DEAL MAP

Greystone Real Estate Advisors announced it has closed the $13.4 million sale of Pine Hill Apartments, a multifamily property in Wheeling, IL. Bill Montana and Chris Sackley facilitated the transaction on behalf of the seller.    

Located 30 miles northwest of Chicago, Pine Hill was originally developed in 1979 as 264 apartment homes, and converted to condominiums in 2006, when 117 of the units were sold as condominiums. The transaction involved the sale of the remaining 147 rental apartments. The buyer will ultimately revert the property back to solely rental units, and also renovate interiors and the common areas, enhancing the residential community immensely for current and future tenants.

“The unit mix and on-site amenities offered at the property provide the perfect value-add opportunity,” said Mr. Sackley, Managing Director at Greystone Real Estate Advisors. “We were confident that the property would attract a great deal of interest from buyers due to its location in a desirable community and its existing high-occupancy. With the new renovations, the appeal of this community will only grow.”

#1 HUD Lending Platform Sees Boost from 150% Increase in YOY Bridge Loan Volume

Greystone, a leading commercial real estate lending, investment, and advisory company, announced it has provided $23.7 million in HUD-insured financing for Hunter’s Cove Apartment Homes in Waxahachie, Texas. Ana Ramos, managing director in Greystone’s Los Angeles office, originated the transaction.

The $23,700,000 in permanent FHA financing for Hunter’s Cove carries a low, fixed interest rate and 30-year term and amortization period. The new HUD 223(f) financing is a permanent exit from the bridge loan that Greystone had arranged in April of this year, which contributed to a 150% increase in Greystone’s YTD bridge loan volume over last year. Today, Greystone ranks as the #1 HUD lender for multifamily and healthcare loans.

Located just outside of Dallas, TX, Hunter’s Cove Apartments features eight, three-story garden-style buildings with a combined 192 residences. The homes range from one- to three-bedroom units, all with lake views. In addition, residents have access to a clubhouse, fitness, center, dog park, enclosed garages and a resort-style swimming pool.

“Greystone’s bridge-to-HUD process is truly best-in-class, supported by a phenomenal team that seamlessly shepherds a borrower through two loan applications while enabling them to complete a smooth acquisition,” said Ms. Ramos. “The HUD-insured loan product, with its low rate and long term, is truly one of the best permanent financing solutions available today, especially in such a volatile rate environment.”

#1 HUD Lending Platform Sees Boost from 150% Increase in YOY Bridge Loan Volume

Greystone, a leading commercial real estate lending, investment, and advisory company, announced it has provided $23.7 million in HUD-insured financing for Hunter’s Cove Apartment Homes in Waxahachie, Texas. Ana Ramos, managing director in Greystone’s Los Angeles office, originated the transaction.

The $23,700,000 in permanent FHA financing for Hunter’s Cove carries a low, fixed interest rate and 30-year term and amortization period. The new HUD 223(f) financing is a permanent exit from the bridge loan that Greystone had arranged in April of this year, which contributed to a 150% increase in Greystone’s YTD bridge loan volume over last year. Today, Greystone ranks as the #1 HUD lender for multifamily and healthcare loans.

Located just outside of Dallas, TX, Hunter’s Cove Apartments features eight, three-story garden-style buildings with a combined 192 residences. The homes range from one- to three-bedroom units, all with lake views. In addition, residents have access to a clubhouse, fitness, center, dog park, enclosed garages and a resort-style swimming pool.

“Greystone’s bridge-to-HUD process is truly best-in-class, supported by a phenomenal team that seamlessly shepherds a borrower through two loan applications while enabling them to complete a smooth acquisition,” said Ms. Ramos. “The HUD-insured loan product, with its low rate and long term, is truly one of the best permanent financing solutions available today, especially in such a volatile rate environment.”

#1 HUD Lending Platform Sees Boost from 150% Increase in YOY Bridge Loan Volume

Greystone, a leading commercial real estate lending, investment, and advisory company, announced it has provided $23.7 million in HUD-insured financing for Hunter’s Cove Apartment Homes in Waxahachie, Texas. Ana Ramos, managing director in Greystone’s Los Angeles office, originated the transaction.

The $23,700,000 in permanent FHA financing for Hunter’s Cove carries a low, fixed interest rate and 30-year term and amortization period. The new HUD 223(f) financing is a permanent exit from the bridge loan that Greystone had arranged in April of this year, which contributed to a 150% increase in Greystone’s YTD bridge loan volume over last year. Today, Greystone ranks as the #1 HUD lender for multifamily and healthcare loans.

Located just outside of Dallas, TX, Hunter’s Cove Apartments features eight, three-story garden-style buildings with a combined 192 residences. The homes range from one- to three-bedroom units, all with lake views. In addition, residents have access to a clubhouse, fitness, center, dog park, enclosed garages and a resort-style swimming pool.

“Greystone’s bridge-to-HUD process is truly best-in-class, supported by a phenomenal team that seamlessly shepherds a borrower through two loan applications while enabling them to complete a smooth acquisition,” said Ms. Ramos. “The HUD-insured loan product, with its low rate and long term, is truly one of the best permanent financing solutions available today, especially in such a volatile rate environment.”

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.”

 

Greystone, a leading commercial real estate lending, investment and advisory company, has hired Jennifer Cherney as a Managing Director as part of its ongoing effort to expand the firm’s lending operations across the Northwest. Based in Seattle, WA, Ms. Cherney is focused on national multifamily real estate lending across a range of sectors. 

With more than 25 years of leadership experience managing the full life cycle of commercial real estate assets and strategies, Cherney’s expertise lies in advising on sophisticated, multi-faceted transactions, including debt financing, development financing, 1031 exchange transactions, acquisitions, and dispositions. Throughout her career, she has negotiated and closed more than 400 transactions valued in excess of $6 billion.

Before joining Greystone, Ms. Cherney most recently was Executive Director, Commercial Term Lending and Multifamily Finance for JP Morgan Chase in Seattle. Ms. Cherney has also served as Vice President of Strategic Finance at Extell Development Company and as a Managing Director at Meridian Capital Group.

“Jennifer’s wealth of experience across the capital markets and commercial real estate makes her a tremendous asset to Greystone and to our clients,” said Chip Hudson, Executive Vice President and Head of Conventional and Affordable Agency lending for Greystone, to whom Ms. Cherney reports. “Jennifer’s track record in structuring and negotiating highly complex transactions with various stakeholders complements our team’s existing bench of institutional talent, and we’re thrilled to welcome her on board.”

 

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