With the help of more than $91 million in Fannie Mae loans, a commercial real estate lending and investment company is working to refinance nearly 1,500 units in Tuscon, AZ.
New York-based real estate lending company Greystone revealed Thursday that it has provided $91.3 million in Fannie Mae Delegated Underwriting and Servicing loans to refinance a portfolio in the Grand Canyon State with 1,406 multifamily units. According to a press release from the company, the managing director at Greystone, Dan Wolins originated the separate transactions on behalf of HSL Properties.
"The new lending landscape has certainly introduced some challenges for multifamily property investors, but we have helped them to adapt and thrive with the capital options that are available," Wolins said in the press statement. "Greystone works diligently to be hyper-informed on local markets, changes in loan terms and rates, and to be able to provide a broad array of capital solutions when needed. We are very happy to team up with HSL again on these properties, which are long-held assets in their portfolio. They are a premier owner / operator in Tucson with unparalleled market knowledge."
Along with lending and investment, Greystone is also a real estate advisory company, and provides lending across a range of platforms, including Freddie Mac, USDA and CMBS.
According to the press release, the $91.3 million in non-recourse loans will refinance four separate properties in the Tuscon area – Canyon Creek, which has 242 units; Ridgepoint, which has 256 units, Catalina Canyon, which has 336 units and Sycamore Creek, which has 572 units. The financing all carry 10-year terms at a fixed rate with a 30-year amortization, and five years of interest-only payments, the press release said.
"We trust our Greystone team to deliver above our expectations and are thrilled to have been able to close this financing during a pandemic, especially with credit markets being more challenged than ever," Omar Mireles, president of HSL Properties, said in the press release.
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Max Mitchell
Max Mitchell is ALM's Regional Managing Editor for The Legal Intelligencer, New Jersey Law Journal, Delaware Business Court Insider and Delaware Law Weekly. Follow him on Twitter @MMitchellTLI. His email is [email protected].
