December 20, 2016
New York-based Greystone provided a $220.8-million Freddie Mac credit facility to Woodland Park Property Owner, LLC. The financing is for Woodland Park, an 1,808-unit affordable housing project in East Palo Alto, CA.
Woodland Park consists of 118 individual land parcels, includes a mix of small properties and conventional multifamily and commercial assets, and presents a range of investment options. The project is managed by Sand Hill Property Company and its affiliate, Woodland Park Communities.
The facility carries a 5-year term with two 1-year extension options, and can be expanded up to $330 million.
Greystone’s Rob Russell originated the facility. CBRE Capital Markets’ John Nelson, and Erik Franks, advised the owner/borrower, Sand Hill Property Company.
For comments, questions or concerns, please contact Dennis Kaiser