Greystone Provides $95 Million in Freddie Mac Financing for Multifamily Properties in Illinois, Pennsylvania and Virginia
Greystone has provided a total of $95,025,000 in Freddie Mac financing for three multifamily properties. All of the transactions were originated by Dan Sacks, Managing Director in Greystone’s New York office.
Greystone secured a $41,175,000 Freddie Mac loan to refinance Eagle Creek Apartments, a 346-unit garden-style apartment community built in 1976 in Westmont, Illinois. The floating rate loan carries a 10-year term with a 30-year amortization and five years of interest-only payments. The financing replaces an existing Freddie Mac loan from Greystone that was used to purchase the property in 2017.
Greystone also secured a $20,600,000 Freddie Mac loan for the acquisition of Grandview Gardens Apartments, a 226-unit multifamily community constructed in 1965 and located in Bensalem, Pennsylvania. The floating rate loan features a 10-year term and 30-year amortization, with 4 years of interest-only payments. Jack Miller of Platinum Capital Group acted as correspondent on this transaction.
In addition, Greystone secured a $33,250,000 Freddie Mac loan to refinance Seaboard Apartments,191-unit multifamily building that was built in 1955 in Richmond, Virginia. The financing, which replaces an existing Freddie Mac loan from Greystone, carries a 12-year term and 30-year amortization. David Fisher of Meridian Capital Group acted as correspondent on this transaction.
“We rise above the complexities of every transaction to find the financing solutions that work best for every market environment and property location,” said Mr. Sacks. “Our passion for deal excellence and seamless service separates us from others in the industry, which is why clients keep coming back to Greystone to enhance their multifamily portfolios.”