Greystone Provides $221 Million Freddie Mac Credit Facility for Affordable Housing in Palo Alto, CA
December 19, 2016
Greystone today announced it has provided a $220,843,000 Freddie Mac credit facility to Woodland Park Property Owner, LLC. Woodland Park is a 1,808-unit affordable housing project located in East Palo Alto, CA. The facility was originated by Rob Russell, Head of CMBS production, of Greystone’s New York office.
The Freddie Mac credit facility is expandable up to $330,000,000, and carries a 5-year term with two 1-year extension options. The project is managed by Sand Hill Property Company and its affiliate, Woodland Park Communities. Woodland Park consists of 118 individual land parcels, includes a mix of small properties (1-50 units) and conventional multifamily and commercial properties, and presents a range of investment options.
“Today’s announcement underscores Freddie Mac’s commitment to provide our customers with flexible financing solutions, such as the revolving credit facility for Woodland Park, that also furthers our mission to preserve affordable rental housing. We are excited to join forces with the professionals at CBRE and Greystone on this important project in East Palo Alto,” said Lauren Garren, Vice President of Multifamily Products and Sales at Freddie Mac.
John Nelson, executive vice president, and Erik Franks, senior associate, of CBRE Capital Markets’ Debt & Structured Finance team served as advisors to the owner/borrower, Sand Hill Property Company, in the transaction.
“Greystone’s experience across a wide range of disciplines – affordable housing finance, structuring complex transactions, and commercial property portfolio guidance – all came into play throughout the timeline of this deal,” said Joe Mosley, Executive Managing Director and head of Agency lending at Greystone. “Above all, our trusted relationship with Freddie Mac was the catalyst for closing this deal.”