NEW YORK, Dec. 10, 2015 (GLOBE NEWSWIRE) -- Greystone, a real estate lending, investment and advisory company, announced it has provided $27,066,000 in total Freddie Mac Small Balance Loans for an 11-property portfolio of multifamily units in Los Angeles, CA. The loans were originated by Dale Holzer in Greystone’s Newport Beach office.
The borrower, a private Los Angeles-based real estate investment group, acquired the properties, all located within Baldwin Village in South Central Los Angeles and ranging in size from 17 to 72 units per property, over the past three years. The loans, provided by Greystone under Freddie Mac’s popular Small Balance Loan offering, together represent one of the largest single-borrower portfolios closed using this new platform.
“The 11 properties were spread out amongst four multi-asset entities, in combination with multiple investors, so it was imperative that the transactions closed concurrently and at the application terms,” said Dale Holzer, Director, Greystone.
As a result of the financing for 303 total units, the borrower will receive significant cash-out proceeds which will be returned to investors and will fund future seismic work to comply with the City of Los Angeles’ new seismic retrofit ordinance. Additionally, while the properties are classified as market rate housing, 98% of the units will maintain affordable rent levels as a benefit from Freddie Mac’s favorable terms. Loan terms for the Freddie Mac financing include 10-year fixed rate, non-recourse, LTV up to 80%, and a step-down prepay structure.
“We received quick, diligent feedback on documentation with insightful recommendations for improvement,” said Joanna Crawford, one of the main principals of the borrower group. “The staff is intelligent and hard working. It was a pleasure working with Greystone,” she added.
“We look forward to working with Greystone’s strong team of local experts who have helped to make our Small Balance Loan offering a success,” said Steve Johnson, Freddie Mac Multifamily Senior Director of Small Balance Loan Production.
Greystone is a real estate lending, investment and advisory. Our range of services includes commercial lending across a variety of platforms such as Freddie Mac, Fannie Mae, 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.
PRESS CONTACT: Karen Marotta Director of Communications, Greystone 212-896-9149 KMarotta@Greyco.com