Greystone Provides $16.5 Million Freddie Mac Loan for Senior Living Property Acquisition in New Jersey
August 2, 2019
Category: Freddie Mac, Seniors Housing
Greystone has provided a $16.5 million Freddie Mac Program Plus loan for the acquisition of a 100-unit senior living community in New Jersey. The loan was originated by John Williams and Ephraim Kantor in Greystone’s New York office, on behalf of the buyer, Sela Realty, with Adam Zweibel, senior vice president of Gebroe-Hammer as broker.
The $16,500,000 Freddie Mac loan carries a 10-year term and 30-year amortization, with a low, fixed interest rate and interest-only payments for the first five years.
Built in 2009, Waterside Villas is a three-story community offering spacious studio, one- and two-bedroom units with modern amenities to adults 55 and over in the Concordia neighborhood of Monroe Township, New Jersey. Residents enjoy 24-hour building security, in-unit laundry, complimentary continental breakfast and housekeeping, as well as access to a state-of-the-art fitness center, business center and concierge service. The property is located near Princeton and other historic communities offering a wide range of retail, dining and entertainment options. Its prime location midway between New York City and Philadelphia offers residents easy access to the New Jersey Turnpike and other major highways and thoroughfares.
“Timing is of the essence while completing a 1031 exchange, and we’re pleased we were able to place this permanent acquisition debt at favorable terms, so they can make strategic investments in other parts of their portfolio,” said Mr. Kantor. “Waterside Villas exemplifies a trend in lifestyle choices being made by active Baby Boomers in this region, and our team moved quickly to deliver the right financing for this property in one of the best performing markets in New Jersey.”
“We are thrilled to have worked side-by-side with the Greystone team to close this transaction quickly. Waterside represents an attractive multifamily investment opportunity,” said buyer Tal Steinberg. “As we expand our portfolio of age-restricted communities to meet the growing demand of aging Baby Boomers, we will rely on Greystone for financing on future transactions.”