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California  + Bay Area  + Finance  | 

Greystone Delivers $86M for Newly-Built Northern California MF

New York-based Greystone closed on a 10-year, $86.2 million Freddie Mac loan refinancing of Aspire Apartments in Northern California. The newly-constructed Class A multifamily community is located at 2725 Pavilion Parkway in Tracy, CA.

“We were surprised to learn that a refinancing actually provided more benefits than selling, once we considered the potential implications of an exit,” said Gary Mancebo of Legacy Homes, which developed the community.

Aspire Apartments consists of 348 units and was completed in 2019. The property offers residents a number of amenities, including a resort-style pool, fitness center, pet spa and clubhouse.

A Greystone Real Estate Advisors team of Todd Vitzthum and Simon Herrmann, and Greystone’s Cody Field arranged the loan on behalf of the borrower.

Vitzthum says, “With the COVID-19 pandemic bearing down on California and the world, we worked diligently to guide Legacy Homes through their options, taking into account tax implications, and then executing seamlessly on the most advantageous path.”

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Financing
  • ◦Development
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