Greystone Provides $37 Million in Fannie Mae Financing for Northern California Seniors Housing Property
January 9, 2020
Greystone has provided an approximate $37 million Fannie Mae structured adjustable rate mortgage (SARM) loan for the acquisition of a 134-unit seniors housing property in Rocklin, CA. Greystone’s seniors housing finance team originated the loan on behalf of the buyer, Harbert Seniors Housing Fund II, L.P.
Located in the Sacramento MSA, The Pines at Rocklin is operated as an independent living, assisted living and memory care facility and is licensed for a total capacity of 142 residents. Merrill Gardens Senior Living serves as the operator and joint venture partner of the community, which was built in 2015. Greystone’s financing includes a 10-year term with an adjustable rate and five years of interest-only.
“Rocklin and the surrounding area are seeing overall population growth greater than the national average, so demand for this product type in this particular region is strong,” said Cary Tremper, head of Greystone’s seniors housing finance team. “We have truly enjoyed working with Harbert to expand and optimize their portfolio over the years by providing attractive long-term financing for both acquisitions and refinancing.”