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8/19/15
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Greystone has provided a $58.34 mil Freddie Mac loan to refinance Varenna at Fountaingrove, a 163-unit independent living facility in Santa Rosa, California. The complex is owned and operated by affiliates of Oakmont Senior Living.
Varenna at Fountaingrove provides residents gourmet dining, concierge services, activity rooms, a salon, day spa services, a private theater, walking paths, gardens, and a wellness center. Nestled in Sonoma County, the community is reminiscent of its namesake in Italy, with gorgeous views and surroundings.
The 10-year loan was funded via Freddie Mac's Index Lock product, which enabled the borrower to take advantage of the existing 10-Year Treasury rate prior to commitment. This is the second Freddie Mac capital markets execution Greystone has provided for the borrower to date, in addition to the assets Greystone has previously funded into a separate $150 mil Freddie Mac Credit Revolver.
"The Freddie Mac securitized loan product is a fantastic option for stabilized seniors properties to secure long-term financing," said Scott Kavel, Managing Director of Greystone's Seniors Housing Team. "As there is always a level of risk with a securitized loan execution, the borrower certainly achieved upside by utilizing the Index Lock with this transaction, saving over 50 basis points in rate movement during underwriting."
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