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.”


New Role Brings Additional Managerial and Credit Authority to Growing Platform

Greystone, a leading commercial real estate lending, investment, and advisory company, announced that Field Springer has been promoted to the Credit Leadership Team, focusing on multifamily HUD-insured loans. For FY2018, Greystone ranked as the #1 HUD lender across multifamily and healthcare finance, with loan volume at $1.8 billion.

“As a leader of Greystone’s lending business, one of my primary responsibilities is to develop new leaders,” said Mordecai Rosenberg, President of Greystone’s lending group. “Field personifies Greystone’s core values: Entrepreneurial, Caring, Integrity, and Excellence. He not only performs extraordinarily as an underwriter, but also goes above and beyond to support and coach his colleagues. I could not be more excited to watch Field shine in this new capacity as a senior manager on the platform.”   

Field Springer recently completed the MBA Future Leaders 2017-2018 program, an executive leadership development opportunity for selected managers who have shown leadership interests and abilities. 

Springer reports to Kevin Williams, who was recently named Chief Operating Officer for Greystone’s overall lending operations, including Greystone’s industry-leading FHA, Freddie Mac, and Fannie Mae lending platforms.


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.”

Greystone, a leading commercial real estate lending, investment, and advisory company, has provided a total of approximately $19,000,000 in loans to refinance three multifamily properties totaling 452 units across East Texas. The transactions were originated on behalf of Amesbury Companies, a longtime Greystone client. 

The first 35-year, $5,677,700 permanent FHA-insured loan features a fixed, low interest rate for Glen Hollow Apartments in Kilgore, TX. The multifamily community offers 124 one- and two-bedroom market-rate rental units as well as a community room and swimming pool.

The second 35-year, fixed rate $5,200,000 FHA-insured loan was for Stone Creek Apartments, a 120-unit unit multifamily community offering market-rate one-, two- and three-bedroom apartments in Nacogdoches, TX. The property features a fitness center and swimming pool, community room and dog park for residents. 

The third loan was a $8,080,000 Fannie Mae loan with a 10-year term and a low, fixed 30-year amortization. Also located in Nacogdoches, TX, Sunridge Apartments is a 208-unit multifamily community offering studio, one-, two- and three-bedroom market-rate apartments, as well as an onsite pool, fitness center and community center.

Greystone originally provided bridge loans to the borrower to purchase each of the properties in 2015.  The permanent loans enable the borrower to refinance out of the bridge loans and to continue making capital improvements to each property.

“We’re thrilled that we can offer clients a diverse range of options for purchase and refinance with our bridge to permanent financing platforms,” said Nikhil Kanodia, head of FHA lending at Greystone. “Multifamily portfolio transactions require flexibility, and we will always go the extra mile to ensure that our clients get the best terms possible, no matter how complex the deal.”

“Greystone guided us through the acquisition finance and permanent loan process flawlessly. Their insight and execution enabled us to find the right product for each asset,” said Robert Peek, Chief Executive Officer of Amesbury Companies. ”Based on my many years in the commercial real estate industry, I can attest that their insights and persistence are simply unmatched.”

Greystone, a leading commercial real estate lending, investment, and advisory company, announced it has provided $78.5 million in HUD-insured financing on a skilled nursing facility (SNF) complex in Woodbury, New York. The transaction was originated by Fred Levine, managing director in Greystone’s Monsey, NY office.

The $78,533,200 permanent FHA refinance carries a low, fixed interest rate and 30-year term and amortization. Greystone arranged a high-leveraged bridge loan for the acquisition in June 2016. 

Located on Long Island, the 588-bed Cold Spring Hills Center for Nursing & Rehabilitation facility offers an array of specialized services and programs, including clinical care; physical, occupational and speech therapies; amputee rehabilitation; pulmonary / ventilator care; cardiac care; and memory care. Significant, multi-year renovations were completed to the property’s five, interconnected residential buildings properties and additional office building in 2010.

“It’s gratifying when sophisticated industry leaders such as these borrowers recognize the value we bring to transactions and continue to come back to Greystone for their financing needs,” said Mr. Levine. “We pledge to continue to deliver unparalleled execution.”

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.



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