NEW YORK, NY - Greystone, a leading national commercial real estate finance company, has provided a $28,250,000 Freddie Mac Optigo® loan to refinance a newly-constructed 96-unit senior housing property in North Richland Hills, TX. The transaction was originated by Tyler Armstrong, Managing Director on Greystone’s Senior Housing Capital Markets Team on behalf of StoneCreek Real Estate Partners.
The non-recourse $28.2 million Freddie Mac loan carries an adjustable rate with a 10-year term, a 30-year amortization and five years of interest-only payments. Originally built in 2019, StoneCreek of North Richland Hills is a Class A+ independent living, assisted living, and memory care community at 98% occupancy. The community, operated by Civitas Senior Living, offers a comprehensive range of world-class amenities for residents including a wellness center, fitness center, activity room and abundant group activities. The property is located off Mid Cities Boulevard in close proximity to Medical Center North Hills and various major retail centers.
“Working alongside Joe and his team to position this stellar community for long-term success has been such a pleasure,” said Tyler Armstrong. “This Freddie Mac execution provides a permanent exit from construction financing that will enable the team to focus on providing the top-notch care they’re known for in the industry.”
“Over the years, we have had the pleasure to work with quality financial intermediaries on our real estate transactions. The Greystone professionals led our team through the Freddie Mac refinance process efficiently and effectively. The organized focus from beginning to close was one of the best experiences we have been a part of at StoneCreek,” said Mr. Geer, Key Principal of the borrower.