Greystone, a leading national commercial real estate finance company, has provided an $81,129,000 Freddie Mac Optigo® loan to refinance a 397-unit multifamily property in Jurupa Valley, CA. The financing was originated by Clint Darby and Andrew Remenschneider at Greystone, working in conjunction with BMO Bank. BMO provided the construction loan on the property and collaborated with Greystone for a permanent exit on behalf of client Bridge Investment Group.

Vernola Marketplace Apartments is a luxury multifamily property built in 2022. Amenities at the community include a resort-style swimming pool, fitness center, clubhouse, dog park, playground, EV charging stations, game room, three outdoor kitchens, soccer field and resident events.

The $81.1 million non-recourse, fixed-rate loan was financed through Freddie Mac's Optigo® Program and index locked within 24 hours after the Federal Reserve meeting in early November 2023, resulting in an opportunistic rate drop.

“BMO’s collaboration with Greystone allowed for an ideal execution for our valued customer,” said Kim Liautaud, head of BMO’s US Commercial Banking real estate group. “The Agency loan exit fit our client’s need and our pipeline of opportunities continues to grow with Greystone.”

“Greystone’s position as a leading Agency lender gives clients the confidence that we know the lending landscape and can execute on their vision, and a primary reason why we are a preferred choice in multifamily finance,” said Rich Martinez, head of Agency lending at Greystone. 

"Bridge Investment Group's experience with Greystone on this refinance was seamless, especially considering it was the first transaction we've done with Greystone. The transaction was very smooth and exceeded our expectations,” said Spencer Dunlop, Director of Debt Capital Markets at Bridge Investment Group.

265 Units To Be Constructed utilizing 4% Low-Income Tax Credits with Additional Financing Partners Bank of America, Amazon, Virginia Department of Housing and Community Development, and Fairfax County Redevelopment and Housing Authority

Greystone, a leading national commercial real estate finance company, has provided $39,000,000 in Freddie Mac Tax-Exempt Loan (TEL) Unfunded Forward financing towards the construction of  265-units of a 516 unit affordable housing property in Tysons, Virginia. The financing was originated by Pharrah Jackson, Vice President at Greystone, on behalf of non-profit housing developer Arlington Partnership for Affordable Housing (APAH).

Located at 1592 Spring Hill Road within the Washington DC MSA, the multifamily project is a part of a larger development known as The Exchange at Spring Hill Station and will be the first 100% affordable housing property in Tysons. The completed building will be developed on two acres and will consist of two, 20-story residential condominiums (Dominion North, the Subject, and Dominion South) and a community center condominium owned and managed by Fairfax County Government. Planned residential project amenities also include community rooms, a business center, landscaped courtyard, resident support services, resident lounge, and laundry facilities.

The unit mix for Dominion North consists of 55 one-bedroom units, 146 two-bedroom units, and 64 three-bedroom units, with 100% of the units at varying affordability restrictions (40 units at 30% area median income (AMI), 77 units at 50% AMI, 87 units at 60% AMI and 61 units at 70% AMI). In addition, Fairfax County Redevelopment and Housing Authority (FCRHA) has approved and awarded APAH 40 project-based vouchers for Dominion North. The units are required to be leased to households at or below 50% AMI. APAH elected to lease those 40 units at 30% of AMI in the following mix: 9-one bedrooms, 22-two bedrooms, and 9-three bedrooms.

The Freddie Mac Forward commitment financing includes a 48-month construction period with a 17-year permanent loan term. Bank of America, the equity investor for this transaction, will be providing capital contributions in excess of $60 million in tax-credit equity during the course of the construction timeline. Other debt sources for Dominion North include: Amazon Housing Equity Fund ($29,000,000); Virginia Housing Trust Fund ($700,000); Virginia Department of Housing and Community Development (VADHCD) Energy Efficiency (HIEE) ($2,000,000); and FCRHA Blueprint & Move to Work – HCV Reserve Loan Funds ($18,986,897).

"The Exchange at Spring Hill Station marks a significant step forward in our commitment to providing affordable housing options at-scale in an area of incredible opportunity," said APAH President and CEO Carmen Romero. “Having partners like Greystone is fundamental to securing the critical financing needed to make a project of this magnitude possible. As a result, the residents who will call The Exchange home will have access to a vibrant and rapidly growing community full of opportunity and resources. More than just what you build, and where, but who you build for is what matters most.”

“It’s so gratifying to see a 100% affordable development plan come to fruition, and when you realize how many partners and contributors it takes to make it happen, you really appreciate both the need and impact of affordable housing in our country,” said Ms. Jackson. “We are thrilled to play a role as the permanent lender with Freddie Mac’s Forward TEL program, which has been truly transformative in the affordable housing construction space. We congratulate all of the parties involved and are looking forward to the ribbon cutting in 2027.”

Greystone Commercial Capital (GCC) has closed a $419,590,000 transaction to refinance Panorama Tower, located on Brickell Bay Drive in Miami, Florida. The property is an 85-story, Class A+, mixed-use, residential complex featuring 821 multifamily residences, 112,731 square feet of Class A office space, 25,219 square feet of retail space, a 2,000-space private parking garage, and an attached 19-story, 208-room Hyatt Centric Hotel. The deal included a structured Agency loan in tandem with an investment led by a global pension fund.

GCC is a division of Greystone that focuses on structured commercial mortgages for institutional clients across all major property types. This transaction consisted of a $334,590,000 Freddie Mac Optigo® senior loan funded by Greystone Servicing Company LLC that carries a five-year term and 35-year amortization combined with $85,000,000 of Agency-compliant subordinate debt.

“GCC delivered a market leading and innovative structured finance solution. We are grateful to partner with top financial institutions and Florida East Coast Realty on such a noteworthy project in Panorama Tower,” said Scott Chisholm, President and Chief Investment Officer at Greystone Commercial Capital.

About Greystone

Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com.

Securities transactions are processed through INTE Securities LLC dba Greystone INTE BD, member FINRA www.finra.org  www.sipc.org. For information regarding INTE Securities LLC go to www.finra.org/brokercheck.

Greystone Ranks #4 for Overall, Combined Agency Lending with $7.7 Billion in Total Volume

Firm Achieves Ranking of #3 Overall Lender by Volume for Fannie Mae, #6 Overall for Freddie Mac;

Maintains #1 Fannie Mae Small Loans Ranking

Greystone, a leading national commercial real estate finance company, announced it gained both volume and market share in the Agency lending sector during 2023, achieving an overall #4 ranking for both Fannie Mae Delegated Underwriting and Servicing (DUS®) loans and Freddie Mac Optigo® loans with $7.7 billion in total volume. Individually, Greystone ranked #3 as an overall Fannie Mae lender in 2023, and #6 for Freddie Mac lenders. Despite the market experiencing lower commercial loan volume overall in 2023, Greystone increased its combined Agency loan volume by 14% year-over-year. The rankings are based on recently-released public data on 2023 lending volume from Fannie Mae and Freddie Mac.

Greystone Asserts Leadership Position in Various Agency Loan Types

In 2023, Greystone ranked #1 for volume for all lenders in Fannie Mae Small Loans, #2 in both Seniors Housing and Student Housing asset financing, and #4 overall in both Affordable Housing and Green financing volume. 

Through its work with Freddie Mac, Greystone ranked #2 overall for lending volume dedicated to Affordable Housing, as well as #2 overall for Freddie Mac’s Small Balance Loan program. Greystone also ranked #5 among all lenders producing Seniors Housing volume with Freddie Mac.

“Greystone’s growth in market share over the past year – particularly in a challenging lending environment – is a testament to the commitment and dedication our team has given to delivering the best solutions and service to our clients across a variety of asset types in multifamily,” said Rich Martinez, head of Agency production at Greystone. “I am incredibly proud of our teams for their hard work and close partnership with both Fannie Mae and Freddie Mac to provide much-needed financing for mission-driven housing and multifamily assets overall.”

Greystone also ranks as the #1* multifamily and healthcare lender in volume for HUD-insured loans during its fiscal year ending September 30, 2023.

*For HUD’s 2023 fiscal year. Based upon combined firm commitments of Greystone Funding Company LLC and Greystone Servicing Company LLC. 

Greystone, a leading national commercial real estate finance company, has provided an $18,614,000 Freddie Mac Optigo® loan to refinance a 202-unit multifamily property in Fayetteville, North Carolina. The financing was originated by Justin Hechler, Director at Greystone, on behalf of Magma Equities & Prudent Growth.

Constructed in 1974, Keystone Apartments in Cumberland County is a 28-building garden-style community featuring one- and two-bedroom units. The pet-friendly property offers a clubhouse, fitness center, swimming pool, dog park and on-site parking. The $18,614,000 non-recourse, fixed-rate loan carries a five-year term and 30-year amortization, with two years of interest-only payments.

“It was a pleasure to work with both the Magma Equities & Prudent Growth teams on this transaction. Working with Sponsors who have a deep understanding of the market and top-notch personnel makes all the difference for a smooth and efficient closing,” said Mr. Hechler. “We pride ourselves on finding creative solutions for every transaction to ensure our clients realize their goals for all of their properties.”

“We rely on Greystone to help us achieve our portfolio objectives and guide us through transactions in every market cycle,” said Mr. Ryan Hall, Principal of Magma. “Time and again, Greystone’s diligence, vast industry knowledge and commitment to service excellence prove they are the right partner for us.”

Greystone, a leading national commercial real estate finance company, has provided a $40.3 million Freddie Mac Optigo® loan to refinance a 432-unit multifamily property in Crown Point, Indiana. The financing was originated by Eric Rosenstock and Dan Sacks, both Senior Managing Directors at Greystone, on behalf of Bayshore Properties.

Purchased by the borrower in 2021 with bridge financing, Hidden Creek Apartments received capital improvements in excess of $725,000 on more than 25% of the units, as well as exterior renovations of over $659,000. Originally constructed in 1976, the property comprises one- and two-bedroom units spread across twelve residential buildings with community amenities including a swimming pool, fitness room, playground, disc golf course, clubhouse, and ample outdoor space. The $40,309,000 non-recourse, fixed-rate Freddie Mac loan carries a 10-year term.

“Despite today’s more difficult financing environment, it’s gratifying to be able to provide a long-time client with continued high-touch service as they grow their multifamily portfolio,” said Mr. Rosenstock.

“Eric, Dan and the Greystone team have been nothing short of excellent as we navigated a higher rate environment and worked to add value to this quality asset for its long-term success,” said Mr. Nick Kozul of Bayshore Properties.