New York, N.Y. (August 6, 2018) – Greystone, a leading commercial real estate lending, investment, and advisory company, has hired Bryan Foxley as a Managing Director to further expand the firm’s lending operations in the Seattle market. Based in Greystone’s Kirkland, WA, office, Mr. Foxley is a veteran in commercial lending in local and national markets. 

With 33 years of experience across multiple lending platforms, Foxley has a solid depth and breadth of understanding in the origination, processing, underwriting of apartments and all other major asset classes. Previously, he was vice president of commercial real estate finance at Intervest, a bank-owned mortgage banking company, where he managed the Northwest regional lending office. He also has worked in direct lending for banks, a multifamily lender, and a life company. Foxley began his career as a mortgage banker and a correspondent for numerous life insurance companies. A graduate of the University of Puget Sound, Foxley received his Bachelor’s degree in Business and Economics.

“Bryan’s commitment to his clients parallels the high standards of service excellence we hold ourselves to at Greystone,” said Mr. Billy Posey, head of Greystone’s lending operations. “His deep understanding of the commercial real estate lending market across a range of asset classes and products makes him a natural fit for our team, and we’re excited to welcome him on board.”

Increased Demand for Small Multifamily Loans Sparks Regional Team Expansion

New York, NY (August 6, 2018) – Greystone, a leading commercial real estate lending, investment, and advisory company, today announced that its Small Loan platform, which includes providing Freddie Mac and Fannie Mae loans to finance multifamily properties with an average of 50 units, is on pace for record-setting transaction volume after the first half of 2018, and it has hired talent across the country in order to meet this demand.

Since 2014, Greystone has closed over 1,400 small loans totaling over $3.64 billion, between the Freddie Mac’s Small Balance Loan (“SBL”) program and Fannie Mae’s Small Loan Program. The majority of these transactions are under the $5 million mark, with an overall average deal size of $2.8 million. The Agency loans include terms from 5 years up to 30 years, with fixed- and variable-rate options, non-recourse to the borrower, interest only, and a variety of prepayment options. 

“Freddie Mac and Fannie Mae have made the financing of smaller properties via an Agency execution incredibly attractive,” said Rick Wolf, head of Greystone’s Small Loan platform. “With increased demand for workforce housing around the country, multifamily owners are acquiring, rehabilitating and refinancing at a record pace. Having highly competitive Agency loan products available as a permanent financing option is critical to the support of workforce housing and offers unparalleled flexibility and product depth.”

To support the growing demand for multifamily financing activity, Greystone has expanded and re-focused its team dedicated to serving the Small Loan business. In addition to naming dedicated Regional Market leaders – Ana Ramos (West), Clint Darby (Central), and Brian Liske (East) – Greystone has added the following loan originators in a number of key locations:

·       Kyle Kalkofen (Chicago, IL)

·       Amy Ivy (Denver, CO)

·       Gill Dolan (Houston, TX)

·       Blake Willeford (Houston, TX)

·       Jason Gaffner (Los Angeles, CA)

·       Mackenzie Kerin (Los Angeles, CA)

·       Federico Calif (Miami, FL)

·       Amanuel Mekonen (New York, NY)

·       Kristin Elbogen (San Diego, CA)

·       Bryan Foxley (Seattle, WA)

“We’ve been doing small loan lending for more than 15 years and today are as deeply committed as ever to investing in the talent needed to serve borrowers in this space,” said Wolf.

“We greatly appreciate Greystone’s continued support of the Small Balance Loan platform, which has delivered speed, efficiency and certainty of execution to small rental properties across the United States,” said Stephen Johnson, vice president of Freddie Mac’s Small Balance Loan Business. “Greystone’s commitment to meeting the needs of borrowers in the middle-market has been proven by the many milestones we’ve shared together since launching the SBL platform in 2014.”

Earlier in 2018, Greystone reached the milestone of providing 1,000 Freddie Mac Small Balance Loans since the program’s inception in October 2014. In addition to closing the first loan on the platform, in 2017 Greystone also was the first lender to close $1 billion in Freddie Mac Small Balance Loans in a calendar year.

Lending Veteran Federico Calaf Joins to Lead Origination in South Florida

  New York, NY (August 6, 2018) – Greystone, a leading commercial real estate lending, investment, and advisory company, is expanding its lending presence in South Florida with the addition of Federico Calaf. Mr. Calaf is responsible for boosting loan origination in the region, particularly for multifamily small balance lending (SBL).

 Located at 333 S.E. 2^nd Ave. Suite 2064, the new Miami office enables Greystone to better serve owners and investors in South Florida’s multifamily, healthcare and affordable housing sectors.

Over the course of nearly two decades, Federico (“Fico”) Calaf has worked in commercial real estate finance in South Florida and in San Juan, Puerto Rico. Prior to joining Greystone, Mr. Calaf was a principal at Miramar Asset Management, where he led deal sourcing, acquisitions, dispositions, asset management, and financing for the commercial real estate firm. He also held leadership positions in the commercial real estate and construction loans divisions of Banco Santander and Doral Financial Corporation. Mr. Calaf holds a Master’s degree in Real Estate Development and Investments from New York University, and a Bachelor’s degree in Finance from St. Joseph’s University. 

“We’re thrilled to welcome Fico to Greystone and look forward to deepening our ties to the South Florida multifamily community,” said Rick Wolf, head of Greystone’s Small Loan platform. “Multifamily owners are acquiring, rehabilitating, and refinancing properties in this region at a record pace to meet workforce demand, and we’re committed to investing in the talent needed to help them achieve their goals.” 

 For more than 15 years, Greystone has been a small loan lender to borrowers with multifamily properties with either 5 to 50 units or financing needs ranging from $1 million up to $7.5 million. Since the inception of the Freddie Mac SBL program in 2014, Greystone has closed over 1,400 Freddie Mac and Fannie Mae small loans totaling over $3.64 billion.

NEW YORK, NY (July 25, 2018) -- Greystone, a leading commercial real estate lending, investment, and advisory company, announced it has provided a $20,659,400 HUD-insured permanent loan to refinance Golden Gate Rehabilitation & Health Care Center, a 238-bed skilled nursing facility in Staten Island, New York. The transaction was originated by Fred Levine, Managing Director in Greystone’s Monsey, NY office. The facility is affiliated with the Sentosacare network.

The permanent FHA financing for Golden Gate Rehabilitation Center carries both a 35-year term and amortization period at a low, fixed rate. Greystone had previously arranged a bridge loan on the facility two years prior, and this HUD-insured financing represents a permanent exit from that interim loan.

Golden Gate is located in the Willowbrook neighborhood of Staten Island, just off of I-278 for easy access both from within the borough and from points beyond NYC. The facility is ranked 5 stars by Medicare, the highest possible ranking. Golden Gate offers services including short-term rehabilitation; long-term residential care; physical therapy; occupational and speech therapy; and neuro and orthopedic rehabilitation.

“Many lenders promote bridge-to-HUD financing, but Greystone delivers time and time again,” said Mr. Ben Philipson, co-founder, SentosaCare.  

“Sentosacare-affiliated facilities are truly committed to patient care,” said Mr. Levine. “I’m honored to be the point person on the long-standing relationship Greystone has with Sentosacare and its principals.”    

New York, NY (July 24, 2018) – Greystone, a commercial real estate lending, investment, and advisory company, announced it has provided a $28,200,000 Fannie Mae DUS loan for the acquisition of Northpoint Apartments, a dedicated student housing community in Rexburg, Idaho. The loan was originated by Dale Holzer of Greystone’s Newport Beach office.

 The 154-unit property, which was completed in 2014, serves the BYU-Idaho student population with 1,024 individual beds. The Fannie Mae DUS loan carries a 10-year fixed rate with 5 years of interest-only.

Catering to a new generation of student renters, Northpoint Apartments is a Class A property with a number of amenities geared toward comfort and convenience, including a private gym, theater, music rooms, and community-sponsored activities such as pizza parties and game nights.

“The borrower’s long track record of student housing ownership enabled him to secure favorable terms against a number of unique challenges, including the smaller enrollment of this BYU-Provo offshoot campus and a shorter history of rent collections,” said Mr. Holzer. “Leveraging a 1031 exchange, this permanent financing will enable the borrower to continue to grow his portfolio.”

“The student housing market of today looks very different than 10 years ago,” said Joe Stepchuk, Managing Director and head of Greystone’s student housing lending platform. “Community, study areas, fitness centers, and technology access are priorities for students today. Premium properties offer these as well as effortless and accessible experience.”

Greystone Development, a New York-based real estate development company, today announced it has sold 227 4th Avenue for $10 million to an unnamed buyer. Ofer Cohen of TerraCRG brokered the deal on behalf of Greystone. Brian Flanagan of Sterling Project Development managed the acquisition for the buyer.

Acquired in 2014, Greystone completed a significant renovation to the landmarked property, which was first built in 1910 as Public Bath No. 7. Located between President and Union Streets, the property’s entire square footage (16,700) has been leased long-term to Blink Fitness since 2017.

Greystone Development worked in collaboration with Daniel Goldner Architects, Walter B. Melvin Architects, and preservation consultant Higgins Quasebarth & Partners to restore the neo-classical architecture of the former bathhouse. The preservation process consisted of the retention and preservation of almost 80 percent of the original glazed brick, limestone and terra cotta façade. Additionally, the intricate and colorful ornamental details, such as the nautical-themed carvings and elaborate cornice were restored and revitalized. Greystone’s restoration work was recognized by the New York Landmarks Conservancy with the Lucy G. Moses Preservation Award and by the Park Slope Civic Council with an Evelyn and Everett Ortner Preservation Award for excellence in Exterior Restoration.

“Ushering this historic landmark through a meticulous restoration has been nothing short of gratifying, and we are thrilled to see the property come full circle back to its original use as a public gymnasium,” said Thomas Ryan, head of Greystone Development. 

“The sale of 227 4th Avenue exemplifies the continued strength of the commercial market in Brooklyn,” said Ofer Cohen, founder and CEO of TerraCRG, which represented Greystone in the sale. “The Park Slope area remains one of the most sought-after investment destinations in NYC. 

Greystone Development is currently building a ground-up neighboring property, 223 4th Avenue. The 13-story residential property features 63 units, a wide range of modern amenities, and is slated to begin leasing in Summer 2018.