Greystone Scores $86M Refi for San Francisco-Area Community

Legacy Homes chose the 10-year Freddie Mac loan instead of selling the property in Tracy, Calif.
Aspire Apartments. Image courtesy of Greystone

Legacy Homes has obtained an $86.2 million Freddie Mac loan for Aspire Apartments, a new 348-unit community in Tracy, Calif. Greystone closed on the 10-year refinancing on behalf of the regional homebuilder, which was considering a sale of the Class A community.

Built in 2019, Aspire Apartments is located at 2725 Pavilion Parkway about 60 miles east of San Francisco. The property offers a mix of one-, two- and three-bedroom units along with luxury amenities including a pool, fitness center, pet spa and clubhouse.

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Gary Mancebo, chief financial officer of Legacy Homes, noted in a statement that the company—which focuses on building single-family homes in California, Nevada, Arizona and Texas—considered an exit from the asset before deciding that locking in long-term financing with today’s low interest rates would be more advantageous than selling. Greystone’s Todd Vitzthum, Simon Herrmann and Cody Field advised the builder on the transaction.

GSE still active

Freddie Mac’s multifamily business generated $4.9 billion in new business activity in April, down slightly from the $5.1 billion total for the same month in 2019. New activity for the first four months of 2020 reached $18.5 billion, down 19.6 percent year-on-year.

The enterprise provided $116.4 million in mission-driven loans to refinance three separate workforce housing portfolios in Los Angeles, encompassing 34 properties with 796 units.