Greystone Provides $59M Refi for Florida Townhome Community
- Nov 13, 2020
Greystone has secured a $58.7 million Freddie Mac loan for the refinancing of Amberton Townhomes, a 306-unit property in Naples, Fla. Dan Sacks, managing director in the New York office, originated the deal on behalf of owner The Embassy Group. The 10-year, floating-rate loan refinances a former Fannie Mae acquisition loan provided by Greystone in 2017 and has a 30-year amortization period, with five years of interest-only payments.
The property is located at 8067 Dream Catcher Circle, just off Immokalee Road, while Interstate 75 is roughly 3 miles west. Downtown Naples is 15 miles southwest of the 28.5-acre site and Fort Myers is 32 miles away. A Publix-anchored retail center is about a mile east of the community.
Built in 2007, Amberton Townhomes comprises two- and three-bedroom units across 39 buildings of two and three stories. Common-area amenities include a clubhouse, pool and fitness center. All units offer private garages and outdoor spaces.
Earlier this year, Sacks, along with Eric Rosenstock, arranged the refinancing of the Cypress Pointe community in Crown Point, Ind. Owner Bayshore Properties will invest the $14 million HUD loan for capital improvements and maintenance of the 174-unit property.