{"id":5842,"date":"2022-04-19T21:31:43","date_gmt":"2022-04-20T02:31:43","guid":{"rendered":"https:\/\/1reason.com\/re\/greystone-provides-123-million-in-hud-insured-financing-for-multifamily-properties-in-riverside-ca\/5842\/"},"modified":"2022-04-20T16:31:43","modified_gmt":"2022-04-20T21:31:43","slug":"greystone-provides-123-million-in-hud-insured-financing-for-multifamily-properties-in-riverside-ca","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/greystone-provides-123-million-in-hud-insured-financing-for-multifamily-properties-in-riverside-ca\/5842\/","title":{"rendered":"Greystone Provides $123 Million in HUD-Insured Financing for\u00a0Multifamily Properties in Riverside, CA"},"content":{"rendered":"<div> The transaction was originated by Dan Sacks and Ilan Bassali of Greystone.  <\/p>\n<p>The two HUD-insured Section 223(f) loans finance <strong>Colonnade at Sycamore Highlands<\/strong>, comprising 288 units, and <strong>Castlerock at Sycamore Highlands<\/strong>, 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.<\/p>\n<p>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, with amenities including fitness centers, swimming pools, clubhouses, bocce courts, outdoor fireplaces and BBQ areas, and business centers. Situated near UC Riverside, both properties serve as home base for students and also offer furnished units.<\/p>\n<p>\u201cThese 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\u2019s increasing rate environment,\u201d said Mr. Sacks. \u201cGreystone\u2019s expertise in HUD financing, as the #1 commercial lender in the U.S., give clients the confidence in our knowledge and execution.\u201d<\/p>\n<p>\u201cWe are excited to be working on more transactions in the western region, where the multifamily market is showing strong signs of growth,\u201d added Mr. Bassali. \u201cWhile many borrowers contemplate a sale with valuations at all-time highs, we continue to work with those looking to maximize capitalization and own their assets long-term.\u201d<\/p>\n<p align=\"justify\"><strong>About Greystone<\/strong><br \/>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 <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=_odpluSzfsq7JC2ybv1f15ubha66ExNgrGLdhbiaOpLl0vjHlOyua30WG9R72nSc9FbYgZUGfjjhmbK7lddSVw==\" rel=\"nofollow noopener\" target=\"_blank\" title=\"www.greystone.com\">www.greystone.com<\/a>.<\/p>\n<p align=\"justify\"><strong>PRESS CONTACT:<\/strong><br \/>Karen Marotta<br \/>Greystone<br \/>212-896-9149<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=1E4oalAVZkIywjzYGQw0cphD2jebilHFNsKrh2Xa0_DSXp0JWno_dwwIOZNuvmY3Lz6I8n8rMl0YAASNfAQnV6TgNkZWpHHVxMHw85UrE9Y=\" rel=\"nofollow noopener\" target=\"_blank\" title=\"Karen.Marotta@greyco.com\">Karen.Marotta@greyco.com<\/a><\/p>\n<p><img src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" class=\"lazyload\" data-src=\"https:\/\/ml.globenewswire.com\/media\/N2Q2OWZlMWUtZmRkMC00N2Q5LWI4ODUtMTExMTlkNjI1OGUwLTEwMzQ5NDg=\/tiny\/Greystone.png\"><\/div>\n","protected":false},"excerpt":{"rendered":"<div>\n<p align=\"left\">NEW YORK, March 23, 2022 (GLOBE NEWSWIRE) &#8212; Greystone, a leading national commercial real estate finance company, has provided a total of $123,047,900 in HUD-insured loans to refinance a 560-unit multifamily property portfolio in Riverside, CA.<\/p>\n<\/div>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/5842"}],"collection":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/comments?post=5842"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/5842\/revisions"}],"predecessor-version":[{"id":5858,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/5842\/revisions\/5858"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=5842"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=5842"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=5842"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}