Greystone Provides $15.9M Financing for Affordable Housing
- Dec 08, 2016
Riverside, Calif.—Greystone recently announced that a $15.9 million Freddie Mac loan has been provided for the permanent takeout of a Greystone bridge loan on the Highlander Pointe, a multifamily property in Riverside, Calif. Director Dale Holzer from Greystone’s Newport Beach, Calif. office originated the loan.
The real estate lending company issued a seven-year adjustable rate mortgage with two years of interest-only and 76 percent LTV with full cash-out. “Greystone’s knowledge in the affordable housing finance market is second to none and we appreciate their expertise in navigating the nuances and inevitable hurdles involved in such complex acquisitions,” operating partner Sol Rabin from Crystal Asset Management said in prepared remarks.
Located at 1055 W. Blaine St., the 132-unit residential property has convenient pedestrian access to the campus and nearby amenities. The one-, two- and three-bedroom apartment community features a fitness center, swimming pool, spa, two laundry facilities and 160 parking spaces. According to Yardi Matrix data, the property is partially affordable.
To date, the owner has invested $1.4 million in the property, ensuring the 1975 vintage property is preserved for decades to come.
Image courtesy of Yardi Matrix