Greystone Provides $44.6 Million in Fannie Mae Financing for Estero, FL Multifamily Property
December 5, 2017
Greystone announced it has provided $44,600,000 in Fannie Mae financing for a multifamily property in Estero, FL. The Fannie Mae 10-year loan has a 30-year amortization schedule after 2 years of Interest Only payments, and was originated by Nicholas Diamond of Greystone’s New York office with Lighthouse Advisory and Jaya Capital acting as correspondents.
The sponsor and developer is Daniel Kodsi, CEO of Royal Palm Companies. This was Mr. Kodsi’s first transaction with Greystone and Fannie Mae. Mr. Kodsi is also the developer of the Paramount Miami Worldcenter, a 60-story condominium tower located in the heart of Downtown Miami, considered to be “The Building with the Most Amenities in the World.”
Estero Oaks is a 280-unit Class-A multifamily property built in late 2016 and situated around a 4-acre lake in Estero, FL. Amenities include a state-of-the-art business center, clubhouse, playground, dog park, fitness center, yoga studio, outdoor spa, and resort-style swimming pool.
The transaction was originally signed up for the Fannie Mae “Near Stabilization” program, however the property leased up so quickly that it was eligible for a higher proceeds loan under the traditional Fannie Mae program. “The developers and their related management company, Rosemount Management, did a fantastic job leasing up and stabilizing the property and we had no difficulty converting the loan mid-way through the process from a ‘Near Stabilization’ to traditional financing,” said Mr. Diamond.
“We are very pleased with terms of the loan as well as the streamlined process in obtaining it. We have always planned a ‘hold’ position for this property as a legacy asset. We intend to collaborate with Greystone as we develop other suitable properties in the future,” said Steven Goldfarb, a partner in Estero Oaks.