Greystone expanded its relationship yet again with Oakmont Senior Living. Having previously provided a $150 million Freddie Mac credit revolver (including an additional $23.5 million tranche provided last month) and an $18.8 million Freddie Mac loan for Oakmont’s Fresno, California property, Greystone continued its work by closing a $58.34 million Freddie Mac refinance for Oakmont’s 163-unit independent living community in Santa Rosa, California. The financing came to $358,000 per unit. This 10-year loan was funded through Freddie Mac’s Index Lock product, which enables the borrower to lock in the existing 10-year Treasury rate prior to commitment. Greystone was able to procure a fixed rate of 4.25%. The community, which was about 98% occupied at the time of closing, refinanced its previous bond financing with this new loan.
Greystone and Oakmont at it again
by Steve Monroe | Aug 19, 2015 8:32 am | Financings | 0 comments