Greystone Provides $123M in Financing for Two California Multifamily Properties
Watermark Properties has secured a total of $123 million in U.S. Department of Housing and Urban Development-insured loans to refinance a 560-unit multifamily portfolio in Riverside, Calif., Commercial Observer can first report.
The transaction was originated by Dan Sacks and Ilan Bassali of Greystone, according to a release from the brokerage.
“These 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’s increasing rate environment,” Sacks said in a statement.
“We are excited to be working on more transactions in the Western region, where the multifamily market is showing strong signs of growth,” Bassali added.
The two HUD-insured Section 223(f) loans carry 35-year fixed terms. The first, a $63.4 million loan, finances the 288-unit Colonnade at Sycamore Highlands, located at 5880 Fair Isle Drive. The second, a $59.6 million loan, funds the 272-unit Castlerock at Sycamore Highlands.
Watermark purchased the properties, which are near the University of California, Riverdale, back in 2007 and has pumped some $2.5 million into the 31 three-story buildings. The two apartment complexes are sprawled over 30 acres and offer a wide array of amenities including swimming pools, bocce courts, business centers and fitness centers.
Watermark Properties did not immediately respond to a request for comment.
Update: This story originally misattributed source material. This has been corrected. We apologize for the error.
Emily Fu can be reached at efu@commercialobserver.com.
