May 27, 2020
New York-based Greystone closed on a 10-year, $86.2 million Freddie Mac loan refinancing of Aspire Apartments in Northern California. The newly-constructed Class A multifamily community is located at 2725 Pavilion Parkway in Tracy, CA.
“We were surprised to learn that a refinancing actually provided more benefits than selling, once we considered the potential implications of an exit,” said Gary Mancebo of Legacy Homes, which developed the community.
Aspire Apartments consists of 348 units and was completed in 2019. The property offers residents a number of amenities, including a resort-style pool, fitness center, pet spa and clubhouse.
A Greystone Real Estate Advisors team of Todd Vitzthum and Simon Herrmann, and Greystone’s Cody Field arranged the loan on behalf of the borrower.
Vitzthum says, “With the COVID-19 pandemic bearing down on California and the world, we worked diligently to guide Legacy Homes through their options, taking into account tax implications, and then executing seamlessly on the most advantageous path.”
For comments, questions or concerns, please contact Dennis Kaiser