Greystone Provides $220M Credit Facility for Affordable Housing Project in Palo Alto

by Nellie Day

PALO ALTO, CALIF. — Greystone has provided a $220 million Freddie Mac credit facility for a 1,808-unit affordable housing project in East Palo Alto. The Woodland Park project will feature 118 individual land parcels, including a mix of small properties (one to 50 units), as well as conventional multifamily and commercial properties.

The borrower was Woodland Park Property Owner LLC, an affiliate of Sand Hill Property Co. John Nelson and Erik Franks of CBRE Capital Markets’ Debt & Structured Finance team represented the borrower. Rob Russell, head of CMBS production in Greystone’s New York office, originated the financing.

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