Greystone Lands Refi for Two Properties
Both communities are owned and operated by White Eagle Property Group.
Greystone has provided $103.7 million in Freddie Mac Optigo® loans to refinance communities in Tamarac, Fla., and Birmingham, Ala. Both of the properties are owned and operated by White Eagle Property Group.
The loans have seven-year terms at a fixed rate, five years of interest-only payments and 35-year amortizations.
Midora at Woodmont is a 199-unit community in Tamarac, secured by a $37,310,000 loan. Located at 7790 NW 78th Ave., it features a business center, fitness and wellness center, bark park, tennis/pickleball court and a lakeside swimming pool. Unit layouts range from one- to three-bedroom floorplans.
Completed in 1989, Midora at Woodmont is 93 percent occupied, Yardi Matrix data shows. It has been owned by White Eagle since 2016 when the company purchased it for $27.2 million.
Avenues of Inverness is a 586-unit community in Birmingham, secured by a $66,430,000 loan. Located at 3100 Heatherbrooke Rd., the property includes lake views and two waterfront piers as well as a swimming pool, sundeck, business center, cyber cafe and coworking space.
Completed in 1987, Avenues of Inverness is 94 percent occupied, Yardi Matrix data shows. White Eagle acquired the community in 2018 for $39.9 million. It features one-, two- and three-bedroom floorplans.
Haig Kilicyan and Donny Rosenberg of Greystone originated the financing on behalf of White Eagle.
In October, Greystone also secured a $14 million loan to refinance Linda Vista Luxury Rentals, a 64-unit built-to-rent community in Oro Valley, Ariz. According to public records and Yardi Matrix information, Encore Finance provided the three-year note to Aerie Development.
Freddie, Fannie are multifamily loan catalysts
Freddie Mac and Fannie Mae are the catalysts behind providing liquidity to the multifamily market, Pierre Debbas, co-founder, Romer Debbas, told Multi-Housing News.
“Government-sponsored enterprises, through their approved sellers/services, provide liquidity to Greystone to issue acquisition loans and refinancing opportunities in the multifamily market,” Debbas said. “The GSEs also do a remarkable job of focusing on mission-driven financing to foster growth and opportunities in various affordable housing initiatives, of which our country has a significant shortage.”
Doug Ressler, business manager, Yardi Matrix, told MHN: “These loans come in highly competitive interest rates and benefit investors looking to finance smaller multifamily properties with favorable terms and a streamlined process. They can be used to acquire and refinance properties and offer flexibility, competitive rates and borrower-friendly terms.”
Loan sizes range from $1 million to $7 million, accommodating various project sizes. Borrowers are not personally liable beyond the collateral and the loans have various term lengths and prepayment options. Also, for certain loan terms, interest-only options are available. Ressler further said that their streamlined process means faster closing times and a simplified application process.
Nicole Ferreira, president, CPC Mortgage Co., told MHN that “as a lender, Freddie Mac’s affordable, conventional and small balance Optigo products give us the ability to provide a suite of multifamily tools that offer the flexibility, terms and certainty of execution that our borrowers expect.”
