Greystone has provided a $15 million Fannie Mae Performance Differentiation loan for a 45-unit multifamily property in Vista, California. The financing was originated by Tim Thompson, Managing Director at Greystone, on behalf of KSB Development Group.
Constructed in 2022, Santa Fe Townhomes in San Diego County offers two-bedroom luxury townhome-style units. The $15,043,000 non-recourse, fixed-rate loan features interest-only payments for its entire five-year term. In addition to refinancing, the loan proceeds will enable the borrower to monetize a portion of their equity in the property.
“We were able to early rate lock the loan and increase the proceeds by 5% during underwriting as rent collections increased. This was of great value to the client as we were able to take advantage of a dip in the treasury market and take interest rate risk off the table to maximize the loan amount,” said Mr. Thompson.
“Our Greystone team was thoughtful and creative in their approach to structuring a financing solution that would enable us achieve our goals for this property,” said Mr. Majid Mortazavi, principal of the borrower. “Their attention to detail and understanding of the nuances of this property exceeded our expectations and we look forward to working with them on future projects.”
“Clients turn to Greystone because our combination of deep multifamily expertise with an extensive lending platform means we can address their needs across the capital stack,” said Mr. Thompson. “We aim to facilitate our clients’ financing through every phase of a property’s life cycle, helping them achieve their long-term vision for their entire portfolio.”