Greystone Provides $50M Loan for Metro Philadelphia Property
- Jun 09, 2021
Goldcrest Management has landed a $49.6 million Freddie Mac Optigo® loan for the acquisition of Chalet Gardens, a 484-unit apartment community in Pine Hill, N.J.
Greystone’s Managing Director Dan Sacks originated the transaction. The 10-year financing features an adjustable rate and 30-year amortization, with the first five years of interest-only payments.
Built in 1973, the garden-style community is located at 320 West Branch Ave. The property encompasses one- and two-bedroom units with eat-in kitchens, in-unit washer and dryers and private outdoor living spaces. Residents have access to the community’s fitness center, pool and sundeck, picnic area, playground and parking.
Close to the area’s dining, shopping and recreation facilities, Chalet Gardens is a short drive from downtown Philadelphia and the New Jersey beaches.
The community’s previous owner, Premier Properties bought Chalet from Royal Communities for $36 million in 2019. The purchase was facilitated by the New York Community Bank, which provided a $27 million loan.
After having joined forces with Rittenhouse Realty Advisors in 2020, Greystone is planning to form a partnership with MONTICELLOAM. The joint venture will provide financing for businesses operating in the senior housing and health-care sectors. Working with Hamilton Valley Management, the company has secured a variety of funding options totaling $120.5 million for the redevelopment of affordable housing units across Texas.