Source: GlobeNewswire (MIL-OSI)
NEW YORK, Sept. 14, 2021 (GLOBE NEWSWIRE) — Greystone, a leading national commercial real estate finance company, has provided a $71,340,000 Freddie Mac Optigo® loan to refinance a 197-unit multifamily property in Santa Rosa, California. The transaction was originated by Greystone’s Matt Miller on behalf of Gallaher Companies.
The $71.3 million Freddie Mac fixed rate, non-recourse loan carries a seven-year term with a 30-year amortization and four years of interest-only payments. The financing enables the borrower to exit the construction loan on the property, which it built in 2021, in an area hard hit by recent wildfires and a dearth of rental housing.
Sendero Townhomes offers three-bedroom townhomes and studio apartments with a community pool and sundeck, fitness center, clubhouse with billiards room, and on-site parking. The pet-friendly property is located off Highway 12 and near Highway 101, offering easy access to outdoor recreation centers, bike trails and downtown Santa Rosa.
“We are thrilled that we were able to help our client secure financing to provide much-needed multifamily housing in the Santa Rosa area, which is facing a shortage of housing following wildfires over the last few years,” said Mr. Miller. “At Greystone, we know that there is no greater show of appreciation than when a client entrusts us with multiple properties in their portfolio. We are grateful we could have some part in helping our long-term client realize their vision for this property.”
“My past experience working with Greystone has always been second-to-none – their professionalism, lending platform, and client service are what keep me coming back,” said Mr. William P. Gallaher, founder of Gallaher Companies. “Greystone understood exactly what was needed for this property and their ability to bring the transaction to a quick close was, once again, exceptional.”
About Gallaher Companies
Gallaher Companies is a development company bringing quality, innovative housing and commercial projects throughout the Western United States. Founded and run by the Gallaher Family, the company has built more than 6500 units and manages all aspects of the development process. With all facets under the same roof, the company moves swiftly and efficiently with optimal quality control from beginning to end.
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.