Greystone has provided a $20,197,000 Freddie Mac Optigo® loan to refinance a construction loan for a 110-unit multifamily property in Philadelphia, Pennsylvania. The financing was originated by Steven Vainer, a Managing Director at Greystone.
Ray Philly is a Class A, mixed-use, mid-rise apartment building located on North American Street in the Olde/South Kensington neighborhood of the North/Frankford/Holmesburg Philadelphia submarket and was recently constructed and completed in 2023 by co-developers Six Acre Capital and Ray. Amenities for tenants include a fitness center, rooftop garden, sunken living room, and coworking lounge with a kitchen. The property is comprised primarily of studio, one-, and two-bedroom units, with commercial tenants in the building including Linden Ave Studio, Michelle Lopez Studio, and South Kensington Community Partners, Inc. The Freddie Mac Optigo® financing carries a five-year term at a fixed rate, with a 30-year amortization.
“Ray Philly is a key addition to the Olde/South Kensington submarket of Philadelphia, which is seeing rapid growth from an influx of young professionals, and this property caters to their needs,” said Mr. Vainer. “Working with our client on this construction take-out was both complex and gratifying, with a solid solution via Freddie Mac that will provide long-term stability for the asset.”
“We’re happy to report that Ray Philly is 99% leased since welcoming our first residents less than one year ago,” said Will Kluczkowski, Ray’s Head of Real Estate. “We’re proud to have worked with Greystone on the refinancing. The building’s contextual design and focus on cultural programming has differentiated it in the market, resulting in a unique tenant experience and high retention rates thus far.”