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.”

Greystone Provides $15 Million in Fannie Mae Green Rewards Acquisition Financing for Three Multifamily Properties in Corpus Christi, Texas

Greystone, a leading commercial real estate lending, investment, and advisory company, announced it has provided $14,985,000 in Fannie Mae DUS financing for the acquisition of three multifamily properties in Corpus Christi, TX. The financing was originated by Gill Dolan of Greystone’s Houston’s office and DJ Elefant of Greystone’s New York City office, on behalf of the Boterra Group. Dan Gillard and his team out of Greystone’s Philadelphia office provided support in closing the transaction.

The Fannie Mae financing features green capex improvements that are estimated to reduce utility usage by nearly 30 percent. The 10-year financing includes a one-year Interest only period and a 4.92% interest rate.

Collectively, the three garden-style communities are comprised of 295 market-rate one-, two- and three-bedroom rental units, and the properties feature swimming pools, on-site laundry and parking. All three communities are conveniently located in the heart of Corpus Christi.

“It’s a testament to our team’s deep understanding of the capital markets that we were able to help our client lock in financing at a low rate in today’s volatile Treasury environment,” said Mr. Dolan, who joined Greystone’s Houston office earlier this year. “That knowledge, combined with a commitment to client service, is what enables us to deliver beyond our clients’ expectations.”  

“As expected, Greystone was an exceptional partner from start to finish, and the entire process was incredibly efficient,” said Eric Lane, founder of The Boterra Group, a multifamily development group focused on Texas and the southeastern part of the U.S. “We thank Greystone for their valued guidance as we grow our multifamily portfolio.” 

New York, NY – Greystone, a leading commercial real estate lending, investment, and advisory company, continues to expand its expertise in affordable housing finance by hiring Brian W. Jones, CPA, as a Managing Director. Based in Greystone’s Cleveland, OH, office, Mr. Jones has more than 20 years of finance experience, particularly in affordable and seniors housing financing across local and national markets. 

In his new role at Greystone, Mr. Jones will focus on structuring refinancing and acquisition financing solutions for the affordable housing sector. Prior to joining Greystone, Jones was a regional managing director at Arbor Realty Trust, managing multifamily, healthcare and senior housing transactions across the country. His prior experience also includes positions as an originator at Walker & Dunlop and Love Funding. Mr. Jones also served as finance director for The MetroHealth System and was assistant vice president at Millennia Housing Development. He began his career as an accountant, working in the real estate services group at RSM McGladrey, and with the seniors and health care clients at HW&Co., CPAs. Mr. Jones earned a Bachelor’s Degree in Accounting from the University of Dayton.

“Brian’s wealth of expertise in affordable housing finance will be a true asset to Greystone’s growing efforts in this sector,” said Jeff Englund, Greystone’s Senior Managing Director of Affordable Housing Lending.  “Adding to Greystone’s unique perspective in this area – owning, operating, financing, and preserving affordable housing across the US - Brian’s multi-faceted experience will help us continue to lead the industry in the delivering creative solutions for owners and investors of these asset types.”

In 2017, Greystone ranked as the top Freddie Mac Targeted Affordable Housing lender by loan origination volume, and also ranks as a top Fannie Mae affordable housing lender. The company works to facilitate the construction, acquisition, rehabilitation and repositioning of much-needed affordable multifamily housing nationwide. To date, Greystone has completed more than 450 affordable transactions totaling more than $3 billion.

New York, NY - Greystone, a leading commercial real estate lending, investment, and advisory company, announced it has provided a $17 million HUD-insured loan for the development of a 145-unit apartment community to be built blocks from the state’s Capitol building in Lansing, Michigan. The developer, Y SITE, LLC, is building the 122,130 square foot property to be National Green Build Standard (NGBS) certified and expects construction to be completed by the end of 2019. LR Management, led by Leslie Etterbeek, is the management company for the development, and she will serve as the property manager upon completion. Michigan Economic Development Corporation is also an equity partner in the property.

Metro Place Apartments will be located at 301 W. Lenawee Street near Townsend Street and Reutter Park, and will include studios, one- and two-bedroom market-rate rental units with 6,925 square feet of retail space on the street level, as well as on-site parking.

Greystone’s Lisa Fischman originated the loan under the HUD-insured 221 (D)(4) construction program providing a 40-year fully amortized loan with a low, fixed interest rate locked before closing. This loan provided 80 percent of the project costs and is interest-only during construction, with conversion to permanent FHA financing upon completion.

“We came to Greystone with a complex and complicated project, not only from a lending perspective but also from an incentive perspective, and found that the Greystone team was up to the challenge. Greystone grasped our vision immediately, tackled our obstacles and found opportunities where others had no solutions,” said Julie Lawton-Essa, owner of Y SITE, LLC, which acquired the property in 2007. “It has been our dream for over a decade to build this apartment community and bring new life and vitality into downtown Lansing. Working with partners who share our enthusiasm is an amazing and rewarding process.”

The 15-month project kicks off in September 2018 with the demolition of the property’s existing six-story YMCA building, which has sat abandoned since 2003.

As the state’s capital, Lansing is attracting young urban professionals who want to be close to work, entertainment and activities. Metro Place Apartments is located just a few blocks from the Capitol building, the courthouse, law firms and other employers. 

“This deal exemplifies Greystone’s creativity and expertise at its best – our knowledge of the HUD finance process and 30 years of experience give us a deep understanding of how to structure complicated transactions,” said Ms. Fischman. “We know what it takes to get a deal done and we work closely with HUD to find the right way to do it.”

Greystone, a real estate lending, investment, and advisory company, announced it has provided a $68,770,000 Fannie Mae DUS loan for the acquisition of The Glendale Apartments in Lanham, MD. The loan was originated by Dan Sacks and Eric Rosenstock of Greystone’s New York office.

The Fannie Mae financing carries a 12-year fixed rate and 6 years of interest-only payments. Acquired by Quantum Equities on July 31, The Glendale Apartments is a 486-unit multifamily community located near the NASA Goddard Space Flight Center; the University of Maryland, College Park; and the metro Washington D.C. area, enabling a projection for strong rental demand in the area.

“Helping investors like Quantum explore and secure opportunities outside of their core investment area has truly been a pleasure,” said Mr. Sacks. “With Greystone’s wide array of financing options, and our ability to help property investors meet their needs when acquiring new properties, we are thrilled to have executed beyond measure for Quantum Equities.”

“The market fundamentals for the Lanham market are on an upswing, enabling Quantum to leverage growing rental demand and increased rents in the area,” added Mr. Rosenstock.

New York, NY (August 16, 2018) – Greystone, a commercial real estate lending, investment, and advisory company, announced it has provided a $4.56 million Freddie Mac Targeted Affordable Housing loan for the acquisition of Alcazar Apartments in Kansas City, Missouri. The financing was originated by Keith Hires, managing director in Greystone’s Atlanta office.

Alcazar Apartments consists of a seven-story midrise building and two additional four-story midrise buildings, with a total of 142 units, 75 of which are designated affordable housing units. The residences range in size from studios to one- and two-bedroom units and include access to on-site parking and a fitness center.  

The loan was closed via Freddie Mac’s Targeted Affordable Housing platform, which provides financing for properties with rent-restricted units that are affordable to families with low, very-low and moderate incomes.

“At this point in the market where there is a severe lack of affordable and workforce housing being created, much less being maintained and preserved, we are pleased to provide the financing to ensure Alcazar provides a safe and affordable home for hundreds of residents for years to come,” said Mr. Hires. “Freddie Mac’s Targeted Affordable Housing platform provides an ideal financing avenue for owners of and investors in affordable housing, and we applaud their commitment to this housing segment.”