Greystone has provided $49.4 million in Freddie Mac loans to refinance two assisted living and memory care facilities in Carmichael, California and Denver, Colorado.
A 10-year, $25.15 million Freddie Mac Seniors loan with 30-year amortization was provided to Oakmont Senior Living at Oakmont of Carmichael, a newly constructed two-story, 71-unit AL/MC community on 2.38 acres.
A seven-year, $24.25 Freddie Mac Capital Markets Execution loan with three years of interest-only payments was provided to Spectrum Retirement Communities on the 97-unit HighPointe Assisted Living and Memory Care in Denver.
“Our sound relationship and experience with Freddie Mac and its products equipped us to provide these clients with financing solutions tailored to their needs in the seniors care industry,” said Joe Mosley, executive managing director and head of agency lending at Greystone, in a statement. “We look forward to continuing our relationship with Freddie Mac and assisting our clients in meeting their future business goals.”
Mosley previously told Real Estate Capital, following the $25 million refinance of a Michigan apartment complex, that the $4 billion increase made to Fannie Mae and Freddie Mac lending caps for 2016, from $31 billion to $35 billion, has served as an incentive for the firm to boost its agency loan business.
Managing directors Scott Kavel and Cary Tremper originated the loans. Jeff Kraus, managing director, with Spectrum, the borrower on the Colorado deal, added that Spectrum has over a decade-long history with Tremper.