TODAY’S DEALS: Greystone Closes $43.8M for San Jose Asset
Greystone provides financing for a 434-unit community in San Jose; Enterprise Homes closes loans totaling nearly $30 million for two new affordable senior assets in Baltimore County; and Hudson Realty Capital funds a $5.5 million construction loan for a school conversion.
San Jose, Calif.—Greystone has provided a $43.8 million Fannie Mae DUS loan for Chateau La Salle, a 434-unit community located in San Jose, Calif. The loan was originated by Tim Thompson, managing director of Greystone’s San Francisco office. The 10-year fixed rate loan transaction has a 30-year amortization. The deal was brought to Greystone by Robert Mallett, director at Marcus & Millichap Capital Corporation.
“Our long-term relationship with Fannie Mae and our deep knowledge and experience of the multifamily market on the West Coast enabled the Greystone team to work quickly and efficiently on behalf of Chateau La Salle,” says Rick Wolf, senior managing director of Greystone’s Fannie Mae production team. “We see immense growth potential in the West Coast and look forward to continued success in the region.”
Enterprise closes $30M for two new affordable senior assets
Columbia, Md.—Enterprise Homes has closed two loans totaling nearly $30 million in financing for two new affordable senior apartments with an aggregate 192 units in Baltimore County. The Greens at Logan Field will offer 102 homes in the Dundalk neighborhood and The Greens at English Consul will offer 90 homes in the Lansdown/Baltimore Highlands neighborhood.
“With more than a quarter of the households in the market area headed by seniors, there is an ongoing need for affordable senior rental homes in Baltimore County,” says Chickie Grayson, president and CEO of Enterprise Homes. “We are very pleased to continue developing homes that offer safety, amenities and accessibility to seniors in our community.”
The $15.2 million Greens at Logan Field development will have 84 one-bedroom and 18 two-bedroom apartments that will be home to seniors earning 60 percent of the area median income and below. The Greens at English Consul $14.6 million project will have 72 one-bedroom and 18 two-bedroom apartments for seniors earning 60 percent of area median income and below.
Hudson Realty funds $5.5M construction loan for school conversion
New York—A former school building in the Bedford-Stuyvesant section of Brooklyn, N.Y., has secured a $5.5 million first-mortgage construction loan funded by real estate fund manager Hudson Realty Capital LLC.
Combined, the buildings feature 57,720 square feet of space that is being converted into a 46-unit multifamily community with 23 underground parking spaces.
“This repeat borrower relied on our swift loan execution in order to proceed with the business plan, which is to complete the renovation and lease-up the residential units. We have funded five separate transactions with this same sponsor in a market we both know very well,” says Spencer Garfield, managing director, originations, Hudson Realty Capital LLC.
