Greystone Provides $28.5 Million Fannie Mae Loan for Sacramento Multifamily Acquisition
April 23, 2018
Category: Fannie Mae, Multifamily
Greystone announced it has provided a $28.5 million Fannie Mae DUS loan for the acquisition of Carmel Pointe in Sacramento, California. Greystone’s Northern California Advisory team, which consists of Simon Herrmann, Todd Vitzthum, and Cody Field, worked closely with the borrower to ensure a seamless process.
The loan carries a seven-year fixed rate with two years of interest-only and stepdown prepay. As part of the Green Rewards program, Greystone was able to secure favorable terms with higher proceeds. Located at 7826 Center Parkway, Carmel Pointe is a garden-style multifamily complex featuring 22 two-story buildings with a total of 332 residences. The complex includes two outdoor swimming pools, spa, fitness center, clubhouse, playground, dog park, tennis court and five on-site laundry rooms. The borrower plans extensive upgrades including reduction of water consumption by more than 25%.
“This transaction exhibits how dynamic Greystone’s range of services is, from sales and disposition advisory to acquisition loans or refinancing,” said Mr. Herrmann of Greystone Real Estate Advisors. “This full-service approach is hard to execute well on all fronts, but with Greystone’s deep commitment to client service, owners and investors can have confidence that we can address any of their real estate needs.”
“Greystone’s local market knowledge and universal lending expertise is a clear advantage for property investors,” said Mr. Field. “Our ability to seamlessly take a client from embarking on an acquisition to providing the financing across a range of platforms makes the process much more efficient.”