{"id":86074,"date":"2025-12-31T23:38:04","date_gmt":"2025-12-31T23:38:04","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/86074\/"},"modified":"2025-12-31T23:38:04","modified_gmt":"2025-12-31T23:38:04","slug":"greystone-supplies-84m-refi-on-rhode-island-apartments-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/86074\/","title":{"rendered":"Greystone Supplies $84M Refi on Rhode Island Apartments \u2013 Commercial Observer"},"content":{"rendered":"<p><a href=\"https:\/\/commercialobserver.com\/company\/gaia-real-estate\/\" title=\"GAIA Real Estate\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">GAIA Real Estate<\/a> has landed $83.8 million of agency debt to refinance a Rhode Island multifamily building, Commercial Observer can first report.<\/p>\n<p><a href=\"https:\/\/commercialobserver.com\/company\/greystone\/\" title=\"Greystone\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">Greystone<\/a> originated the Freddie Mac-backed loan for Gaia\u2019s 478-unit Winchester Park &amp; Woods property in East Providence, R.I. The deal, which closed Wednesday afternoon, replaced a previous Fannie Mae loan for the 1978-built property executed in 2018.<\/p>\n<p>SEE ALSO: <a href=\"https:\/\/commercialobserver.com\/2025\/12\/circle-f-capital-walker-dunlop-pccp\/\" rel=\"nofollow noopener\" target=\"_blank\">Circle F Capital Recaps One Park Row, Lands $77M Refi\u00a0<\/a><\/p>\n<p>\u201cWinchester is a high-performing asset and a fantastic residential experience, which has driven enviable tenant retention rates,\u201d Danny Fishman, CEO of Gaia Real Estate, said in a statement. \u201cWe\u2019ve already seen returns of more than seven times our initial equity, bearing out our long-term investment plan.\u201d<\/p>\n<p>Gaia acquired the property in East Providence\u2019s Riverside neighborhood in 2013 for around $55 million from Equity Residential in 2013, the Providence Journal <a target=\"_blank\" rel=\"noopener nofollow\" href=\"https:\/\/www.providencejournal.com\/story\/business\/2013\/04\/30\/20130430-east-providence-apartment-complex-sold-for-about-55-million-ece\/35421559007\/?gnt-cfr=1&amp;gca-cat=p&amp;gca-uir=false&amp;gca-epti=z114720u117420d00----v114720&amp;gca-ft=244&amp;gca-ds=sophi\">reported<\/a> at the time. The property recently underwent a renovation program completed in 2024 that helped boost retention rates, according to Gaia.\u00a0<\/p>\n<p>Located at 125 Village Green North, six miles southeast of Downtown Providence, the complex consists of one- to three-bedroom apartments in 79 two- and three-story buildings. Community amenities include an outdoor swimming pool, tennis courts, basketball courts, a playground, a dog park and access to walking trails.\u00a0<\/p>\n<p>\u201cGaia is highly selective about the investment opportunities it pursues, and we\u2019re proud of the value we continue to bring to the Winchester Park &amp; Woods,\u201d Yvonne Sun, managing director, asset management at Gaia, said in a statement. \u201cIt aligns perfectly with our strategy of driving alpha through smart acquisitions and active improvement and management of assets.\u201d<\/p>\n<p>The transaction marked Gaia\u2019s second Freddie Mac refi with Greystone, which also provided a $223.9 million debt package in 2023 for a 989-unit multifamily portfolio in Stamford, Conn., as CO first <a href=\"https:\/\/commercialobserver.com\/2023\/10\/greystone-stamford-apartment-properties-224m-loan\/\" rel=\"nofollow noopener\" target=\"_blank\">reported<\/a> at the time.\u00a0<\/p>\n<p>Greystone did not immediately return a request for comment.<\/p>\n<p>Andrew Coen can be reached at <a href=\"https:\/\/commercialobserver.com\/2025\/12\/greystone-east-providence-rhode-island-apartments\/mailto:acoen@commercialobserver.com\" rel=\"nofollow noopener\" target=\"_blank\">acoen@commercialobserver.com<\/a>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"GAIA Real Estate has landed $83.8 million of agency debt to refinance a Rhode Island multifamily building, Commercial&hellip;\n","protected":false},"author":2,"featured_media":86075,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[41796,17386,75,84,83,9,24,63,41797],"class_list":{"0":"post-86074","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-manhattan","8":"tag-danny-fishman","9":"tag-freddie-mac","10":"tag-manhattan","11":"tag-manhattan-headlines","12":"tag-manhattan-news","13":"tag-new-york","14":"tag-new-york-city","15":"tag-nyc","16":"tag-yvonne-sun"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/86074","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=86074"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/86074\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/86075"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=86074"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=86074"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=86074"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}