Dealmaker: Greystone Closes $106M for Multifamily Properties

Greystone, New York, closed an $86.2 million 10-year refinancing of Aspire Apartments in Tracy, Calif.

Aspire Apartments

When the 348-unit community’s investors northern California multifamily community considered a sale, they contacted Greystone for guidance. After Greystone Real Estate Advisors’ Todd Vitzthum and Simon Herrmann and Greystone’s Cody Field‍ presented options, the property owners chose a refinancing execution and an $86.2 million loan from Freddie Mac, McLean, Va.

“We were surprised to learn that a refinancing actually provided more benefits than selling once we considered the potential implications of an exit,” said Legacy Homes Chief Financial Officer Gary Mancebo.

Field noted current low interest rates and the security of long-term financing from Freddie Mac made sense for the property owners. “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,” he said.

Greystone also provided a $20 million Freddie Mac loan to refinance a multifamily property in Springfield, N.J. Dan Sacks‍ in Greystone’s New York office originated the transaction with David Cohen of Meridian Capital Group as correspondent. The financing carried a seven-year term with a 30-year amortization with two years of interest-only payments.

Centrally located in Union County, The Cove at Springfield Apartments is a garden-style community with 91 one-, two- and three-bedroom units.