Greystone Provides $106 Million in Freddie Mac Optigo® Financing for Seniors Housing Portfolio

November 14, 2022

Greystone provided a total of $106,250,000 in Freddie Mac Optigo® loans for the refinance of an eight-property portfolio of senior housing assets located in Tennessee and Kentucky. Neal Raburn, Managing Director at Greystone, originated the Freddie Mac loans for affiliates of Morning Pointe Senior Living. Greystone completed the transaction in 65 days from application to closing.

The Freddie Mac loans for the 576-unit portfolio were executed as fixed-rate, non-recourse financing carrying 10-year terms and 30-year amortizations. The loans featured five years of interest-only payments, as well as the ability to access supplemental loan financing up to 75% LTV. Utilizing Freddie Mac’s Index Lock feature, the client was able to save 90 basis points on the interest rate from the date of Index Lock to the date of closing.  

“We appreciate the 10+ year partnership with the Morning Pointe team,” said Raburn. “They are a best-in-class developer, owner, and operator and we appreciate their trust in us to provide the very best financing for this portfolio.”

“We’re appreciative of the Greystone team’s persistence and hard work to provide this financing,” said Greg A. Vital, president and co-founder of Morning Pointe. “Their team provided us with excellent financing options. We were able to transact on a structure that accomplished our financing objectives with very strong terms.”

The Morning Pointe senior living communities were built between 1997 and 2021, and offer assisted living and memory care services with a variety of unit types. Currently managing 2,110 units in Tennessee; Kentucky; Indiana; Alabama; and Georgia, the Ooltewah, Tennessee-based company brings over 26 years of industry experience.