Greystone Provides $61.25 Million in Fannie Mae Financing for Three-Property Multifamily Portfolio in Rochester, NY
Greystone provided $61,250,000 in permanent Fannie Mae DUS® loans to an affiliate of Sinatra & Company Real Estate (“SCRE”) to refinance a three-property, 769-unit multifamily portfolio in the Rochester, NY market.
The new 10-year, fixed-rate loans refinance the original acquisition bridge financing provided by Greystone in March 2020. Drew Fletcher, Matthew Hirsch, and Paul Fried of Greystone originated both the bridge and the new permanent financing.
The portfolio, originally acquired for $70 million, consists of Centerpointe Apartments & Townhomes with 295 units in Canandaigua, NY; Willowbrooke Manor Apartments with 160 units in Brockport, NY; and Highview Manor Apartments & Townhomes with 314 units in Fairport, NY.
“This closing is a testament to the strength of Greystone’s diversified lending platform and serves as yet another case study of the power of our bridge-to-agency product,” said Drew Fletcher, President, Greystone Capital Advisors.
Paul Fried added, “This portfolio is another demonstration of SCRE’s commitment to identify opportunities and invest capital to create value for its partners and tenants. We have enjoyed working with the team to complete a market-leading, round-trip financing as SCRE delivered a flawless execution of their business plan on this large-scale portfolio.”
“We are excited to expand our relationship with Greystone and Fannie Mae to bring high-quality housing to the Greater Rochester market,” said Nick Sinatra, Founder and CEO of SCRE. “Over time, we will continue to upgrade the apartment communities to make them the premier workforce housing options in their sub-markets.”
Anthony Nanula, CIO of SCRE added, “Despite the headwinds facing the multifamily market, especially around the time of the acquisition in March, Greystone delivered fantastic executions and worked tirelessly with us to make this all happen in the midst of a global pandemic.”