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Experienced Multifamily Debt Origination Team Brings Deep Industry Relationships to Expand Greystone’s Presence in the Southeast
Greystone, a leading national commercial real estate finance company, announced that Charlie Mentzer and Brad Waite have joined the firm as Senior Managing Directors, working across the lending platforms to originate financing for multifamily properties nationwide. The pair, each with over 20 years of industry experience, join Greystone from Capital One, where they were both Senior Vice Presidents, and will be based in Atlanta, enabling close collaboration with Cushman & Wakefield.
Since 2012, Charlie Mentzer had been responsible for new loan origination out of Capital One's Atlanta, Georgia office, having originated over $6 billion in transactions nationally during his career. He was previously a Vice President at Walker & Dunlop, and also served in loan origination roles at Primary Capital and Column Guaranteed.
Prior to his most recent role at Capital One, where he joined in 2015, Mr. Waite was a Vice President at Walker & Dunlop (previously CW Capital), and garnered experience with Agency and Balance Sheet underwriting across $5 billion in loan transactions. In addition to his experience and product knowledge, Mr. Waite is known for his unique ability to structure complex transactions through his years of both underwriting and origination experience.
“Charlie and Brad are a well-regarded multifamily deal team that will be an integral part of our continued growth strategy for loan origination, as well as our joint venture with Cushman & Wakefield,” said Rich Martinez, head of Agency lending production at Greystone. “They will add immense value to our clients from a debt perspective and will serve as important team leaders at Greystone – we are thrilled for their arrival.”
Reimagined Packard Car Company Warehouse Includes 18% of Units Reserved for Affordable Housing
Greystone Monticello, a bridge lending platform serving as a one-stop shop provider of capital finance products and services for the multifamily and senior housing sectors, provided a $12,165,000 bridge loan to refinance Packard Lofts Apartments, a mid-rise loft-style multifamily property located Boonton, New Jersey. The financing was originated by Eliav Dan, a Senior Managing Director at Greystone.
Packard Lofts Apartments is a 65-unit building originally constructed in the 1880s and utilized as a warehouse / distribution center by Packard Car Company in the 1950s. The property was then acquired in 2019 and converted to a loft-style residential building that includes community amenities such as a fitness area, storage, parking spaces and landscaping. The newly completed property has 12 units, or 18% of the total, reserved for affordable housing, as part of the New Jersey’s Fair Share program.
“We are proud to offer solutions such as attractive, non-recourse bridge-to-agency lease-up financing, enabling our client to ‘one stop shop’ the loan throughout the lease-up process, and ultimately get on the path to a stabilized Agency execution with minimal friction costs,” said Mr. Dan.
“We are thrilled to have worked together on this transaction, which will provide much-needed affordable housing to the Boonton market,” added Eric Baum, head of the multifamily sales desk at Greystone Monticello. “Our collaboration with Greystone ensures a seamless experience for property investors.”
Greystone, a leading national commercial real estate finance company, has provided a $14,565,400 Fannie Mae Delegated Underwriting & Servicing (DUS®) loan for the acquisition of a 144-unit multifamily property in Savannah, Georgia. The financing was originated by Carter King, Director at Greystone, and sale arranged by Nelson Abels, Taylor Bird, Laura Aylor, and Austin Weathington of Cushman & Wakefield’s Sunbelt Multifamily Advisory Group.
Constructed in 2004, Bradley Pointe Apartments in Chatham County is a garden-style community offering one-, two-, three- and four-bedroom units. This value-add opportunity is well situated in the Georgetown submarket with true barriers to entry and lack of supply. The property will benefit from 17k new jobs coming to the market poised for future growth. The $14,565,400 non-recourse, fixed-rate loan features interest-only payments for its entire 10-year term.
“In collaboration with Cushman & Wakefield, our goal is to ensure that our clients have peace of mind about securing the financing the properties in their portfolios need, so we work tirelessly to help them achieve their goals,” said Mr. King.
Greystone, a leading national commercial real estate finance company, has provided a $15,080,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) loan to refinance a 68-unit multifamily property in Hayward, California. The financing was originated by Tim Thompson, Director at Greystone, on behalf of WSB University Village LLC.
Constructed in 1964, University Village in Alameda County is a garden-style apartment community offering one- and two-bedroom units as well as on-site parking, laundry facilities and a fitness center. The $15,080,000 non-recourse, fixed-rate loan features a 10-year term with five years of interest-only payments. In addition to refinancing, the loan proceeds will enable the borrower to continue with ongoing property maintenance.
“Early rate locking this loan helped to increase the proceeds by 5% during underwriting as rent collections increased,” Mr. Thompson explained. “This is a clear benefit to the borrower, being able to take advantage of a dip in the treasury market and remove interest rate risk to maximize the loan amount.”
“Clients trust Greystone to provide the right solutions for their unique circumstances, thanks to our deep multifamily expertise and extensive lending platform,” Mr. Thompson added. “Our goal is to delight clients at every stage of a transaction by raising the bar on service excellence and execution on each project.”
“Our Greystone team enabled us to quickly secure the long-term financing we needed because of their incredible expertise and focused attention to the details of our project,” said Mr. Michael Ruder, principal of the borrower. “We’ve been at this for quite some time and are deeply impressed with the caliber of Greystone – we look forward to working with them again on future projects.”
Greystone, a leading national commercial real estate finance company, has provided a $21,555,000 Fannie Mae Multifamily Affordable Housing (MAH) loan to refinance a 101-unit affordable housing property in Carteret, New Jersey. The financing was originated by Ryan Harkins, a Director at Greystone, on behalf of Tryko Partners, a repeat Greystone client.
Roosevelt Village Apartments in Middlesex County is a 10-building, income and rent-restricted community situated on 5.1674-acres. Constructed in 1969, the property offers one-, two- and three-bedroom townhome-style units, and includes amenities such as on-site parking, playground and a laundry facility. The $21,555,000 non-recourse, fixed-rate financing features a 10-year term and 35-year amortization, with seven years of interest-only payments. In addition to refinancing, loan proceeds enable the borrower to monetize a portion of their equity in the property.
“This was a pretty seamless execution in what continues to be a challenging lending environment,” said Mr. Harkins. “Having the opportunity to pair up with a best-in-class borrower like Tryko and deliver efficient results in this market is what sets Greystone apart from our peers. Our deep lending platform and extensive multifamily expertise mean we are uniquely equipped to help clients realize the vision they have for every property in their portfolio.”
“Given the challenging lending environment with which we are all now confronted, we are happy that the team at Greystone enabled us to refinance Roosevelt Apartments and continue to preserve affordable housing for our residents,” said Mr. Isaac Sassoon, of Tryko Partners.
Greystone’s FY2023 Volume for Multifamily and Healthcare Loan Firm Commitments Totaled $1.9 Billion
Greystone, a leading national commercial real estate finance firm, announced it ranks #1 based on dollar volume of multifamily and healthcare Firm Commitments issued by the U.S. Department of Housing and Urban Development (HUD) for the agency’s 2023 fiscal year ending September 30, 2023*. During this period, Greystone originated and obtained Firm Commitments for 87 multifamily and healthcare facility HUD-insured loans totaling $1.9 billion, representing 14.5% of firm commitments issued by HUD.
Greystone received firm commitments for 49 multifamily properties totaling $1.3 billion and 38 healthcare properties totaling $673 million during HUD’s most recent fiscal year.
“Market conditions were drastically different this year, particularly with rising rates creating a challenging environment for borrowers,” said Nikhil Kanodia, head of Greystone’s FHA lending group. “What has been consistent year over year is the unwavering commitment of HUD to provide liquidity to multifamily and healthcare owners and our team to provide an unmatched lending experience for clients. HUD has been and remains an excellent long-term debt option, and we are thrilled to be at the top of the industry once again.”