Greystone Secures $45M Loan for Estero Asset
Completed in late 2016, the community leased up quickly, becoming eligible for a higher proceeds loan under the traditional Fannie Mae program.
By Timea Papp
Estero Oaks
Greystone has arranged $44.6 million in financing for Estero Oaks, a 280-unit, Class A community in Estero, Fla. Originated by Fannie Mae, the 10-year loan has a 30-year amortization schedule after two years of interest-only payments.
Royal Palm Cos. completed Estero Oaks in late 2016 and the property was initially signed up for the Fannie Mae “Near stabilization” program. However, the community leased up quickly and it became eligible for a higher proceeds loan under the traditional Fannie Mae program.
This was the developer’s first transaction with Greystone and Fannie Mae. Director Nicholas Diamond of Greystone’s New York office brokered the financing alongside Lighthouse Advisory and Jaya Capital.
Legacy asset
Situated at 9940 Estero Oaks Drive, the multifamily property features a wide amenity base, including:
- resort-style pool
- business center
- clubhouse
- playground
- dog park
- fitness center
- yoga studio
- outdoor spa
The pedestrian-friendly community is surrounded by four acres of lakes and is within walking distance of everyday conveniences. The location provides access to numerous shopping, dining and entertainment venues, public open spaces and retail shops.
“We have always planned a ‘hold’ position for this property as a legacy asset. We intend to collaborate with Greystone as we develop other suitable properties in the future,” said Steven Goldfarb, president of the West Coast division of Royal Palm, in prepared remarks.
Royal Palm Cos. is also the developer of Paramount Miami Worldcenter, a 60-story condo tower located in downtown Miami.
Image courtesy of Estero Oaks
