Greystone has originated a $46.79 million Fannie Mae refinancing loan for The Nash, a mixed-income multifamily community in San Diego. The property, located at 4135 Park Boulevard in the citys North Park neighborhood, totals 190 residential units and is held by an affiliate of CEDARst. Greystones Clint Darby and Andrew Remenschneider led the financing effort, with BMO participating as correspondent on the transaction.
Delivered in 2024, The Nash is a recently built apartment community that combines market-rate and income-restricted housing. The residential mix comprises 82 studio apartments, 96 one-bedroom units, and 12 two-bedroom units. Within the overall unit count, 10 residences are reserved as affordable housing for households earning below 50% of the area median income, positioning the asset as a mixed-income property within one of San Diegos established neighborhoods.
In addition to its residential component, The Nash includes approximately 2,110 square feet of ground-floor retail space. While specific tenants were not disclosed, the inclusion of street-level retail supports an active, mixed-use environment along Park Boulevard and adds a modest commercial income stream to the propertys primarily residential revenue base.
The refinancing aligns the newly completed asset with long-term agency financing relatively early in its life cycle. By accessing a Fannie Mae execution, the sponsorship has secured permanent debt backed by a federal agency program, which can be attractive for its potential to offer fixed-rate, longer-duration terms and structured protections, although exact loan terms were not disclosed in the source. The involvement of BMO as correspondent underscores the continued role of relationship lenders and intermediaries in connecting multifamily owners to agency capital channels.
Commenting on the deal, Darby described The Nash as a high-quality, recently developed multifamily asset located in one of San Diegos more desirable neighborhoods and noted that the financing solution is intended to position the property for its next phase of ownership. His remarks highlight both the experience of the sponsorship group and the strategic use of agency financing to support the ownerships long-term hold strategy, even as specific details such as loan term, interest rate, and leverage were not made public.
For the North Park submarket, the refinancing of a 2024-delivered community through Fannie Mae underscores ongoing lender interest in well-located, mixed-income multifamily assets. The presence of designated affordable units at 50% of area median income, integrated into a largely market-rate property, aligns with public and private efforts to expand housing affordability while still attracting institutional-quality financing. The transaction signals that capital remains available for recently delivered multifamily product in established urban neighborhoods when backed by experienced ownership and supported by agency lending programs.
