMO’s US Commercial Banking real estate group. “The Agency loan exit fit our client’s need and our pipeline of opportunities continues to grow with Greystone.”
“Greystone’s position as a leading Agency lender gives clients the confidence that we know the lending landscape and can execute on their vision, and a primary reason why we are a preferred choice in multifamily finance,” said Rich Martinez, head of Agency lending at Greystone.
"Bridge Investment Group's experience with Greystone on this refinance was seamless, especially considering it was the first transaction we've done with Greystone. The transaction was very smooth and exceeded our expectations,” said Spencer Dunlop, Director of Debt Capital Markets at Bridge Investment Group.
