Greystone Affordable Development, a national affordable housing developer, has been recognized yet again by the Council for Affordable and Rural Housing (CARH) as the top rural affordable housing developer for 2022. Greystone has achieved CARH’s top ranking for developers of affordable rural rental housing six times since 2015.

Greystone Affordable Development assists owners and property developers as they add to the nation’s affordable housing stock with their expertise in development management, construction and complex finance structures. The group creates strategic partnerships with nonprofit and for-profit owners, operators, developers of affordable housing as well as public entities to achieve their housing goals. The team, led by President and CEO Tanya Eastwood, brings deep expertise in Low Income Housing Tax Credits, tax-exempt bonds, and government-backed funding available to help create and preserve thousands of affordable homes every year.

During the past year, the group helped to develop 770 units across 30 properties, adding to its total of over 14,750 units with an additional 8,300 units in various stages of completion across 13 states plus Puerto Rico.

“We are passionate about addressing our nation’s shortage of affordable housing in our most vulnerable communities and are committed to doing our part to close the gap,” said Ms. Eastwood. “We are honored to be recognized again by CARH, a respected and powerful advocate for affordable housing, for our role in bringing safe, quality affordable housing to rural communities, which are particularly impacted during times of economic uncertainty.”

Greystone, a leading national commercial real estate finance company, has provided an $11,044,000 Fannie Mae Delegated Servicing and Underwriting (DUS®) loan to refinance Broadway Park Apartments, a 224-unit multifamily property in Houston, Texas. The financing was originated by DJ Elefant, Vice President in Greystone’s New York office, on behalf of Broadway Park-SI, LLC. Bolder Capital served as the debt broker in the transaction. Dan Gillard and the team in Greystone’s Philadelphia office supported Mr. Elefant in closing the transaction.

The $11 million fixed-rate, non-recourse loan includes a 10-year term and 4 years of interest-only. The community is comprised of 108 one-bedroom units, 112 two-bedroom units, and four three-bedroom units spanning approximately 166,792 square feet. Originally acquired in 2019, the current owners have invested over $2.5 million in capital improvements to both the interiors and exterior of the property, significantly upgrading the 1960’s vintage property.

“Once again, the borrower did an incredible job upgrading the property and executing on their gameplan,” said Mr. Elefant. “We were able to get Fannie Mae to really lean in on this one and provide great terms considering the interest rate environment we have been in the past few months. We are thrilled with the outcome for our client and look forward to working together again.”

“As a repeat Greystone client and Fannie Mae borrower, we know what to expect, but today’s market can throw any property investor for a loop,” said James Shahda, principal of the borrower. “We are thankful to have our Greystone team ready to navigate the changing waters and work on our behalf for the best outcome.”

Greystone, a leading national commercial real estate finance company, has provided a $15,340,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) Green Rewards loan to refinance a 103-unit multifamily property in Fall River, Massachusetts. The transaction was originated by Shana Daby, Managing Director at Greystone, on behalf of Mechanics Mill Two, LLC.  Michael Corso of Kingston Capital provided Historic Tax Credit (HTC) and debt advisory services for the transaction.  

Built in 1880s as a cotton mill, Commonwealth Landing in Bristol County was acquired by its current owner in 2016 and converted into a mid-rise apartment community. The fully renovated property, which is on the National Historic Register, consists of 63 one-bedroom, 35 two-bedroom and 5 three-bedroom units, and was financed with Federal and State HTC. 

The non-recourse, fixed rate $15.3 million Fannie Mae loan carries a 10-year term and a 30-year amortization period, as well as three years of interest-only payments and a 54% loan-to-value (LTV). In addition to refinancing, the property achieved a Green Globes certification and was able to monetize a portion of their construction period equity.

“We were thrilled to help our client navigate the complexities of a master lease structure associated with the Historic Tax Credits with Agency financing through Fannie Mae for this historic property that today provides housing to many in the community,” said Ms. Daby. “Our deep experience in multifamily, coupled with our extensive lending platform, means we can deliver the solutions our clients need for the unique properties in their portfolio.”

“Greystone was committed to understanding the nuances of this property and financing structure and the result was that we got the financing terms we desired,” said Mr. Anthony F. Cordeiro, principal of Mechanics Mill Two, LLC. “Shana and her team shared our vision for this property and worked tirelessly to get this deal done seamlessly and quickly – we look forward to working with them on future projects.”

New Role to Bring Predictable CRE Cash Flows to Institutional Investors

Greystone, a leading national commercial real estate finance company, announced that Clive Lipshitz has been appointed a Managing Director in the firm’s Corporate Finance Group. In this new role, Mr. Lipshitz will oversee institutional investor outreach and develop a new Investment Management initiative at the firm as it continues its growth and expansion.

Mr. Lipshitz will engage with prospective investors to bring them access to Greystone’s loan and capital market products. In his role, he will also oversee market intelligence and product strategy and development for this effort.

Prior to joining Greystone, Mr. Lipshitz was responsible for strategy and product development at Credit Suisse Alternative Investments and at Brookfield, building 30+ new investment businesses. At Tradewind Interstate Advisors, he advised leading infrastructure, real estate, and private market investment firms. As a guest scholar at NYU Stern, Mr. Lipshitz co-authored a book on infrastructure finance as well as several studies of pension funds published in finance journals and cited in major business media.

“Greystone has a remarkable multi-decade track record of originating, underwriting, and servicing what has become a very substantial portfolio of commercial real estate loans. This portfolio produces highly predictable long duration cash flows with a history of extremely low defaults. We see opportunity in the institutional market as this is the ideal type of investment for investors with liability-driven investment mandates,” said Mr. Lipshitz.

Mr. Lipshitz is based in New York and reports to Jeffrey Baevsky, Executive Managing Director in Corporate Finance at Greystone.

Greystone, a leading national commercial real estate finance company, has provided a $900,000 Fannie Mae loan to refinance a multifamily property in Washington, DC, through the Equity in Action initiative launched by The Housing Association of Nonprofit Developers (HAND), the Washington Region’s premier member association advocating for affordable housing production and preservation. The financing was originated by Alicia Cotton-Doney, Senior Managing Director at Greystone, on behalf of The Ayesha M. Johnson Revocable Trust.

Greystone and HAND launched Equity in Action in 2021 to increase access to working capital for BIPOC real estate developers who face challenges to capital access, asset-based wealth generation, and economic mobility. HAND members gain direct access to advisory and financing solutions for affordable housing construction, refinancing, recapitalization and acquisition, including access to Greystone’s #1 ranked FHA lending platform.

Built in 1974 and acquired in 2005, 4905 Nash in the District of Columbia’s Deanwood neighborhood, is a mid-rise building consisting of 12 units. The non-recourse, fixed-rate $900,000 Fannie Mae loan carries a 10-year term and 30-year amortization period, as well as three years of interest-only payments and a 54% loan-to-value (LTV). In addition to refinancing, loan proceeds enable the borrower to continue to operate the property and monetize a portion of their equity.

“For decades, advocates have pointed to patterns of discrimination in the lending sector that have perpetuated barriers for BIPOC developers to access the capital they need to execute on their plans for creating affordable housing,” said Heather Raspberry, Executive Director, HAND. “Equity in Action is disrupting this system while ensuring BIPOC developers and their future residents are provided real opportunities to thrive.”

“We are thrilled to leverage our extensive multifamily lending platform and expertise to secure the right financing for our client,” said Ms. Cotton-Doney. “Greystone is deeply committed to making quality housing accessible to all communities. It’s our hope that other BIPOC commercial borrowers will draw on the resources available through the Equity in Action program to help address the housing crisis in Washington, DC.”

“Thanks to Heather Raspberry and the impactful work of HAND, I began a journey with Greystone as my lending partner. Closing on this transaction is the culmination of a collaborative effort and focused intentions,” said Ms. Ayesha Johnson, principal of the borrower. “Alicia and the rest of the Greystone team were both supportive of and responsive to my specific needs and as a result, the current and future residents at this property will benefit for years to come. HAND and Greystone together have given us access to the knowledge and capital that enables us to maintain livable spaces as well as improve and beautify our community, one building at a time."

Greystone, a leading national commercial real estate finance company, has provided a total of $47 million in HUD-insured loans for five skilled nursing facilities located in California, Connecticut, North Carolina, and Ohio. The separate financings, provided to five different borrowers, was originated by Fred Levine, Managing Director at Greystone. 

Greystone provided an $8,264,000 loan for a 35-bed facility in San Diego, California; a $10,584,000 loan for a 103-bed facility in Dayville, Connecticut; an $8,144,000 loan for a 100-bed facility in Norwalk, Ohio; a $5.75 million loan for a 64-bed facility in Fremont, Ohio; and a $15,120,000 loan for a 111-bed facility in Durham, North Carolina. The properties will all benefit from a long non-recourse loan term of either 30 or 35 year and a low rate.

“Today’s rising interest rate environment reinforces the extraordinary value associated with HUD’s fixed-rate, long-term financing programs,” said Mr. Levine. “We are driven to do our share in helping nursing care providers with permanent financing that frees them to focus on the spectacular care they provide to seniors across the country.”