NEW YORK, July 21, 2015 (GLOBE NEWSWIRE) -- Greystone, a real estate lending, investment and advisory company, today announced it has assisted Oakmont Senior Living in obtaining $23,500,000 as an additional tranche to its $150 million Freddie Mac Revolving Credit Facility provided in December 2013. The new tranche ultimately provided funding for Oakmont of Carmichael, a new 71-unit assisted living and memory care facility in Carmichael, CA.
Construction of Oakmont of Carmichael was completed in September 2014, enabling Oakmont Senior Living to take out the construction loan with non-recourse, interest-only debt from the revolving credit line within just nine months of opening. The facility offers extensive and tailored care services as well as a spa, fitness center, salon, theater, manicured gardens, library, complimentary concierge and chauffeur services, and diabetes wellness program.
"The Freddie Mac Revolver is a fantastic financing product for clients with an active development or acquisition pipeline," said Scott Kavel, Managing Director of Greystone's Seniors Housing Team. "The ability to take out the construction loan with no ongoing occupancy requirement and provide low floating rate, non-recourse debt on an interest-only basis while the property stabilizes – and seasons prior to being taken out with a permanent loan – is a win-win for the client."
"With our active portfolio of luxury seniors care facilities, the Freddie Mac Revolving Credit Facility serves as a dependable financing platform for expansion," said Joe Lin, CFO, Oakmont Senior Living. "Greystone's flexibility and management of the financing platform as we continue to pursue new locations and opportunities has helped us to focus on the strategic aspects of expanding our business."
Greystone provides mortgage finance solutions across multiple platforms, including FHA, Fannie Mae, Freddie Mac, USDA, CMBS, bridge, mezzanine and other proprietary loan programs.
About Greystone
Greystone is a real estate lending, investment and advisory company headquartered in New York. Our range of services includes commercial lending across a variety of platforms such as Fannie Mae, Freddie Mac, CMBS, bridge and proprietary loan products; Mortgage servicing; Real estate investment and development; Acquisitions / management of multifamily properties and healthcare facilities; Affordable housing preservation; Public transport real estate management; and Investment sales advisory. Loans are offered through Greystone Servicing Corporation, Inc., Greystone Funding Corporation and/or other Greystone affiliates. For more information, please visit www.greyco.com.