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.