News


$221 million in financing secured for East Palo Alto affordable housing

 

East Palo Alto's largest owner of low-income housing has secured a $221 million Freddie Mac loan for affordable housing, real estate lending company Greystone announced on Monday, Dec. 19.

Greystone, a real estate lending, investment and advisory company, said it is providing the "credit facility" loan to Woodland Park Property Owner LLC. The credit is expandable up to $330 million and carries a 5-year term with two 1-year extension options.

The project is managed by Sand Hill Property Company and its affiliate, Woodland Park Communities, according to [www.greyco.com Greystone's announcement.

Woodland Park is a 1,808-unit affordable housing project located in East Palo Alto on the Palo Alto border. It consists of 118 individual land parcels, includes a mix of small properties from one to 50 units, and conventional multifamily and commercial properties. It presents a range of investment options, the company noted.

"Today’s announcement underscores Freddie Mac’s commitment to provide our customers with flexible financing solutions, such as the revolving credit facility for Woodland Park, that also furthers our mission to preserve affordable rental housing. We are excited to join forces with the professionals at CBRE and Greystone on this important project in East Palo Alto,” Lauren Garren, vice president of multifamily products and sales at Freddie Mac, said.

John Nelson, executive vice president, and Erik Franks, senior associate, of CBRE Capital Markets’ Debt and Structured Finance team, served as advisers to Sand Hill Property Company in the transaction.

Sand Hill and city of East Palo Alto officials could not immediately be reached for comment.

The announcement is just weeks after Facebook announced a $20 million donation toward affordable housing and job training.

Comments

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Posted by Willows neighborhood
a resident of Menlo Park: The Willows
on Dec 21, 2016 at 1:02 pm

Is this next to the willows?


Like this comment
Posted by Nextdoor
a resident of Menlo Park: The Willows
on Dec 21, 2016 at 2:32 pm

Adjacent to Menlo Park Willows and Palo Alto Crescent Park.

Veteran Silicon Valley Broker Arranges Sale of Sprawling East Palo Alto Apartment Properties He Helped Assemble More Than 15 Years Ago (June 2016) Web Link

East Palo Alto’s Woodland Park apartments — a massive collection of more than 1,800 rent-stabilized units — are about to change hands in a blockbuster deal that puts a new landlord in charge of more than half of the city’s multifamily rental housing stock.

An affiliate of Menlo Park’s Sand Hill Property Co. is buying the sprawling neighborhood of apartment buildings from publicly traded Equity Residential, Sand Hill executives confirmed last week. (Feb 2016)
Web Link


1 person likes this
Posted by Hmmm
a resident of another community
on Dec 21, 2016 at 3:49 pm

Why is The Almanac referring to this property portfolio as an "affordable housing project" when some of these buildings - not all - are rent stabilized and therefore subject to vacancy decontrol, which, as was intended by the law, practically speaking, kills off the affordability for many?


Like this comment
Posted by Not News?
a resident of another community
on Dec 23, 2016 at 1:58 pm

Please do better. So far, this "breaking news" story is a reworked copy of today's Greystone corporate press release, incorrectly titled "Greystone Provides $221 Million Freddie Mac Credit Facility for Affordable Housing in Palo Alto, CA" No context reporting does not contribute to our local news. Is there news here or not? Is this just a refinancing of a loan (a non-event) or does it signal something important? Like the beginning of major redevelopment in East Palo Alto? i.e. tear down the existing low-rise apartments and build the high rise towers envisioned in EPA's Westside Area Plan. Please provide some news we can use.


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