Fannie's North Park refi keeps agencies in the take-out lane

Greystone originated a $46.79 million Fannie Mae loan to refinance The Nash, a 190-unit mixed-income building at 4135 Park Boulevard in San Diego's North Park, according to Connect CRE.

The property delivered in 2024 with 82 studios, 96 one-bedrooms, 12 two-bedrooms, and about 2,110 square feet of ground-floor retail. Ten of the 190 units are reserved for households earning less than 50% of area median income—a modest set-aside that, evidently, was enough to bring Fannie Mae to the table.

An affiliate of CEDARst owns The Nash. Greystone's Clint Darby and Andrew Remenschneider originated the financing with BMO as correspondent, and Darby described the property as high-quality, North Park as one of San Diego's most desirable neighborhoods, and the loan as a long-term financing solution.

The transaction is a clean example of how the refinancing wall is being dismantled—not through distress sales, but through steady GSE execution—and it fits a broader market in which Fannie and Freddie combined to take 40% of 2025 multifamily originations, splitting a $381.8 billion book with 2,530 other lenders.

A 2024-delivered asset refinancing in 2026 is almost certainly retiring a construction loan, and the sponsor has chosen a long-term fixed-rate agency take-out rather than a shorter bridge or a floating-rate private credit facility—suggesting a sponsor testing the market well before any maturity crunch. The 5.3% affordable set-aside is a small price for access to Fannie's liquidity.

Greystone's agency side has been busy elsewhere in August: earlier this month, the firm closed a $30.26 million FHA/HUD-insured refinancing on four Rhode Island skilled nursing facilities, a deal PWD covered on August 18. For sponsors watching the refinancing wall, a modest set-aside on a market-rate asset can unlock one of the deepest pools of long-term fixed-rate capital in the business, and The Nash is now a comp for every 2024 delivery still carrying a construction loan—a number to study before the first quote arrives.