John Nelson, executive vice president, and Erik Franks, senior associate, of CBRE Capital Markets' debt and structured finance team served as advisors to the owner/borrower, Sand Hill Property Company, in the transaction.

“Greystone's experience across a wide range of disciplines–affordable housing finance, structuring complex transactions, and commercial property portfolio guidance–all came into play throughout the timeline of this deal,” said Joe Mosley, executive managing director and head of agency lending at Greystone. “Above all, our trusted relationship with Freddie Mac was the catalyst for closing this deal.”

Greystone is a real estate lending, investment and advisory company.

As previously reported, Equity Residential announced last year that it established a fund to supplement private club fees to allow young residents of the Woodland Park apartment community to participate in organized sports.

Several economic factors have resulted in net positives for the multifamily sector and prices in core markets are at an all-time high. But just how long can the market continue on this trajectory? Join us at RealShare Apartments East on Feb. 28 and March 1, 2017 for insights on succeeding in the right markets as well as navigating and finding opportunities in the more challenging ones. Learn more.

EAST PALO ALTO, CA—Woodland Park is a 1,808-unit affordable housing project. Greystone provided a $220.843-million Freddie Mac credit facility to Woodland Park Property Owner LLC. The facility was originated by Rob Russell, head of CMBS production, of Greystone's New York office.

“Freddie Mac was integral to structuring a completely custom credit facility which now provides the owner a great deal of flexibility to dispose or develop additional parcels during the term,” Russell tells GlobeSt.com. “It is gratifying to know there is overwhelming enthusiasm to finance affordable housing, particularly in Palo Alto and Silicon Valley, where there is an immense squeeze on housing due to a booming tech sector.”

The Freddie Mac credit facility is expandable up to $330 million, and carries a five-year term with two separate one-year extension options. The project is managed by Sand Hill Property Company and its affiliate, Woodland Park Communities. Woodland Park consists of 118 individual land parcels, including a mix of small properties (1 to 50 units) and conventional multifamily and commercial properties, and presents a range of investment options. GlobeSt.com learns the expandable credit facility is completely customized to the borrower and to the unique mixed-use property, Woodland Park.

“The announcement underscores Freddie Mac's commitment to provide our customers with flexible financing solutions, such as the revolving credit facility for Woodland Park, which also furthers our mission to preserve affordable rental housing. We are excited to join forces with the professionals at CBRE and Greystone on this important project in East Palo Alto,” said Lauren Garren, vice president of multifamily products and sales at Freddie Mac.

John Nelson, executive vice president, and Erik Franks, senior associate, of CBRE Capital Markets' debt and structured finance team served as advisors to the owner/borrower, Sand Hill Property Company, in the transaction.

“Greystone's experience across a wide range of disciplines–affordable housing finance, structuring complex transactions, and commercial property portfolio guidance–all came into play throughout the timeline of this deal,” said Joe Mosley, executive managing director and head of agency lending at Greystone. “Above all, our trusted relationship with Freddie Mac was the catalyst for closing this deal.”

Greystone is a real estate lending, investment and advisory company.

As previously reported, Equity Residential announced last year that it established a fund to supplement private club fees to allow young residents of the Woodland Park apartment community to participate in organized sports.

Several economic factors have resulted in net positives for the multifamily sector and prices in core markets are at an all-time high. But just how long can the market continue on this trajectory? Join us at RealShare Apartments East on Feb. 28 and March 1, 2017 for insights on succeeding in the right markets as well as navigating and finding opportunities in the more challenging ones. Learn more.