August 5, 2020
New York-based Greystone provided a $51.3-million HUD-insured loan to refinance Cadence Apartments, a 206-unit multifamily property in Hayward. The transaction was originated by Shana Daby, managing director at Greystone, on behalf of AMCAL Equities, LLC.
The non-recourse HUD 223 (a)(7) loan refinances the property for a 35-year term and amortization, resulting in a significant reduction in annual debt service payments. By achieving a high energy performance score, the property also qualifies for a reduction in Mortgage Insurance Premium for green standards, from 65 to 25 basis points annually.
Constructed in 2017, the luxury apartment community is situated on 2.9 acres near Dixon Street, directly across from the South Hayward BART station. Amenities include a state-of-the-art fitness center with separate yoga room, a resident lounge, pool and spa deck, clubhouse, business center, pet spa, self-service bike parking and repair, a community room and concierge services.
For comments, questions or concerns, please contact Dennis Kaiser