Dealmaker: Greystone Provides $101M for Multifamily Refinances
Greystone, New York, provided $79 million in FHA financing for The Altman Cos., Boca Raton, Fla., to refinance a 13-property multifamily portfolio in Michigan.
The collateral included both market-rate and Section 8 properties throughout the state from the Upper Peninsula to Roseville in southeastern Michigan.
Lisa Fischman, a Vice President in Greystone’s Monsey, N.Y. office, completed the portfolio refinancing.
In addition to The Altman Cos.-owned properties, the refinanced portfolio included one property owned by a private real estate group and two affordable housing communities, Charter Square and Green Hill apartments, owned by The Boys & Girls Club Non-Profit Housing Corp., with the proceeds going to The Boys & Girls Club of Lansing, Mich.
“Being able to secure long-term, fixed-rate financing for these communities ensures that The Boys & Girls Club assets that we developed will be excellently financially positioned for 30-plus years and will provide important cash flow for their programs serving local boys and girls,” said Altman Cos. Chairman Joel Altman.
In Brooklyn, N.Y., Greystone provided $22.1 million in Freddie Mac financing for a 12-property portfolio. Anthony Cristi, Commercial Lending Managing Director in Greystone’s New York office, originated the loans.
Cristi said the refinanced properties, which include five to 12 units, received five-year fixed-rate Freddie Mac Small Balance Loans with one year of interest-only payments at an 80 percent loan-to-value ratio.
The Brooklyn properties included 165 Central Avenue, 1358 Dekalb Avenue, 145 Driggs Avenue, 136 Kingsland Avenue, 146 Skillman Street, 161 Troutman Street, 191 Troutman Street, 163 Troutman Street, 54 Lewis Avenue, 11 Gunther Place, 1136 Willoughby Avenue and 189 Menahan Street.
“Freddie Mac’s Small Balance Loan platform allows for maximum proceeds, so owners are able to either re-invest in their portfolio or continue to grow their holdings with additional acquisitions,” Cristi said. He noted that property owner Yoel Goldman received $9.6 million in cash-out proceeds and plans to reinvest capital into each property.
