19-Property Seniors Housing Portfolio
CT/MA/RI
$460MM, Credit Facility

The portfolio is owned by a joint venture managed by Benchmark Assisted Living, LLC. 19 cross-collateralized independent and assisted living facilities located in Connecticut, Massachusetts, and Rhode Island were financed through the credit facility. The Green Park Financial team completed the complex financing in less than 60 days from receipt of the application in order to achieve the borrower’s desired timeline to close. Financing was arranged by Howard Smith.

11-Property Seniors Housing Portfolio
CT/ME/MA/NH/RI/VT
$175MM, Credit Facility

The credit facility was used to finance 11 cross-collateralized independent living, assisted living, and Alzheimer’s facilities consisting of 773 beds. The facility was structured into two equal components, $87.5 million each. The first part has a ten-year term with five years of interest only payments and a 30-year amortization. The second part has a five-year term at a fixed rate with the option for the borrower to extend to a sixth year at a floating rate. The second portion also has five years of interest only payments and a 30-year amortization. Financing was arranged by Howard Smith.

55 Property Portfolio
CA/AZ/NV/TX
$337.1MM, Refinance

This portfolio included 53 garden-style multifamily properties with a total of 5,611 units and two office buildings with a total of 40,766 square feet. 44 apartments and the two offices are located in and around the Los Angeles MSA, 4 apartments are in the Las Vegas MSA, 3 in the Phoenix MSA and one in the Dallas MSA. Properties ranged in size from 18 to 496 units. The loans were structured with ten year loan terms and 30-year amortizations. The pool was underwritten to a 69 percent loan-to-value (LTV) with 1.20 DSC ratio and cap rates ranging from 5.5% to 7.5%. Financing was arranged by Andrew Tapley.

58 Property Portfolio
California
$148.7MM, Refinance

Security consisting of 58 apartment complexes totaling 2,156 units located in the greater Los Angeles area. The portfolio was structured as 58 individual loans secured in six cross-collateralized pools totaling $148,725,940. These six crossed pools range in size from seven to 12 properties and from $20.3 million to $27.8 million in total proceeds. All 58 loans have ten-year terms with 30-year amortization schedules. Green Park processed the transaction via a CMBS execution, and all 58 loans closed within 90 days of receiving the signed loan application. Financing was arranged by Andrew Tapley.

The Elms at Oakton
Oakton, Virginia
$30MM, Refinance

The Elms at Oakton, built in 1987, is a 313-unit, garden style apartment complex located in Oakton, Virginia. The loan was structured as a ten-year term with five-year interest only followed by 30-year amortization. In order to minimize the prepayment penalty associated with the existing financing, the borrower elected to do a six month extended rate lock. This more closely aligned the closing of the new loan with the end of the prepayment period on the existing debt. Financing was arranged by Ted Patch.

Franciscan of Arlington
Arlington, Texas
$24.4MM, Assumption & Refinance

Franciscan of Arlington is a luxury apartment community built in 2000. The subject contains 418 apartments in 19 three-story garden-style residential buildings. Green Park Financial structured the loan as a ten year term with full term interest only. Financing was arranged by Andrew Tapley.

Sunrise of Willowbrook
Willowbrook, IL
$21.9MM, Acquisition

Sunrise of Willowbrook is an 82-unit, 98-bed senior living facility. The loan was structured as a ten-year term, with one-year interest only followed by 25-year amortization. The Green Park Financial team closed the loan in only 45 days after receiving the signed application. Financing was arranged by Howard Smith and Russ Ming.

Bridgeway II Apartments
Lafayette, Louisiana
$16.3MM, Fully Funded Forward Commitment

Bridgeway II is a to-be-built garden-style apartment complex located in the “Go Zone” area in Louisiana that was affected by hurricanes Katrina and Rita. The loan was structured as a 10 year term, 24 month forward commitment with 30 years amortization. Financing was arranged by Andrew Tapley.

Big Trout Lodge Apartments
Liberty Lake, Washington
$15.7MM, Refinance

Big Trout Lodge Apartments, built in 2001, consists of 297 garden-style units in 14 two and a half story buildings. . The loan was structured as a 10 year term with 30 years amortization.

Historic 13 Property Portfolio
Pennsylvania
$19.5MM, Coterminous Second Trust

The portfolio consists of 18 individual historic buildings listed in the National Registry of Historical Buildings totaling 1,048 units that have been converted and renovated to their current use as apartment properties. The 13 loans have seven-year terms with two years interest only, followed by 28-year amortization. Green Park Financial was able to lock rate on the 13 supplemental loans in just ten days of receiving the signed loan application. Financing was arranged by Ed Wilson.

Ten Property Affordable Housing Portfolio
Idaho
$12.9MM, Permanent

Each property in the portfolio, totaling 297 units, is a 9% Low Income Housing Tax Credit (LIHTC) property with 100% of its units rent restricted. The LIHTC restrictive covenants require the properties to set aside units for tenants earning 30% to 60% or less of the Area Median Income (AMI) of the MSA depending on the property. Green Park Financial utilized a bifurcated loan structure, using two notes secured by a single first mortgage lien. The A Piece Loan is based on the lower of Section 42 or market rents, with an 18-year term and 30 year amortization. The B Piece Loan is based on the excess rents generated by the Section 8 HAP contract rents.

Trails West, MHC
Las Cruces, New Mexico
$9.1MM, Refinance

Trails West, is a 5-star 275 pad age restricted (55+ years of age) manufactured housing community. The loan was structured as a 9 + 1 term, three years interest only and then a 30 year amortization.

College Pointe Apartments
Spartanburg, South Carolina
$9MM, Permanent

College Pointe Apartments is a dedicated student housing project that is located adjacent to the University of South Carolina at Spartanburg. The loan was structured as a ten-year term with a 30 years amortization. Financing was arranged by Ted Patch.

Jetu Apartments
Washington, D.C.
$9MM, Refinance

Built in 1941, Jetu Apartments is a class B garden apartment complex located in northeast Washington, D.C. Green Park Financial structured the loan with a seven-year term, with the first 6-years being fixed at 5.575% and 7th year floating at 240 basis points over LIBOR, and a 30-year amortization. Financing was arranged by Ted Patch.

Steeplechase Apartments
Lexington, Kentucky
$8.8MM, Refinance

Steeplechase Apartments, built in 1985, consists of 280 garden-style units in 19 two-story buildings. The loan was structured as a 10 year term with 30 years amortization. Green Park Financial agreed to an extended rate lock on this deal whereby we held rate for 108 days without any requirement for a resizing test. This allowed the Borrower to take advantage of the rate at the time without risk of the loan amount being changed while waiting for the date under which the existing loan could be defeased.

Towne Oaks Apartments
Beaumont, Texas
$6.3MM, Acquisition

Towne Oaks is a 186-unit garden-style apartment complex built in 1968. Green Park Financial structured the loan with a seven-year term, three years of interest only payments, and a 30-year amortization. Financing was arranged by Andrew Tapley.

Sorrento Bluff Apartments
Beaverton, Oregon
$6.2MM, Streamline Refinance

Sorrento Bluff Apartments, built in 1985, consists of 127 units in ten, two- and three-story garden style buildings. The loan was structured as a ten-year term with 30 years amortization. The Green Park Financial team locked the rate only two days after receiving the signed application. Financing was arranged by Ed Wilson.

Bon Ayre Homes, MHC
Smyrna, Delaware
$5.4MM, Permanent

Bon Ayre Homes is an age restricted (55 years +) manufactured housing community situated on approximately 93 acres. Green Park Financial structured the loan with a ten-year term, five years of interest only, and a 30-year amortization. Financing was arranged by Howard Smith.

Arundel Apartments
Wilmington, Delaware
$14.3MM, Permanent

Arundel is a class B, 219 unit garden apartment complex built in 1969 located in 18 buildings on 16.1 acres of land. The loan was structured as a ten-year term; 9.5 years yield maintenance with a 30-year amortization. Green Park Financial closed the loan in only 22 business days from receipt of the executed loan application.

Ravenwood Apartments
Ithaca, New York
$4.4MM, Refinance

Ravenwood Apartments, built in 1981 and 1986, is a class B-, 40 unit, garden apartment complex with a mix of one-, two-, three-, four-, and five-bedroom units located in 5 buildings on 1.69 acres of land. The loan was structured as a ten-year term with 30 years amortization. The Green Park Financial team locked rate five months prior to closing in order to use the rent increases associated with the new school year. Financing was arranged by Ed Wilson.

Carriage Cove MHC
Sanford, FL
$12.2MM, Permanent

Carriage Cove is a 4 star, 450-pad manufactured housing community, which is currently comprised of 233 multi-sectional and 217 single-sectional pads located in Sanford, Florida. The loan was structured as a ten-year term, three-year interest-only loan with a 30-year amortization. Joe DeCarlo closed the loan. Financing was arranged by Joe DeCarlo.

Shipley Park Apartments
Washington, D.C.
$11.9MM, Forward Commitment

Shipley Park is a class B, 249-unit garden-style property that was originally constructed in 1949. The project will be substantially renovated and repositioned with the financing provided. The loan was structured as a 24 month forward commitment followed by a 30-year self amortizing, fixed rate term. Ted Patch closed the loan. Financing was arranged by Ted Patch.

639 West Grace
Chicago, IL
$10.3MM, Refinance

639 West Grace, built in 1968, is a five-story mid-rise apartment building totaling 183 units. The loan was structured as a three-year term, DMBS with 30-year amortization.

Fieldstone Apartments
Caledonia, MI
$10.2MM, Refinance

Fieldstone consists of 156 units in 13, two-story, garden-style apartment buildings that were constructed in 2002 and 2003. The property was built in two phases, the second of which was marketed and sold as condominiums. The loan was structured as a ten-year term with a 30-year amortization. The Green Park Financial team locked the rate quickly to protect the borrower from any upward movement in interest rates. Ted Patch closed the loan. Financing was arranged by Ted Patch.

Weatherstone Townhomes
Southfield, MI
$9.6MM, Refinance

Weatherstone consists of 110 three-level townhouse units, each with its own two-car garage. The loan was structured as a ten-year term, two-years interest only and five-years yield maintenance with 30-year amortization. The transactions were closed in only 45 days of application. The Green Park Financial team structured the loan to allow the Borrower the flexibility to payoff the loan for minimal fees halfway through the term, while locking in low rates for the long term. Russ Ming closed the loan. Financing was arranged by Russ Ming.

Canyon Springs
Phoenix, AZ
$8.2MM, Permanent

Canyon Springs was built in 1981 and consists of 11 two-story garden-style apartment buildings totaling 203 units. The loan was structured as a five-year term, fixed rate, with 30-year amortization. Financing was arranged by Will Baker.

Westridge Apartments
Texarkana, Texas
$4.6MM, Acquisition

Westridge Apartments, built in 1984, is a 176 unit garden style apartment complex situated on a 9 acre parcel of land in Texarkana. The loan was structured as a seven-year term, two years interest only followed by a 30-year amortization at 80% of the acquisition price of $5,750,000. Green Park Financial rate locked this deal within 30 days of receiving the loan application without doing an extended rate lock. Financing was arranged by Andrew Tapley.

Waterstone
Cincinnati, OH
$5.96MM, Permanent

Waterstone Place Apartments consist of four, three-story garden-style apartment buildings totaling 173 units. The loan was structured as a nine-year term, one-year extended maturity option with 30-year amortization. Green Park Financial was able to lock rate in ten business days and closed the loan in only 30 business days. Financing was arranged by Joe DeCarlo.

Terrace Heights
Mountlake Terrace, WA
$5.8MM, Refinance

Terrace Heights Apartments, built between 1990 and 1991, consist of 17 two-story and three-story garden-style apartment buildings totaling 145 units. The loan was structured as a nine-year term, one-year extended maturity option with 30-year amortization. Financing was arranged by Ed Wilson.

Dolphin Beach
Carlsbad, CA
$5.3MM, Refinance

Dolphin Beach Apartments are garden-style apartments totaling 40 units. The loan was structured as a ten-year term, two years interest only followed by 30-year amortization. Green Park Financial rate locked the loan in only two weeks after receiving the signed application. Financing was arranged by Andrew Tapley.

Colonial Pines Mobile Estates
Navarre, FL
$4.7MM, Permanent

Colonial Pines was originally developed in 1965 as an RV park which was later converted into a Mobile Home Community prior to the Borrower's acquisition in 1981. At the time of acquisition Colonial Pines was only improved with 62 home sites. Through the years additional home sites have been added, with the last 67 pads being delivered in 2001. Colonial Pines is comprised of 176 manufactured homes, plus a one-story clubhouse which also houses the management and leasing office and a storage/maintenance building. The loan was structured as a ten-year term with a 30-year amortization. Joe DeCarlo closed the loan. Financing was arranged by Joe DeCarlo.

Littlebrook MHC
Roseburg, OR
$3.5MM, Acquisition

Littlebrook is a 5-star manufactured housing community for residents 55 years and older situated on 57 acres and improved with 140 pads and a 3,700 square foot clubhouse. The loan was structured as a ten-year term with two-years interest only, followed by 30-year amortization. At the time of financing, Littlebrook was still in lease-up and had not obtained stabilized occupancy levels. In order to allow the borrower to take advantage of low interest rates, Green Park Financial provided financing based on the income received from the pre-stabilized property. Financing was arranged by Andrew Tapley.

Ritz
Las Vegas, NV
$3.5MM, Coterminous Second Mortgage

Ritz Apartments were built in two phases. Phase one in 1990, contains 12 two-story apartment buildings and one office / clubhouse on the second floor. Phase two was added in 1991 and contains 10 two-story apartment buildings. The loan was structured with a 30-year amortization schedule. Financing was arranged by Ed Wilson.

Village at Willow Crossing
Mansfield, MA
$2.5MM, Second Trust

The Village at Willow Crossing is a 112-bed senior living facility providing independent and assisted living services, including a wing dedicated to residents with Alzheimer's. Benchmark Assisted Living, LLC, assumed the original loan in November 2004 and utilized Green Park Financial's supplemental loan program to release equity from the increased value of the facility. The loan was structured with a five-year term, coterminous to the first trust loan, with a one-year interest-only period and a 25-year amortization. The transaction was closed in only 45 days of application. Robert Ryan and Russ Ming closed the loan. Financing was arranged by Russ Ming.