Greystone provided two refinance loans totaling $42.6 million for a multifamily portfolio in the Sacramento region. The transactions were led by Greystone Real Estate Advisors’ Todd Vitzthum and Simon Hermann (Northern California region) and Cody Field of Greystone’s San Francisco office on behalf of the property owner, Albert Gomez.
Leveraging its expertise across a range of capital options, Greystone provided the debt financing from two different sources, Freddie Mac and Fannie Mae. The properties include:
- Carmel Pointe, a 332-unit property located in Sacramento proper, which received a 10-year, fixed-rate, $31,950,000 Freddie Mac mortgage. Built in 1985, the property spans 28 buildings and includes 558 parking spots. Amenities at the majority one- and two-bedroom community include two outdoor swimming pools, spa, fitness center, clubhouse, playground, dog park, tennis court, and on-site laundry rooms.
- Ashbury Court, a 92-unit property in Rancho Cordova, Sacramento county, which received a 10-year, fixed-rate, $10,650,000 Fannie Mae Green Rewards mortgage. Amenities for the studio-, one-, and two-bedroom units include a clubhouse with fitness center, swimming pool, tennis court, and laundry. By participating in the Green Rewards program, the property owner will install water and energy efficiency measures at the property.
“The Greystone team delivered again and helped secure superior loans during a difficult time,” said Mr. Gomez. “The professionalism and experience of Cody, Simon and the team were on full display as they navigated the multiple agency products to secure optimal financing.”
“Like many middle-market properties across the country, Carmel Pointe and Ashbury Court experienced an impact from the pandemic, but because the owner is a stable, quality sponsor and a repeat client, we were able to identify solid options to refinance and shore up some capital,” said Mr. Field.
“It’s a pleasure when we can help clients solve both immediate capital concerns, while at the same time providing long-term finance options that better their portfolio overall,” said Mr. Vitzthum.