Greystone, a leading commercial real estate lending, investment, and advisory firm, announced it has provided a $132,965,000 Fannie Mae loan for Staten Island Urby, a two-building, 571-unit “80/20” mixed-income multifamily rental apartment building located on the waterfront in Staten Island, New York. The Greystone Bassuk Capital Markets Advisory Group, led by President Drew Fletcher, and with support from Executive Managing Director Ken Rogozinski, Managing Director Matt Klauer, and Associate Bryan Grover, served as exclusive advisor on behalf of Urby and secured the Fannie Mae loan through Greystone’s Affordable Lending Team. Billy Posey, head of Greystone’s Lending Business, and Jeff Englund, Senior Managing Director, collaborated on the structure for the Borrower and spearheaded the loan process for Greystone’s debt business. The new 10-year fixed rate permanent loan replaces the original $100 million construction credit facility provided by PNC Bank in 2013.

Completed in 2016, Staten Island Urby is located at 7 and 8 Navy Pier Court in Staten Island, New York on a 3.94-acre waterfront lot on the eastern side of Front Street between Prospect and Wave Streets. Staten Island Urby consists of one 4-story building and one 5-story building that together feature 571 LEED-certified multifamily units across approximately 292,369 net rentable square feet, extensive amenity space, and 35,000 square feet of retail space. 115 of the total units (representing ~20% of the total number of apartments) are affordable housing units priced at 60% of AMI. The remaining 456 apartments are priced at market rents.

Urby aims to deepen the very nature of apartment living by applying the personal approach and design associated with boutique hotel hospitality to the residential experience. Inside and out, fresh design maximizes space and light, while in-house culture teams host get-togethers to spark interaction, creativity, and good times among neighbors. Urby was created by David Barry who combined his astute sense of the apartment industry and skills in real estate development with his experience operating boutique hotels. Major investments in notable hotel projects include The Standard East Village, Chiltern Firehouse in London, Pod Hotel in Williamsburg, W Hotel in Hoboken, and such notable residential projects as Shipyard Hoboken, Pier Village, and 10 Bond. For Urby, Barry collaborates creatively with Amsterdam-based design firm Concrete – best known for CitizenM Hotel designs – for its architecture and interior design.

Collective spaces at Staten Island Urby, which are designated for get-togethers among residents, include one of New York City's largest urban farms, as well as the Urby Kitchen, which hosts cooking demonstrations by local chefs, pop-up dinners, tastings and talks. The development also includes a 5,100-square-foot gym, outdoor saltwater pool, landscaped courtyards with fire pits and play areas, Wi-Fi enabled green spaces, filtered water filling stations in the lobbies and an on-site 300-car garage. The building offers sweeping panoramic views of the Statue of Liberty, Verrazano Bridge, Brooklyn and Lower Manhattan.

Staten Island Urby also includes 35,000 square feet of commercial space situated around the main concourse with direct waterfront views and easy access to the esplanade. The retail programming, designed to bring the waterfront experience to residents and area locals, includes recently-opened Barca, Staten Island’s first Mediterranean-style seafood restaurant from celebrated chefs Dave Pasternack and Vic Rallo, as well as Rallo’s Surf, a 200-seat dual-level space dedicated to live wood-fire cooking and a new take on barbeque. Seppe Pizza Bar is run by brothers, Joe Iovino and Damian De Rosaire, who have familial roots in Naples, Italy. Staten Island Urby’s lobby café is operated by boutique, New Jersey-based coffee roaster, Coperaco, known for providing high-quality coffee to some of the most prestigious chefs and restaurants in the world.

“Urby has created a fresh new take on urban apartment living with hospitality-level services, curated amenity spaces and efficient, modern-design apartments at affordable prices,” said Mr. Fletcher. “We are incredibly excited to have represented Urby on this project as they continue their push to redefine the standards for big city rental housing.”


Greystone, a leading commercial real estate lending, investment and advisory company, today announced its closing of a $75,000,000 Fannie Mae loan made to an affiliate of Edison Properties, LLC for The Ludlow, a 23-story, 241-unit mixed-income multifamily rental apartment building located on the Lower East Side of Manhattan. The Greystone Bassuk Capital Markets Advisory Group, led by President Drew Fletcher, and with support from Executive Managing Director Ken Rogozinski and Managing Director Matt Klauer, served as exclusive advisor on behalf of the Borrower and placed the Fannie Mae loan through Greystone’s Affordable Lending Team. Billy Posey, head of Greystone’s Lending Business, and Jeff Englund, Senior Managing Director, collaborated on the structure for the Borrower and spearheaded the loan process for Greystone. The new 15-year fixed-rate permanent loan refinances the original construction-to-perm credit facility provided by Helaba Landesbank Hessen-Thüringen (“Helaba”) in 2006.

Located at the southeast corner of Ludlow Street and E. Houston Street in the vibrant Lower East Side neighborhood of Manhattan, the 23-story Project contains 241 residential units across approximately 210,000 gross square feet including 5,500 square feet of ground floor retail. 62 of the total units, or approximately 25%, are set aside for low- and moderate-income households.

Originally completed in 2008, the Project features spacious layouts, floor-to-ceiling windows with unobstructed views of Midtown and Downtown Manhattan. Building amenities include a 24-hour concierge, state-of-the-art fitness center with yoga/Pilates studio, rooftop sundeck, resident lounge with billiards/media room and on-site parking. With an extensive array of restaurants, cafes, clubs, galleries, and music venues, the area is one of the trendiest and fastest-growing neighborhoods in New York City. 

“We are extremely proud to have represented Edison on this exciting transaction,” said Mr. Fletcher. “Originally assembled and operated as a parking lot over 40 years ago, The Ludlow is a testament to Edison’s vision and commitment to investing in neighborhoods for the long-term.”

“Edison is thrilled to deepen its relationships with both Greystone and Fannie Mae with this financing,” said Tony Pinto, Chief Financial Officer of Edison. “Our goal for this transaction was to convert to long-term permanent financing at a fixed rate to mitigate future interest rate exposure and provide additional term to transition beyond the upcoming burn-off of the 421-a tax abatement. Greystone Bassuk delivered an execution that exceeded our expectations while putting the Project on solid footing for the long-term.”

CHARLOTTE, NC – January 11, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces $20.23 million in acquisition financing for The Linden, a newly developed, 162-unit, mixed-use apartment property with approximately 6,000 square feet of ground floor retail in Davidson, North Carolina.

The HFF team worked exclusively on behalf of Raleigh, North Carolina-based Blue Heron Asset Management, LLC to secure the Fannie Mae loan through M&T Realty Capital Corporation.

The Linden is ideally positioned in the highly desirable and supply-constrained Charlotte suburb of Davidson, which provides nearby access to Lake Norman and walkability to the shops and amenities of Downtown Davidson as well as Davidson College.  Additionally, the property is surrounded by several major economic drivers, including MSC Industrial Supply Company’s U.S. headquarters, Ingersoll Rand’s North American headquarters and Lowe’s global headquarters. Furthermore, the property will benefit from the soon-to-be-completed Interstate 77 infrastructure improvements, which will allow for direct access to all of Charlotte, including Uptown.  

Completed in 2016, The Linden consists of a mix of studio, one- and two-bedroom units along with more than 5,800 square feet of fully leased ground-floor retail.  Units feature open floor plans with modern finishes such as gourmet kitchens with granite countertops, European-style cabinetry, stainless steel appliances and wood-plank flooring.  Community amenities include a resort-style pool, grilling area, fire pit, state-of-the-art athletic club, clubroom, coffee bar, library, conference room and corporate suites. 

The HFF team representing the borrower consisted of senior director Roger Edwards. Loan origination by M&T Realty Capital Corporation was led by managing director Robert Ryan.

Greystone, a leading commercial real estate lending, investment, and advisory company, announced it has provided a total of $11,727,000 in Fannie Mae loans to refinance a portfolio of multifamily properties in Brooklyn, New York. The loans were originated by Anthony Cristi in Greystone’s New York office on behalf of Zalmen Wagschal.

The four separate Fannie Mae loans, closed in under 2 weeks from the application date, are all 7-year Hybrid Adjustable Rate Mortgages (ARMs), secured to refinance the following properties comprising 6-12 units in the Bushwick and Bedford-Stuyvesant neighborhoods:

-- 867-869 Knickerbocker Avenue;


-- 221 Himrod Street;

-- 299 Throop Avenue; and

-- 634 Wilson Avenue.

“When an owner is both prepared and motivated, the loan process can be quick and efficient,” said Mr. Cristi. “That said, it took an incredible amount of cooperation among all parties, including Fannie Mae, to close this financing in just 10 days.”

“The relatively shorter-term period of a hybrid loan enables an owner to perform value-add improvements to a property, acting as a bridge of sorts, to a longer-term solution once the property is reappraised and ready to be refinanced,” added Mr. Cristi.



New York, NY (November 6, 2018) – Greystone, a leading commercial real estate lending, investment, and advisory company, announced it has provided a $8,237,000 Fannie Mae Delegated Underwriting and Servicing (DUS) loan to refinance a three-property multifamily portfolio in Queens, New York. The transaction was originated by Fred Levine, managing director in Greystone’s Monsey, NY office, for The Colorful Flowers Commonwealth Trust.

The $8.2 million Fannie Mae loan carries a 10-year term and 30-year amortization period. The borrower has previously secured HUD financing from Greystone on other properties in its portfolio.

The portfolio consists of three, rent-stabilized properties totaling 52-garden style units located in the Springfield Gardens neighborhood of Queens. Built in 2006, the New Yorker at 177-50 South Conduit Avenue has 20 units. Liberty House and Empire House, at 176-20 and 177-16 South Conduit Avenue respectively, each have 16 units. Amenities at these properties include on-site laundry, covered parking and storage facilities, as well as community rooms and video security. All offer convenient access to JFK International Airport, mass transit into New York City, and major highways.    

“Financing a scattered site deal such as this was complex, with some condo units involved as opposed to solely rental units. Despite the hurdles, we closed the deal in less than 60 days,” said Mr. Levine. “We value our long-term relationship with Colorful Flowers Commonwealth Trust, and will continue to work tirelessly to deliver unparalleled execution and service.”

“The Greystone team worked creatively and efficiently to complete our Fannie Mae loan, just as they have done previously on our HUD business dealings,” said Edward O. Farbenblum, Esq., key principal of The Colorful Flowers Commonwealth Trust. “Their consistency in securing a successful outcome - in a short period of time – further solidifies that using Greystone is the prudent choice when it comes to financing.”


New York, NY (July 24, 2018) – Greystone, a commercial real estate lending, investment, and advisory company, announced it has provided a $28,200,000 Fannie Mae DUS loan for the acquisition of Northpoint Apartments, a dedicated student housing community in Rexburg, Idaho. The loan was originated by Dale Holzer of Greystone’s Newport Beach office.

 The 154-unit property, which was completed in 2014, serves the BYU-Idaho student population with 1,024 individual beds. The Fannie Mae DUS loan carries a 10-year fixed rate with 5 years of interest-only.

Catering to a new generation of student renters, Northpoint Apartments is a Class A property with a number of amenities geared toward comfort and convenience, including a private gym, theater, music rooms, and community-sponsored activities such as pizza parties and game nights.

“The borrower’s long track record of student housing ownership enabled him to secure favorable terms against a number of unique challenges, including the smaller enrollment of this BYU-Provo offshoot campus and a shorter history of rent collections,” said Mr. Holzer. “Leveraging a 1031 exchange, this permanent financing will enable the borrower to continue to grow his portfolio.”

“The student housing market of today looks very different than 10 years ago,” said Joe Stepchuk, Managing Director and head of Greystone’s student housing lending platform. “Community, study areas, fitness centers, and technology access are priorities for students today. Premium properties offer these as well as effortless and accessible experience.”


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