Greystone provided a $52,250,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 434-unit manufactured housing community in San Jose, California. The transaction was originated by Tim Thompson, managing director in Greystone’s San Francisco office, on behalf of Chateau La Salle 2012, LLC.
The $52.3 million Fannie Mae financing has a 10-year term and 30-year amortization, with a fixed rate and full-term interest-only payments. At approximately 53% loan-to-value, the mortgage enables the borrower to refinance their existing Greystone loan and monetize their existing equity in the property.
Built in 1980, Chateau La Salle is a mobile home community consisting of 434 pads set across 58 acres of well-manicured grounds. The property’s amenities include a community clubhouse with wine tasting room, swimming pool, fitness center, laundry facilities and tennis courts. Located off of Highway 87 in a quiet, gated neighborhood, the property is conveniently located near San Jose’s major highways, which provide easy access to the area’s retailers, restaurants, employment centers, and recreation.
“It’s a joy to partner with clients whose unique vision can have a positive on the lives of the residents at their portfolio properties,” said Mr. Thompson. “We’re thrilled when our team can come together to leverage our diverse lending platform and put together the financing terms that will help our clients, in any market or economic environment.”
“We keep coming back to the professionals at Greystone because their ability to execute on exactly what we need is unparalleled,” said Mr. Arthur Chatoff, principal for the borrower, Chateau La Salle 2012, LLC. “Their commitment to helping us achieve our goals is unwavering, and they are undeterred by any challenges or hurdles that get put before them. With Greystone on our side, we know that the transaction will get done.”