Greystone Provides $91M in Fannie Mae Loans

HSL Properties obtained the financing for a multifamily portfolio in Tucson, Ariz., totaling 1,406 units.

Catalina Canyon. Image courtesy of Greystone

HSL Properties has obtained $91.3 million in Fannie Mae loans for a four-asset, 1,406-unit apartment portfolio in Tucson, Ariz. Dan Wolins, managing director at Greystone, originated the separate transactions on behalf of the owner.

The non-recourse Fannie Mae Delegated Underwriting and Servicing loans all have 10-year terms at a fixed rate with a 30-year amortization and 5 years of interest-only payments. The properties being refinanced include Canyon Creek, Ridgepointe, Catalina Canyon and Sycamore Creek.

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Located at 160 N. Pantano Road, in eastern Tucson, Canyon Creek has 242 units including studios, one- and two-bedroom floorplans. The property was built in 1987 and is roughly 92 percent occupied, according to Yardi Matrix. HSL acquired the asset from Bridge Investment Group in 2004.

Ridgepointe and Sycamore Creek are located in close proximity at 6001 E. Pima St. and 1701 N. Wilmot Road, respectively. The 256-unit Ridgepoint was built in 1986 and acquired in 2001, featuring one- and two-bedroom floorplans. Completed in 1980, Sycamore Creek is the largest of the properties with 43 buildings containing 572 homes ranging from studios to two-bedroom and townhouse units.

Catalina Canyon is situation in northern Tucson, at 2300 W. Ina Road. The 336-unit community was built in 1982 and picked up by HSL in 2001. The property’s units include one- and two-bedroom floorplans.

HSL owns and operates a portfolio of 37 apartment communities, primarily in Tucson, with a total of around 10,000 homes and more than 7 million square feet. Last year the company sold Bear Canyon Apartments, a 238-unit luxury community in Tucson, to M3 Multifamily for $35.6 million.

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