Greystone Development, a New York-based real estate development company, and preservation experts Walter B. Melvin Architects, announced that the New York Landmarks Conservancy has recognized the 227 4th Avenue property with the Lucy G. Moses Preservation Award. Named for the late New York City philanthropist, the annual Lucy G. Moses awards are the Conservancy’s highest honors given for outstanding preservation. 

In collaboration with Daniel Goldner Architects and preservation consultant Higgins Quasebarth & Partners, Greystone Development and Walter B. Melvin Architects worked to restore the historic facade of neo-Classical Public Bath No. 7 located at 227 4th Avenue. Built in 1910, the building was designed by prolific Beaux-Arts era architect Raymond R. Almirall who gained notoriety for designing several classically-inspired public buildings. The NYC Landmarks Preservation Commission designated the building an individual landmark in 1984, and it was added to the national and New York State Registers of Historic Places in 1985.

Beginning in 2015, 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 polychromatic glazed terra cotta ornament and elaborate, classically-inspired cornice, were restored and revitalized.

“We are honored to receive this recognition from the New York Landmarks Conservancy, and truly enjoyed being part of the collaborative effort that went into the restoration of this architectural landmark,” said Thomas Ryan, head of Greystone Development. “227 4th Avenue’s beautiful facade will be a reminder of the grand history of Park Slope for many years to come.”  

“We are very proud to be a part of Greystone Development’s project team that worked to bring Public Bath No. 7 back to life,” said Alison LaFever of WBMA. “With thoughtful planning, careful workmanship, and effective collaboration, we were able to preserve the architectural character of this exceptional building for Park Slope residents, and New Yorkers everywhere, to enjoy for years to come.” 

The 28th annual Moses Awards were presented on May 8 at the annual Lucy G. Moses Preservation Award Ceremony at St. Bartholomew’s Church in Manhattan.

Greystone, a commercial real estate lending, investment, and advisory company, announced it has provided a $28.5 million Fannie Mae DUS loan for the acquisition of Carmel Pointe in Sacramento, California. Greystone’s Northern California Advisory team, which consists of Simon Herrmann, Todd Vitzthum, and Cody Field, worked closely with the borrower to ensure a seamless process.  

The loan carries a seven-year fixed rate with two years of interest-only and stepdown prepay. As part of the Green Rewards program, Greystone was able to secure favorable terms with higher proceeds. Located at 7826 Center Parkway, Carmel Pointe is a garden-style multifamily complex featuring 22 two-story buildings with a total of 332 residences. The complex includes two outdoor swimming pools, spa, fitness center, clubhouse, playground, dog park, tennis court and five on-site laundry rooms. The borrower plans extensive upgrades including reduction of water consumption by more than 25%.

“This transaction exhibits how dynamic Greystone’s range of services is, from sales and disposition advisory to acquisition loans or refinancing,” said Simon Herrmann of Greystone Real Estate Advisors. “This full-service approach is hard to execute well on all fronts, but with Greystone’s deep commitment to client service, owners and investors can have confidence that we can address any of their real estate needs.” 

“Greystone’s local market knowledge and universal lending expertise is a clear advantage for property investors,” said Mr. Field. “Our ability to seamlessly take a client from embarking on an acquisition to providing the financing across a range of platforms makes the process much more efficient.”  

Greystone, a commercial real estate lending, investment, and advisory company, today announced it has provided a $35.8 million Fannie Mae DUS loan for the acquisition of Aldea at Estrella Falls in Goodyear, Arizona. The transaction was originated by Tim Thompson, Managing Director at Greystone, with Mark Paskill of Melvin Mark Capital Group acting as correspondent on the deal.  

The $35.8 million Fannie Mae loan has a 10-year fixed rate and term and a 30-year amortization period. This transaction marks the fifth Fannie Mae DUS deal Greystone has closed with the buyer, a prominent Oregon-based real estate investment group.

Located in southwest Phoenix, Aldea at Estrella Falls comprises 328 apartments. Built in 2008 and renovated in 2016, the property features barbecue grills, a heated pool and whirlpool, spa, clubhouse, fitness center and playground. The residential subdivisions are located within close proximity to the interstate freeway system serving metropolitan Phoenix, providing convenient access to employment areas. Combined with above-average household income and a resilient multifamily residential property market, Greystone sees this region as currently stable.

“Phoenix is experiencing a renaissance of sorts with growing investment interest by multifamily property owners,” said Mr. Thompson. “Greystone’s experience in and knowledge of the local market, and our close working relationship with Fannie Mae, enable us to execute efficiently for clients looking to acquire in this region.”      

Greystone Brown Real Estate Advisors announced it has closed on the $58,300,000 sale of Stone Ridge at Vinings, a 440-unit apartment complex in metro Atlanta. A team comprising Barden Brown, Cory Caroline Sams, Taylor Brown, Chandler Brown, and Bo Brown advised both the seller, Boca Raton, FL-based Ventron Management LLC, which owns 20 properties across Georgia and Florida, and the buyer, Rochester, NY-based Broadtree Residential, a part of Broadstone.

Stone Ridge at Vinings is a 1970s vintage community comprising 49 buildings and spread over 30 acres in an affluent enclave of Atlanta, boasting generous floor plans and reasonable rents for the desirable area.

“In marketing the asset for Ventron, we were confident that the vintage property would attract a lot of interest due to its attractive amenities and the price per square foot compared to costs for new construction. Stone Ridge at Vinings is a highly competitive product with substantial upside for the investor,” said Bo Brown, President, Greystone Brown Real Estate Advisors.

Greystone Development, a New York-based real estate development company, today announced it has completed the ground-up construction of 2500 Biscayne Boulevard, a 19-story mixed-use property in Edgewater, FL. In conjunction with the completion, Greystone sold its stake in both the residential and retail portions of the recently completed property.

Co-developer Alta acquired Greystone’s remaining residential stake of the 156 rental unit property, while investment partner Infinity Real Estate acquired the full retail portion of the asset, which comprises 11,500 square feet. The retail spaces are currently leased to Mount Sinai Medical Center, Mercantil Bank, and Rice Mediterranean Kitchen.

“Greystone’s model enables us to embark on a project from scratch and see it through to completion, such as 2500 Biscayne, and there is no greater satisfaction than that,” said Thomas Ryan, head of Greystone Development. “We have truly enjoyed working alongside Alta and Infinity to see 2500 Biscayne come to life, and we are thrilled with the outcome. As we exit our position, we look forward to our next development challenge, whether it is in Miami, or beyond.” 

Infinity partner David Berg noted, “Over 7,000 units have come into the market since 2014, with nearly 2,000 more units in the pipeline. Edgewater is one of Miami’s most exciting high-growth submarkets, and we are delighted to be serving the neighborhood with convenience retail making this community more pedestrian friendly and enjoyable to live in.”

Infinity has invested more than $165 million in Miami real estate since 2014.  The Company’s holdings are diversified across Edgewater, Wynwood and South Beach.

Berg added, “Greystone and Alta have been great partners throughout this project. We thank them and wish them great success in all of their endeavors. We also greatly appreciate Mercantil Bank for being a valued financing partner and for choosing this location as home to another one of their branches.”

The development of 2500 Biscayne follows the 2016 completion and sale of The Mile at Coral Gables, marking the second successful collaboration between Greystone and Alta.

Greystone Development, a New York-based real estate development company, today announced its 227 4th Avenue property has been recognized by the Park Slope Civic Council with an Evelyn and Everett Ortner Preservation Award for excellence in Exterior Restoration. Inaugurated in 2014, the annual awards celebrate and encourage construction projects that make a positive contribution to the appearance and unique identity of the Park Slope neighborhood.

Greystone Development worked alongside Daniel Goldner Architects and preservation experts Higgins Quasebarth & Partners and Walter B. Melvin Architects to restore the 1910 neo-Classical structure on 4th Avenue, which was originally utilized as a public bathhouse. The preservation process, which began in 2014, included retaining and preserving as much of the original glazed brick, limestone and terra cotta façade as possible – close to 80 percent – while painstakingly restoring intricate and colorful ornamental details such as nautical-themed carvings and an elaborate cornice.

“We are honored that our collaborative team effort has been recognized by the community, and we truly enjoyed working alongside Higgins Quasebarth & Partners, Daniel Goldner Architects and Walter B. Melvin Architects to bring the structure back to life,” said Thomas Ryan, head of Greystone Development. “227 4th Avenue’s beautiful facade will be a reminder of the grand history of Park Slope for many years to come.” 

The Evelyn and Everett Ortner Preservation Awards were presented to honorees on March 1.