Greystone Closes $96M CMBS Loan for Portfolio Acquisition

A 1,856-unit portfolio in Raleigh, N.C., & Dallas/Forth Worth trades hands; Capital One Multifamily Finance refinances a Sacramento apartment asset; and Berkeley Point Capital helps cut a borrower’s refinance interest rate by 50 percent.
Copper Crossing

Copper Crossing

Raleigh, N.C. & Dallas—Greystone has provided a $95.8 million CMBS loan for the acquisition of a six-property multifamily portfolio in Raleigh, N.C., and the Dallas/Fort Worth region of Texas. The borrower was a Midwest-based firm. Greystone’s Robert Russell originated the loan.

REM Finance bought the portfolio from McDowell Properties, according to Yardi Matrix data.

The 1,856-unit portfolio includes Copper Crossing, Estrada Oaks and Sutter Creek (all in Dallas/Fort Worth) and Remington Place, The Timbers and The Trestles in Raleigh, N.C. The 10-year CMBS loan includes a 30-year amortization.

Capital One Multifamily refinances Sacramento apartments

Sacramento, Calif.—Capital One Multifamily Finance has provided a $5.5 million Freddie Mac loan to refinance Regalia Crest, a 128-unit apartment asset located in Sacramento. The borrower, Trion Properties, bought the asset back in April 2013 in an opportunistic play. Trion implemented a program of capital improvements including replacing HVAC units and kitchen appliances, installing new flooring and countertops, and installing a surveillance system. Currently, the occupancy rate is in excess of 95 percent.

Calculated at 80 percent LTV, the adjustable-rate loan has a seven-year term, a one-year interest-only period, and 30 years of amortization payable on an actual/360 basis. In addition, it has a flexible prepayment structure, one-year lockout followed by 1 percent thereafter.

Berkeley Point Capital helps cut borrower’s refi rate by 50 percent

Bethesda, Md.—Berkeley Point Capital recently closed an $8.2 million FHA 232/223f loan for St. Anthony Village, a 127-unit independent living, assisted living and memory care community located in Portland Oregon. The FHA loan significantly reduced the borrower’s interest rate, which decreased by approximately 50 percent, and thus will materially enhance net cash flow going forward.

The community is located approximately five miles from Portland’s business district and in close proximity to both Providence Medical Center and Portland Adventist Medical Center. St. Anthony Village provides both a market rate and an affordable housing option for seniors in the area.

The community is managed by Services for All Generations Enterprises (SAGE), which is an operating entity affiliated with the property. SAGE is a non-profit entity that also manages two other senior housing properties in Portland.  Father Michael Maslowsky oversees the subject community. The community also benefits from its faith-based orientation in the market.

Doug Harper, director, led the Berkeley Point Capital team to structure the FHA loan noted.