Dealmaker: Greystone Provides $95M in Multifamily Transactions
Greystone, New York, provided more than$95 million in financing for multifamily properties in Florida, Texas and Louisiana.
Greystone provided $44.6 million in Fannie Mae financing for a multifamily property in Estero, Fla. The Fannie Mae 10-year loan has a 30-year amortization schedule after two years of interest only payments, and was originated by Nicholas Diamond of Greystone’s New York office with Lighthouse Advisory and Jaya Capital acting as correspondents. The sponsor and developer is Daniel Kodsi, CEO of Royal Palm Cos.
Estero Oaks is a 280-unit Class-A multifamily property built in late 2016 and situated around a four-acre lake in Estero. Amenities include a business center, clubhouse, playground, dog park, fitness center, yoga studio, outdoor spa and resort-style swimming pool.
The transaction was originally signed up for the Fannie Mae “Near Stabilization” program, however the property leased up so quickly that it was eligible for a higher proceeds loan under the traditional Fannie Mae program.
In Spring, Texas, Greystone provided a $36.4 million bridge loan for acquisition of Parkside Place Apartments. The loan was originated by Donny Rosenberg of Greystone’s New York office for Ilan Investments, led by Charlie Yalamanchili.
The loan for Parkside Place carries a two-year term with two six-month extensions.
The 384-unit multifamily community was completed in 2015 and will be managed by Adara Communities. Unit interiors include granite countertops, stainless steel appliance packages and high-end cabinetry & fixtures. The property offers numerous amenities including a clubhouse with great room, demonstration kitchen, covered parking and detached garages available for residents.
In Baton Rouge, La., Greystone provided a $24.2 million HUD-insured permanent loan to refinance The Highland Club Apartments, a 247-unit multifamily property. The transaction was originated by Jason Stein in Greystone’s New York office.
The HUD-insured loan for The Highland Club carries a 35-year term at a low, fixed rate. The property was previously refinanced by Greystone in 2012, and the new loan enables a combination of phased renovations and continued investment back into the property.
The Highland Club Apartments, located 20 minutes from downtown Baton Rouge, offers a number of amenities, including a resort-style swimming pool with lake views, stocked lakes with fountains, multi-hole putting greens, dog park, business center, fitness center and on-site personal trainer.
“HUD’s $24 million in insured financing will directly be employed to help renovate The Highland Club Apartments and provide amenities that will continue its viability into the future,” said Beth Van Duyne, HUD Regional Administrator.
