The Embassy Group has secured a $58.6 million floating rate Freddie Mac loan to refinance a 306-unit multifamily property in Naples, FL. The transaction was originated by Dan Sacks, managing director in Greystone' New York office, on behalf of The Embassy Group.
The loan refinances an existing Fannie Mae loan to acquire the property, Amberton Townhomes, in 2017. It carries a 10-year term with a 30-year amortization and five years of interest-only payments.
Originally constructed in 2007, Amberton Townhomes consists of 39 two- and three-story buildings.
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Greystone secured the original financing for The Embassy Group as well.
Liquidity for the multifamily asset class has remained stable through the pandemic due in large part to Freddie Mac and Fannie Mae's participation in the market. In general, across all asset types, refinancing has been driving capital market transactions during this time, according to Real Capital Analytics, accounting for 50% of all capital flows to commercial property in the first half of the year. By contrast, new acquisitions accounted for only 30% of US capital flow to commercial property, despite the low interest rate environment.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
