NEW YORK, April 23, 2018 – Greystone, a commercial real estate lending, investment, and advisory company, 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 Simon 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.”
Greystone is a real estate lending, investment and advisory company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA and Fannie Mae lender in these sectors. Our range of services includes commercial lending across a variety of platforms such as Fannie Mae, Freddie Mac, CMBS, FHA, USDA, bridge and proprietary loan products. Loans are offered through Greystone Servicing Corporation, Inc., Greystone Funding Corporation and/or other Greystone affiliates. For more information, visit www.greyco.com.