Greystone announced it has closed on a 10-year refinancing of Aspire Apartments in Tracy, CA. When the investors of the newly-constructed Class A multifamily community in Northern California were considering a sale, they contacted Greystone’s debt and equity experts for guidance. Weighing a disposition, the Greystone Real Estate Advisors team of Todd Vitzthum and Simon Herrmann, and Greystone’s Cody Field presented to them an exhaustive array of capital options. The property owners ultimately chose a refinancing execution with Greystone and an $86.2 million Freddie Mac loan.
The advantage of Greystone’s regional market expertise and comprehensive range of capital solutions provides commercial real estate investors with a warehouse of knowledge and options. As a leading Fannie Mae, Freddie Mac and HUD lender, Greystone can provide non-recourse refinancing, construction and acquisition financing at low interest rates.
“With the COVID-19 pandemic bearing down on California and the world, we worked diligently to guide Legacy Homes through their options, taking into account tax implications, and then executing seamlessly on the most advantageous path,” said Mr. Vitzthum.
“We were surprised to learn that a refinancing actually provided more benefits than selling, once we considered the potential implications of an exit,” said Gary Mancebo, Chief Financial officer, Legacy Homes.
“With interest rates at today’s levels, and the security of a long-term, permanent financing solution via Freddie Mac, it was an easy decision for the property owner to switch gears,” said Mr. Field. “Working with Todd, Simon, and the Greystone Real Estate Advisors team from a holistic point of view, we want CRE investors to fully understand their range of options, and to tap into the debt markets where it makes sense today.”
“Especially in today’s market, we are not sure where things will fall in months or years from now, so locking in long-term financing is a big benefit for investors,” added Mr. Field.
Aspire Apartments is a 348-unit apartment community completed in 2019, offering residents a number of luxury amenities including a resort-style pool, fitness center, pet spa and stunning clubhouse. For more information, visit https://www.liveataspire.com/.