Greystone Provides $23.5 Million Freddie Mac Loan for Fort Lauderdale Multifamily Acquisition
Greystone has provided $23,479,000 in Freddie Mac Optigo® financing for the acquisition of a 178-unit multifamily property in Davie, Florida. The transaction was originated by Richard Kourbage, Managing Director in Greystone’s New York office, on behalf of Circle Capital Partners and LRE Management.
The non-recourse $23.5 million Freddie Mac loan carries a fixed rate with a 10-year term, a 30-year amortization and five years of interest-only payments. Originally built in 1978 and upgraded by the prior owner, Vue on 67th is a garden-style apartment community that sits on 7.7 acres, offering one- and two-bedroom units and amenities including a clubhouse with billiards room, fitness center, resort-style pool, outdoor barbeque deck, and on-site parking.
“We are pleased to execute on behalf of the joint venture between Circle Capital Partners and LRE Management - we were able to switch seamlessly from a bridge loan to Freddie Mac as the capital markets changed during underwriting,” said Mr. Kourbage. “Our goal is to bring these transactions to close quickly and seamlessly, so our clients stay focused on realizing their vision for their property.”
“Vue on 67th was a complicated transaction to finance. The property’s performance significantly improved every month leading up to closing, and Richard Kourbage and his Greystone team worked closely with Freddie Mac to quantify a meaningful increase in proceeds. We are grateful for the elite team we put together to close this transaction. Purchasing apartments in South Florida is always competitive, but securing Vue on 67th in Davie, Florida will prove to be a great investment for LRE Management LLC, our JV equity partner, as well as Circle Capital Partners,” said Todd Linden and Richard Valdes, Principals of Circle Capital Partners.