Greystone Provides $29M for Sacramento Acquisition
Carmel Pointe is a 332-unit garden-style community that includes a dog park, spa and five laundry rooms.
Greystone has furnished a $28.5 million Fannie Mae DUS loan for the acquisition of Carmel Pointe in Sacramento, Calif.
The loan carries a seven-year fixed rate with two years of interest-only and stepdown prepay. Its participation in the Green Rewards program enabled Greystone to secure favorable terms with higher proceeds.
“Ushering one of our advisory clients through the financing process was incredibly gratifying in that Greystone can offer a broad spectrum of real estate finance services no matter what our client’s challenges may be,” Greystone Managing Director Simon Herrmann told MHN.
“We were able to provide a Fannie Mae Green Rewards loan, which has fantastic advantages for both the environment and the borrower.”
With an address at 7826 Center Parkway, Carmel Pointe is a 332-unit garden-style multifamily community that encompasses 22 two-story buildings.
Carmel Pointe features a number of common-area amenities, including two outdoor swimming pools, spa, fitness center, clubhouse, playground, dog park, tennis court and five on-site laundry rooms. Reducing the community’s water consumption by more than 25 percent is among the ambitious enhancements envisioned by the borrower.
Full-service approach
Greystone’s Northern California advisory team worked closely with the borrower to ensure a smooth and trouble-free process. That contingent is comprised of Herrmann, Todd Vitzthum and Cody Field.
“This transaction exhibits how dynamic Greystone‘s range of services is, from sales and disposition advisory to acquisition loans or refinancing,” Herrmann said.
“This full-service approach is hard to execute well on all fronts. But with Greystone’s deep commitment to client service, owners and investors can have confidence that we can address any of their real estate needs.”
“Greystone’s local market knowledge and universal lending expertise is a clear advantage for property investors,” Field added. “Our ability to seamlessly take a client from embarking on an acquisition to providing the financing across a range of platforms makes the process much more efficient.”
