Greystone provided a $27,500,000 Freddie Mac loan for permanent financing after completion of construction for Oakmont of San Jose, a seniors housing community in California.
The transaction was originated by Scott Kavel, Neal Raburn and Cary Tremper of Greystone.
The financing marks Freddie Mac’s first-ever Lease-Up Loan on a seniors housing property. The non-recourse Freddie Mac loan carries a term of 11 years with a fixed rate and 30-year amortization. Construction of the 66-unit / 72-bed assisted living and memory care community was completed in 2016, one of the newest additions to the renowned Oakmont Senior Living portfolio.
“Greystone is constantly showing us ways to execute on our financing needs, and the Freddie Mac Lease-Up Loan is just the latest in a number of products we’ve been able to utilize to meet our needs,” said Joseph G. Lin, CFO, Oakmont Senior Living LLC.