Greystone announces Freddie Mac Revolving Credit Facility
Greystone has closed the first-ever Freddie Mac Revolving Credit Facility for $150 million on behalf of Oakmont Senior Living in Chino Hills, CA.
The first transaction under the Revolving Credit Facility was for $29 million, the company said. It “allows us to finance assets off our construction loans sooner than ever before,” according to Joe Lin, Oakmont Senior Living Chief Financial Officer.
Freddie Mac's Revolving Credit Facility “provides significant advantages for senior housing owners with large development and acquisition pipelines or assets requiring time to stabilize,” Greystone said. The minimum size for a Revolving Credit Facility is generally $50 million, but it can be closed with “as little as one asset totaling $10 million or more,” according to the company.
“We value the importance of supporting the development and finance of senior housing, and are excited to have worked with Greystone and Oakmont to bring the Revolving Credit Facility to seniors housing,” said Steven T. Schmidt, National Director, Seniors Housing Group at Freddie Mac.
Greystone is on pace to be one of Freddie Mac's top five senior housing lenders, the company said.