Greystone Refinances Two Riverside Multi-family Complexes

California’s growing development of rental housing units received a recent boost via Greystone’s recent loans totalling $123,047,900 in HUD-insured projects in Riverside, Calif.

The transaction was originated by Dan Sacks and Ilan Bassali of Greystone, according to a news release. Some deal terms, also from the release:

The two HUD-insured Section 223(f) loans finance Colonnade at Sycamore Highlands, comprising 288 units, and Castlerock at Sycamore Highlands, comprising 272 units, with long-term, fixed rate debt. The $63.4 million and $59.6 million loans, respectively, both carry 35-year terms, representing 77% loan to value.

“These two Class-A properties are a shining example of quality sponsorship and well-run management, and we are thrilled to provide a long-term financing solution in today’s increasing rate environment,” Sacks said via text.

Constructed in 2000, the properties were acquired by the current owners in 2007 and since then, over $2.5 million combined has been invested in the assets. Together, the assets total 31 three-story buildings spanning just over 30 acres.