Sinatra & Co. Lands $61M for New York Communities
- Jan 26, 2021
Sinatra & Co. Real Estate has secured a $61.3 million refinancing package for three communities encompassing 769 units in metro Rochester, N.Y. Greystone provided the Fannie Mae loan which carries a fixed interest rate over a 10-year term. The new origination retires the existing debt on the assets: a $60 million acquisition bridge financing that Greystone originated in March 2020, according to Yardi Matrix data.
The company paid $74.3 million to acquire the three-property portfolio from Morgan Communities. The transaction included the 314-unit Highview Manor Apartments & Townhomes in Fairport, N.Y.; the 295-unit Centerpointe Apartments & Townhomes in Canandaigua, N.Y.; and the 160-unit Willowbrooke Manor Apartments in Brockport, N.Y.
Completed in 1974, Highview Manor encompasses 18 buildings spread across 24 acres at 222 Alpine Knoll. The Centerpointe community was built in 1997 and occupies 34 acres at 5570 CenterPointe Blvd. Willowbrooke Manor opened its doors in 1973 and is situated on 19 acres at 396 Willowbrooke Drive.
The properties have one-, two- and three-bedroom floorplans with sizes from 625 to 1,800 square feet. The amenity packages include swimming pools, laundry facilities, fitness studios and business centers.
The Greystone team that arranged the new debt and the previous acquisition note included President Drew Fletcher, Vice President Matthew Hirsch and Executive Managing Director Paul Fried. Last October, Fletcher was part of the team that secured a $289 million mortgage for The Summit, a 429-unit upscale apartment high-rise in Midtown Manhattan.