NEW YORK, NY - Greystone, a leading national commercial real estate lending, investment, and advisory company, has provided an approximate $37 million Fannie Mae structured adjustable rate mortgage (SARM) loan for the acquisition of a 134-unit seniors housing property in Rocklin, CA. Greystone’s seniors housing finance team originated the loan on behalf of the buyer, Harbert Seniors Housing Fund II, L.P.
Located in the Sacramento MSA, The Pines at Rocklin is operated as an independent living, assisted living and memory care facility and is licensed for a total capacity of 142 residents. Merrill Gardens Senior Living serves as the operator and joint venture partner of the community, which was built in 2015. Greystone’s financing includes a 10-year term with an adjustable rate and five years of interest-only.
“Rocklin and the surrounding area are seeing overall population growth greater than the national average, so demand for this product type in this particular region is strong,” said Cary Tremper, head of Greystone’s seniors housing finance team. “We have truly enjoyed working with Harbert to expand and optimize their portfolio over the years by providing attractive long-term financing for both acquisitions and refinancing.”
About Greystone: Greystone is a real estate lending, investment, and advisory company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Our range of services includes commercial lending across a variety of platforms such as Fannie Mae, Freddie Mac, CMBS, FHA, USDA, bridge and proprietary loan products. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates.