DEAL MAP

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.”

 

Greystone, a real estate lending, investment and advisory company, today announced that Jerry Muir has joined as a Managing Director working with the Agency lending team. A 25-year veteran of Fannie Mae, Mr. Muir will focus on building out Greystone’s manufactured housing lending platform.

Mr. Muir most recently served as Director of Multifamily Credit/Underwriting at Fannie Mae, responsible for a 12-state Southeast Region, with a dual role in having developed and managed the manufactured housing community (MHC) lending platform at the GSE. Mr. Muir managed the MHC platform at Fannie for over 15 years, overseeing over $10 billion in financing for this asset class.  

Mr. Muir, who reports to Joe Mosley, Executive Vice President of Fannie Mae and Freddie Mac Lending, will work closely with the Origination Team to identify lending opportunities with owners of manufactured housing communities.  

“Jerry’s new role at Greystone is one that will elevate our capabilities in an asset class that’s seeing growing interest and activity,” said Mr. Mosley. “With Jerry’s credentials from over 25 years at Fannie Mae, his deep industry expertise and MHC industry knowledge gives Greystone an edge as we will boost this platform.” 

“After a long career at Fannie Mae, the role at Greystone provided a unique opportunity to work across a range of lending platforms that are relevant to manufactured housing,” said Mr. Muir. “Having worked with the Greystone team for decades, it was a natural fit to help build the MHC business with a best-in-class group.

 

 

Greystone, a real estate lending, investment and advisory company, announced Joseph Stepchuk has been named a Managing Director. Mr. Stepchuk joins from Fannie Mae, where he served as Director for the past 10 years overseeing $3 billion in annual multifamily loan production. At Greystone, he will support Greystone’s conventional business with Freddie Mac and Fannie Mae. Mr. Stepchuk will report directly to Joe Mosley, Executive Managing Director and head of Agency production, and will be based in the Philadelphia region.  

During his time at Fannie Mae, Mr. Stepchuk worked directly with borrowers and lenders nationwide, and managed the Student Housing loan product. Prior to Fannie Mae, Mr. Stepchuk served roles as both Senior Underwriter and Manager of Loan Servicing at GMAC Commercial Mortgage (now Berkadia).

Mr. Stepchuk stated, “I’m very excited to join Greystone and its Agency Production Team. My years of Agency experience are a great fit to help grow the business with new and existing clients. They are a strong team, whom I have known for many years, and I look forward to much success with Greystone.”

“Joe brings a wealth of experience to Greystone, from over a decade of loan production on the Agency side to underwriting, servicing and workouts, all of which are invaluable as we strive to maintain the most comprehensive understanding of property owners’ financing challenges,” said Mr. Mosley. “We are thrilled that Joe will help boost multifamily loan production at a time when demand is rapidly growing.”