Greystone Provides $123 Million in HUD-Insured Financing for Multifamily Properties in Riverside, CA
Greystone has provided a total of $123,047,900 in HUD-insured loans to refinance a 560-unit multifamily property portfolio in Riverside, CA. The transaction was originated by Dan Sacks and Ilan Bassali of Greystone.
The two HUD-insured Section 223(f) loans finance Colonnade at Sycamore Highlands, comprising 288 units, and Castlerock at Sycamore Highlands, comprising 272 units, with long-term, fixed rate debt. The $63.4 million and $59.6 million loans, respectively, both carry 35-year terms, representing 77% loan to value.
Constructed in 2000, the properties were acquired by the current owners in 2007 and since then, over $2.5 million combined 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, clubhouses, bocce courts, outdoor fireplaces and BBQ areas, and business centers. Situated near UC Riverside, both properties serve as home base for students and also offer furnished units.
“These two Class-A properties are a shining example of quality sponsorship and well-run management, and we are thrilled to provide a long-term financing solution in today’s increasing rate environment,” said Mr. Sacks. “Greystone’s expertise in HUD financing, as the #1 commercial lender in the U.S., give clients the 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 contemplate a sale with valuations at all-time highs, we continue to work with those looking to maximize capitalization and own their assets long-term.”