Portfolio of Seven Properties Spanning Five States and Totaling 1,486 Units

Greystone, a leading national commercial real estate finance company, has provided a total of $161,427,700 in HUD-insured financing for a portfolio of seven properties across the United States. The seven separate transactions were originated by Eric Rosenstock, Managing Director and Jesse Yodice, Vice President at Greystone, on behalf of Howie Rich of Rich Properties over the last several months. 

The portfolio of seven multifamily properties spans five different states and comprise a total of 1,486 units. Greystone provided the HUD-insured financings over the past several months with transactions ranging from $13.2 million to $36 million. The properties include:

-        The Heights at Towne Lake in Woodstock, GA

-        Rosemeade Apartments in Southbridge, MA

-        Waterford Downs Apartments in St. Louis, MO

-        Ashborough Apartments in Raleigh, NC

-        Parkside Village in Clayton, NC

-        Ashbrook Apartments in Carrboro, NC

-        Oakhampton Place Apartments in San Antonio, TX

“Refinancing this portfolio has been a labor of love for me and my team, including navigating the various market challenges,” said Eric Rosenstock. “The only constant in the last year has been change, with interest rates and costs rising, but Mr. Howie Rich stayed the course and put complete confidence in Greystone to deliver the best possible execution. It’s highly gratifying for my team to complete the last of the refinancing transactions in this portfolio and I’m proud to add these assets to my servicing book.”

Greystone Monticello announces Eric T. Baum has joined as Head of the Multifamily Bridge Sales Desk, working closely with the firms’ originators, including sizing, quoting, and issuing bridge loan applications. Formed in 2021, the Greystone Monticello joint venture provides a wide range of bridge financing options in the multifamily and seniors housing industries.

Mr. Baum brings more than 25 years of experience in commercial real estate lending, management and credit analysis to Greystone Monticello. Throughout the course of his career, he has originated, structured, underwritten and closed over $23.2 billion of commercial real estate debt products on all property types across the United States. Most recently, Mr. Baum was a Managing Director at Lument, where he originated new bridge loan opportunities for multifamily assets, including nearly stabilized and transitional properties. He has served as a Managing Director at Exantas Real Estate Funding, focusing on loan underwriting, credit analysis and closings, and has also held senior positions with CW Financial Services, Ventras and Capmark Financial Group/GMAC Commercial Mortgage.

Mr. Baum will be based out of Philadelphia, reporting to Mark R. Jarrell, Executive Vice President, Portfolio Lending at Greystone Monticello.

“Eric has incredibly deep expertise and long-standing industry relationships in commercial real estate finance, particularly in the multifamily space,” said Mr. Jarrell. “We are excited about the impact that he will have on the Greystone Monticello joint venture and look forward to his leadership in furthering our ability to serve our clients well, with solutions that make sense for their unique situations.”

Tax-Exempt and Taxable Bonds Finance Significant Portion of Construction Costs for 200-Unit Building

Greystone affiliate, America First Multifamily Investors, L.P. (NASDAQ: ATAX) (“ATAX”), today announced that it has purchased $72 million in tax-exempt and taxable mortgage revenue bonds for the acquisition of land and construction of a 200-unit seniors affordable housing property in Los Angeles. Frank Bravo, Managing Director at ATAX, originated the transaction.

Located at 1657 N. Western Avenue, Residency at the Entrepreneur will include a business center, clubhouse, fitness center, laundry facility, and gated/controlled access on the approximate half acre site. Amenities will also include a computer room, and offices for residents’ use. The units will be restricted to senior residents earning a range of 30% to 80% Area Median Income (AMI). Ninety-nine of the units will be master leased by The People Concern, whose constituents are seniors, individuals at risk of homelessness, and low-income families.

At stabilization, and no later than 36 months from initial closing, the tax-exempt bonds for the project will be partially redeemed, and ATAX will provide up to $45 million in permanent financing in the form a 15-year term, 40-year amortized facility.

As a completed asset, the multifamily community will be owned by Residency at the Entrepreneur, LP, a California limited partnership. The borrower’s administrative general partner is ABS Entrepreneur, LLC, a wholly owned affiliate of ABS Properties, Inc., and the borrower’s managing general partner is Kingdom Entrepreneur, LLC, a wholly owned affiliate of Kingdom Development, Inc., a California nonprofit corporation. The limited partner, and tax credit investor, is Columbia Pacific Advisors.

“We are honored to have the tools and resources at our disposal, and the strength in partnerships, to create this desperately-needed housing in Los Angeles,” said Bravo.

Ken Rogozinski, CEO of ATAX added, “This project would not be possible without critical tax-exempt bond financing, which enables affordable housing developers to make their efforts possible and create housing to address today’s affordable crisis. We thank our collaborators in this public-private partnership on this project for their commitment to success for the residents of Los Angeles.”

Greystone, the #1 provider of HUD-insured commercial loans by volume, is also a top provider of Fannie Mae and Freddie Mac affordable housing loans. In 2019, a Greystone affiliate acquired the parent of the general partner of America First Multifamily Investors, L.P., which manages over $1 billion in assets consisting primarily of mortgage revenue bonds intended for multifamily affordable housing construction and permanent financing.

Greystone, a leading national commercial real estate finance company, has provided $60,000,000 in bridge financing to acquire a 357-unit condo deconversion property in Schaumburg, Illinois. The financing was originated by Eric Rosenstock and Dan Sacks, Co-Managing Directors in Greystone’s New York office, on behalf of Bayshore Properties, a longtime client. 

Constructed in 1980, 21 Kristin Apartments in Cook County is a mid-rise building consisting of 140 one-, 195 two- and 22 three-bedroom units. The $60 million interest-only bridge loan carries a 24-month term with two six-month extension options, enabling the borrower to acquire the property while Greystone works to secure to permanent, Fannie Mae financing. 

“There is no greater thank you than when clients come back to us repeatedly for their multifamily financing needs,” said Mr. Rosenstock. “We’re committed to helping clients find solutions through our comprehensive lending platform, and our bridge program in particular is a great fit for those who are waiting for permanent financing.”

“We keep choosing Eric Rosenstock and Dan Sacks of Greystone because they are the leaders in multifamily finance and they understand what we hope to achieve with each of our properties,” said Mr. Nick Kozul, CEO of the Bayshore Properties. “Through various market cycles, Greystone has worked tirelessly on our behalf -- raising the bar on excellence in service and execution on every transaction.”  

The joint venture team of Cushman & Wakefield and Greystone announced that they arranged the sale of and provided acquisition financing for The Lumiere, a 336-unit multifamily community located in Metairie, Louisiana, a sub-metro region of New Orleans. The multifamily property was sold by LURIN to buyer Onyx Partners.

Cushman & Wakefield’s Mike Kemether, Christian Schedler, Larry Schedler, and Cheryl Short represented the seller in the $55.8 million transaction. Greystone’s Judah Rosenberg originated a $40 million non-recourse Fannie Mae Delegated Underwriting and Servicing (DUS®) loan featuring a 10-year term and fixed rate below 5%, with 60 months of interest-only payments.

“The seller, LURIN, is a vertically integrated investment firm out of Dallas that has a proven track record in implementing comprehensive renovation programs,” said Mr. Schedler. “Through an interior/exterior upgrade, LURIN was able to drive rents significantly. The purchaser, Onyx Partners, led by Jeremy Y. Rieder, is well poised to further grow revenue in the supply constrained, high-demand Metairie market. Onyx continues to grow their Louisiana footprint, making Lumiere their third acquisition in the state.”

Located at 3301 W. Esplanade Ave N., The Lumiere is a 336-unit luxury apartment community situated on a 7.34 acre site comprising 20 buildings. Amenities at the property include a swimming pool, BBQ grill area, package center, clubhouse, and fitness center. The property received a Green Building Certification in May 2022.

“We are thrilled to have secured attractive financing for this acquisition and buyer as a result of our close working relationship with Cushman & Wakefield,” added Mr. Rosenberg, Vice President at Greystone. “We look forward to working with Onyx on future transactions as they grow their portfolio in the Metairie market and beyond.”

Greystone, a leading national commercial real estate finance company, has provided a total of $44,200,000 in Fannie Mae Delegated Underwriting and Servicing (DUS®) senior proceeds and mezzanine proceeds for the $49,500,000 acquisition of a 344-unit multifamily property in Mount Prospect, Illinois. The financing was originated by Dan Sacks and Eric Rosenstock, Co-Managing Directors at Greystone, on behalf of Bayshore Properties, a longtime client of the firm. 

Constructed in 1973, Mount Prospect Greens Apartments consists of 14 garden-style buildings with one-, two- and three-bedroom units. The first mortgage, a $40,788,000 non-recourse Fannie Mae loan, carries a 10-year term and 30-year amortization along with six years of interest-only payments. The loan also qualifies for Fannie Mae Multifamily Green Rewards financing program, following the completion of energy and water conversation measures.

Greystone also secured for the borrower a $3,412,000 Fannie Mae DUS Lender Affiliate (DLA) mezzanine financing on the property, which includes a 10-year term that is co-terminus with the first mortgage and full-term interest only payments.

“We consider it an honor to serve clients again and again – we view every transaction as an opportunity to provide an even higher quality experience than the last,” said Mr. Sacks. “Clients trust Greystone not only because of our extensive multifamily lending platform or our deep expertise – our demonstrated commitment to executing on their vision is what brings them back.”

“Greystone is the leader in multifamily finance and the partner we lean on for helping us grow our portfolio of properties,” said Mr. Nick Kozul, CEO of Bayshore Properties. “They understand our vision and work tirelessly for us on every transaction, with service and execution standards that no one else can touch.”