Orlando-Area Apartments Land Refi

Greystone has provided a $41.5 million Freddie Mac Optigo® loan to refinance a 252-unit multifamily property in Winter Park, Fla.

Haig Kilicyan and Donny Rosenberg of Greystone originated the financing on behalf of White Eagle Group. The financing closed in less than 45 calendar days.

The Freddie Mac financing is a seven-year fixed-rate mortgage with five years of interest-only payments and a 35-year amortization.

Cranes Landing has been owned and operated by White Eagle since 2016.

Interest rate relief

An uptick in refinancings and sales transactions is expected now that the Federal Reserve has lowered the overnight lending rate by 50 basis point,ushering in what is hopefully an interest rate-lowering cycle. The rate cut creates less upward pressure on the 10-Year Treasury—which fell to the 3.6 percent band in mid-September—and will contribute to modestly lower borrowing costs for investors, according to a Marcus & Millichap report.

“This dynamic may help re-open the yield spread relative to cap rates,” the firm noted. “As such, additional sales activity could materialize as elevated levels of dry powder capital await deployment.