Greystone Provides $19 Million in Total Fannie Mae DUS® and Freddie Mac Loans to Refinance Two Multifamily Properties in Northern California
Greystone has provided a total of $19,010,000 in Fannie Mae Delegated Underwriting and Servicing (DUS®) and Freddie Mac financing for two multifamily properties in northern California. The transactions were originated by John Tilsch of Greystone’s San Francisco office, on behalf of Gil Allon and Ariel Shenhar.
Greystone provided a fixed-rate, non-recourse, 10-year $8,902,000 Fannie Mae DUS loan for Woodfield Patio Homes, an 88-unit property located in North Highlands, just northeast of Sacramento, CA. The property was constructed between 1950 and 1952 on 4 non-contiguous parcels totaling 7.63 acres and encompasses 22 buildings.
Greystone also provided a fixed-rate, non-recourse, 7-year $10,108,000 Freddie Mac loan for Greystone Place Apartments, a 120-unit apartment community in Sacramento, CA. Since acquiring the property in 2016, Mr. Allon has significantly improved the performance of the asset through capital expenditures, identifying additional revenue sources, and management.
“Despite the challenging environment for property owners, there is availability for financing, and now is the time to take advantage of low interest rates,” said Mr. Tilsch. “Greystone can provide a number of financing options for borrowers, including both Fannie Mae and Freddie Mac, as well as bridge financing and other short- and long-term solutions to meet a borrower’s current capital needs.”
“Greystone provided a dynamic solution for our existing refinance needs on Woodfield and Greystone Place, and seamlessly guided me through two different -- but both very attractive -- financing options,” said Mr. Allon. “John’s market knowledge and client service are incredible resources as I look to continue exploring refinancing options.”