Greystone Refis Florida Apartment Portfolio with $95M Loan

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Dasmen Residential has nabbed a $95.2 million debt package to refinance a multifamily portfolio in Orlando and Tampa, Commercial Observer has learned. 

Greystone supplied the 10-year, fixed-rate, Freddie Mac-backed loan for five Florida apartment properties that total around 1,000 units. The financing was secured at a 4.63 percent interest rate with interest-only payments for the first five years. 

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Crossmark Capital‘s Marvin Jeremias arranged the transaction. 

“Moreover, we successfully increased proceeds at the time of commitment over the original application amount through thorough and keen underwriting,” Jeremias, president of Crossmark Capital, said in a statement. 

The portfolio’s Orlando properties include the 200-unit Rosala West at 4500 Silver Star Road, built in 1969; the 188-unit Kara West at 3024 South Rio Grande Avenue, built in 1972; and the 192-unit Stella West at 4757 Silver Star Road, built in 1972.

The Tampa properties include the 319-unit Verra North at 1250 Skipper Road, built in 1972, and the 112-unit Avina North at 13101 Aarans Pond Drive, built in 1972.

Dasmen Residential, based in Ramsey, N.J., acquired the portfolio in March 2021 for $101 million and undertook capital improvements at all five sites. 

Michael Katz, CEO of Dasmen, credited Crossmark with providing “capital market expertise” throughout the loan-closing process.   

Representatives at Greystone did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com