Greystone Secures Financing for Multifamily Properties
NEW YORK — Greystone, a well-respected leader in commercial real estate finance, has announced a significant financing achievement by providing a total of $103.74 million in Freddie Mac loans. This financing will be used to refinance two distinct multifamily properties. Greystone's commitment to enhancing housing quality is exemplified through this loan initiative, which showcases their ability to meet the needs of the real estate market.
Details on the Multifamily Communities
The first property involved in this financing is called Midora at Woodmont. This vibrant community consists of 199 units and has been managed by White Eagle Group since 2016. A loan of $37.31 million has been secured for this property. Residents can enjoy delightful amenities which include waterfront living spaces, a fully equipped business center for work needs, a 24-hour fitness and wellness facility, a bark park, and a picturesque lakeside swimming pool designed for relaxation.
Amenities of Midora at Woodmont
Midora at Woodmont's amenities are crafted to improve the living experience, supporting a lifestyle that balances work and leisure. With a focus on community and comfort, the features available cater to a wide range of resident preferences.
Exploring Avenues of Inverness
The second property, Avenues of Inverness, is a larger community with 586 units, located in Birmingham. This site has benefited from a loan worth $66.43 million. Since 2018, White Eagle Group has managed this community, ensuring that residents have access to serene lake views and various amenities for a comfortable lifestyle. The impressive offerings include a relaxing swimming pool equipped with an expansive sundeck, a business center featuring a cyber café and co-working space, as well as two community waterfront piers for leisure activities.
Amenities of Avenues of Inverness
At Avenues of Inverness, comfort meets convenience through the carefully curated amenities. This approach not only enhances living standards but also cultivates a robust community atmosphere.
Key Features of the Freddie Mac Loans
The Freddie Mac loans encompass seven-year terms that come with a fixed interest rate. Notably, these loans also feature five years of interest-only payments and a 35-year amortization period, which offers substantial financial flexibility to the property owners.
Strategic Insights from Greystone
Abe Spitz from White Eagle Property Group expressed the significance of this refinancing, stating, "We strive to offer our residents quality and comfortable housing in areas where there is a great need. These refinancings will ensure that we can continue to invest in our assets and their long-term success." This statement underlines Greystone's aim to continually enhance living conditions for residents.
Timely Transactions with Freddie Mac
Haig Kilicyan has noted the efficiency of the financing process, explaining that both transactions were index locked within 24 hours of their applications. He emphasized the demand for Freddie Mac financing, affirming that these properties were perfectly suited for their lending platform.
About Greystone
Greystone is a private national commercial real estate finance company renowned for its leadership in multifamily and healthcare financing sectors. The company has consistently ranked among the top lenders with FHA, Fannie Mae, and Freddie Mac, showcasing its expertise and commitment to the real estate market.
Contact Information
For inquiries, please connect with:
Karen Marotta
Greystone
212-896-9149
karen.marotta@greyco.com
Frequently Asked Questions
What was the total amount financed by Greystone?
Greystone provided a total of $103.74 million through Freddie Mac loans.
Which properties received refinancing through Greystone?
The properties are Midora at Woodmont and Avenues of Inverness.
What types of loans did Greystone use?
Greystone used Freddie Mac Optigo® loans for this refinancing initiative.
What are the key amenities of Midora at Woodmont?
Amenities include waterfront units, a fitness center, and a swimming pool.
How long are the Freddie Mac loans for the properties?
The loans carry a seven-year term with fixed interest rates and five years of interest-only payments.
