Dealmaker: Greystone Provides $124M for Four Multifamily Properties

Greystone, New York, provided $123.8 million for four multifamily properties in four states.

Fred Levine, Managing Director in Greystone’s New York office, originated a $28.9 million HUD-insured loan to refinance Hampton Court Apartments, a 288-unit affordable housing property in Mangonia Park, Fla.

The Section 223(f) financing carried a 35-year fixed-rate term and 35-year amortization. The property has a LIHTC land-use restriction agreement that requires limits on tenant income and rent restrictions for all units.

Constructed by borrower Royal Castle Development, North Miami, Fla., in 2000, Hampton Court Apartments has 19 garden-style apartment buildings with two- and three-bedroom units.

Dan Sacks, Managing Director in Greystone’s New York office, originated $95 million in Freddie Mac financing for three multifamily properties, including $41.1 million to refinance Eagle Creek Apartments, a 346-unit Westmont, Ill., apartment community. The 10-year floating-rate loan included five years of interest-only payments. It replaced an existing Freddie Mac loan from Greystone that was used to purchase the property in 2017. 

Greystone also secured $20.6 million to acquire Grandview Gardens Apartments, a 226-unit multifamily community in Bensalem, Pa. The 10-year floating-rate loan included four years of interest-only payments. Platinum Capital Group Founder Jack Miller acted as correspondent on this transaction.

In Richmond, Va., Greystone secured $33.2 million to refinance Seaboard Apartments, a 191-unit community that dates to 1955. The financing, which also replaced an existing Freddie Mac loan from Greystone, included a 12-year term and 30-year amortization. Meridian Capital Group Senior Vice President David Fisher acted as correspondent.