Greystone has provided a $35,700,000 Freddie Mac loan to refinance a 280-unit multifamily property in Margate, Florida. The transaction was originated by Dan Sacks in Greystone’s New York office, on behalf of Lightstone.
The $35.7 million Freddie Mac floating rate loan carries a 10-year term with a 30-year amortization, with the first four years of interest-only payments. Built in 1988, Lakes of Margate Apartment Homes is a garden-style community consisting of 13 buildings offering modern 1-, 2- and 3-bedroom units with wood plank flooring, in-unit laundry, vaulted ceilings (in select units), private patios and balconies. Residents enjoy access to two pools and a fitness center, business center and clubhouse, tennis courts, grilling area, playground and fishing dock. Located in Fort Lauderdale between Coral Springs and Pompano Beach, the property offers easy access to I-95 and is conveniently located near restaurants, shopping and entertainment, as well as the region’s colleges and post-secondary education centers.
“It’s our job to find the right solution for every transaction – no two projects are the same, even when we’re working with long-term clients,” said Mr. Sacks. “The depth and breadth of Greystone’s lending platform enables us to get creative about how we help our clients, and the tenacity and dedication of our team means that we do this better than anyone else.”
“We strive to deliver an exceptional living experience for residents at all of our properties, and we rely on Greystone as our trusted partner to help us achieve this,” said Ariel Feldhamer, SVP, Asset Management & Investments, Lightstone.