Greystone Provides $49.4 Million in Freddie Mac Financing for Seniors Housing in California and Colorado
August 3, 2016
Greystone announced it has provided $49,404,000 in Freddie Mac loans to refinance two assisted living and memory care facilities in Carmichael, CA and Denver, CO. Scott Kavel and Cary Tremper, Managing Directors at Greystone, originated the separate loans.
A $25,154,000 Freddie Mac Seniors loan was provided to Oakmont Senior Living LLC for Oakmont of Carmichael – the 71-unit AL/MC community in Carmichael, CA – and carries a 10-year fixed-rate term with a 30-year amortization. The property is newly constructed and is comprised of a 2-story building located on 2.38 acres. Amenities include a theater room, game room, beauty salon/barber shop and a landscaped interior courtyard with patio.
A separate $24,250,000 Freddie Mac Capital Markets Execution loan was provided to Spectrum Retirement Communities for HighPointe Assisted Living and Memory Care – an AL/MC community with 97 units located in Denver, CO – and carries a 7-year term and three years of interest-only. Amenities of the property include a wellness center, beauty/barber salon, theater, garden and lounges with fireplaces.
“Our sound relationship and experience with Freddie Mac and its products equipped us to provide these clients with financing solutions tailored to their needs in the seniors care industry,” said Joe Mosley, Executive Managing Director and head of Agency lending at Greystone. “We look forward to continuing our relationship with Freddie Mac and assisting our clients in meeting their future business goals.”
“Having worked with Greystone on many transactions in the seniors housing sector, they consistently exceed our expectations on service and execution,” said Joseph G. Lin, CFO, Oakmont Senior Living LLC.
“Spectrum has over a decade long history with Cary Tremper and is thrilled with the execution from both Greystone and Freddie Mac. Spectrum is proud of our HighPointe community as it serves as a nice representation of us in our hometown of Denver,” said Jeff Kraus, Managing Director, Spectrum Retirement Communities.