Greystone Provides $116.4 Million to Refinance Mission-Driven Multifamily Housing in Los Angeles
May 19, 2020
Category: Freddie Mac, Multifamily
Greystone announced it has provided $116,439,707 in mission-driven Freddie Mac loans to refinance three separate portfolios consisting of 34 total workforce housing properties in Los Angeles, California. The transactions were originated by Dale Holzer, managing director in Greystone’s Newport Beach office.
The first financing, $45,228,000 of five-year hybrid loans, refinances 301 residential units across seven properties in Los Angeles’ Koreatown neighborhood. The second financing package includes $43,111,707 in total loans to refinance 16 multifamily properties comprising 193 residential units in Los Angeles’ Westside region. Marc Schillinger of JLL served as advisor to the borrowers for both transactions.
The third recent financing originated by Mr. Holzer includes $28,100,000 in total loans with a 10-year term, for a portfolio of 11 multifamily properties with 302 units in the Baldwin Village neighborhood of Los Angeles. Jonathan Lee of George Smith Partners served as advisor to the borrower in the transaction.
“We’re thrilled to help our clients secure more favorable financing terms and also monetize the existing equity in their portfolio, which is what happened with all of these transactions,” said Mr. Holzer. “Our team loves being able to show how our flexibility and deep understanding of the local market can enable even the most complicated portfolio transactions to be executed seamlessly and without delay.”