The new 10-year, fixed-rate loans refinance the original acquisition bridge financing provided by Greystone in March 2020. Drew Fletcher, Matthew Hirsch, and Paul Fried of Greystone originated both the bridge and the new permanent financing.
The portfolio, originally acquired for $70 million, consists of Centerpointe Apartments & Townhomes with 295 units in Canandaigua, NY; Willowbrooke Manor Apartments with 160 units in Brockport, NY; and Highview Manor Apartments & Townhomes with 314 units in Fairport, NY.
“This closing is a testament to the strength of Greystone’s diversified lending platform and serves as yet another case study of the power of our bridge-to-agency product,” said Drew Fletcher, President, Greystone Capital Advisors.
Paul Fried added, “This portfolio is another demonstration of SCRE’s commitment to identify opportunities and invest capital to create value for its partners and tenants. We have enjoyed working with the team to complete a market-leading, round-trip financing as SCRE delivered a flawless execution of their business plan on this large-scale portfolio.”
“We are excited to expand our relationship with Greystone and Fannie Mae to bring high-quality housing to the Greater Rochester market,” said Nick Sinatra, Founder and CEO of SCRE. “Over time, we will continue to upgrade the apartment communities to make them the premier workforce housing options in their sub-markets.”
Anthony Nanula, CIO of SCRE added, “Despite the headwinds facing the multifamily market, especially around the time of the acquisition in March, Greystone delivered fantastic executions and worked tirelessly with us to make this all happen in the midst of a global pandemic.”
About Greystone
Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com.
About Sinatra & Company Real Estate
Sinatra and Company Real Estate was founded in 2010 and is headquartered in Buffalo, NY. With approximately 5,800 apartments and nearly 1-million commercial square feet owned and managed in the Western New York, Upstate New York, Dallas-Forth Worth, Indiana, and Chicagoland regions, Sinatra and Company Real Estate is one of the premier, private owner-operators of apartments and commercial properties in Midwest. Learn more at sinatraandcompany.com.
PRESS CONTACT:
Karen Marotta
Greystone
212-896-9149
Karen.Marotta@Greyco.com
