Greystone, a leading real estate lending, investment, and advisory company, announced it is has reached the milestone of providing over 1,000 Freddie Mac Small Balance Loans (SBL).

Since its launch in late 2014, Freddie Mac’s SBL offering has funded a total of more than $13 billion and over 5,000 loans. Greystone was the first lender to close an SBL loan in 2014, and was the first lender to fund $1 billion in SBL loans within a calendar year, in 2017.

Freddie Mac’s Small Balance Loan offering provides a competitive option for loans between $1 million and $7.5 million on multifamily properties of 5 units or more. The flexible loan offering provides six different financing solutions across hybrid ARM and fixed-rate products with 30-year amortization and up to 80% LTV in certain markets.

“Greystone is an extraordinary partner—and a key driver of the Small Balance Loan platform’s tremendous success. We congratulate them on reaching yet another significant milestone,” said Stephen Johnson, vice president of Freddie Mac’s Small Balance Loan Business. “This accomplishment reflects Greystone’s tireless commitment to delivering speed, efficiency and certainty of execution to every transaction and every SBL borrower—every single time. We look forward to capitalizing on this partnership by expanding access to workforce housing wherever it is needed across the United States.” 

“Freddie Mac’s Small Balance Loan offering has proven to be an ideal fit for many of our clients who are looking for acquisitions or refinancing smaller multifamily properties,” said Rick Wolf, head of Greystone’s small balance loan production. “The product is highly competitive with traditional financing, and we are thrilled to be able to provide our clients with such an advantageous loan product for optimizing their portfolios.”

Greystone Real Estate Advisors announced J. Micah Deskins has joined as a Director in Columbus, OH. Mr. Deskins will work closely with multifamily sales advisors Mark Rohr and Eric Taylor to expand the firm’s overall Ohio and Midwest presence.

With over five years of full-service multifamily sales advisory experience, Mr. Deskins joins Greystone from CBRE, where he participated in the sale, marketing, financing, and consulting of over 5,000 units totaling over $400 million. Mr. Deskins has also been responsible for the sale of several high profile mixed-use and redevelopment real estate transactions in the Short North and Victorian Village submarkets.

“Micah has built a strong and growing presence in the Ohio market, and his regional knowledge will be invaluable to our team as we advise clients locally on sales, dispositions, and their overall real estate investment portfolios of both market rate and affordable housing,” said Mr. Taylor, Managing Director, Greystone Real Estate Advisors.

Micah’s arrival complements Mr. Taylor’s and Mr. Rohr’s combined 60 years of sales advisory experience, totaling over $8.5 billion in transaction volume.

Greystone, a real estate lending, investment and advisory company, today announced Anthony Alicea has joined the company as Head of Production for the Portfolio Lending Group, reporting to Mark R. Jarrell, who leads the Group. In this role, Mr. Alicea will oversee production for the firm’s bridge and mezzanine lending products that complement Greystone’s FHA, Fannie Mae, Freddie Mac and CMBS lending products.

Mr. Alicea’s arrival coincides with an expanded bridge financing and mezzanine loan product line. Greystone recently introduced a 5-10 year CMBS-mezzanine loan product and is rolling out a 1-3 year short-term mezzanine loan product for multifamily and healthcare properties that are moving toward a permanent agency exit.

Mr. Alicea brings a wealth of experience in commercial real estate finance. Throughout his 20-year career, he has led CMBS and securitization projects for Arthur Andersen’s real estate consultancy, managed CMBS production at Nomura Credit & Capital, Inc., and originated Agency loans as well as CDO activity at Centerline Capital Group (now Hunt Mortgage). Mr. Alicea also previously held multifamily finance roles at Pensam Capital LLC and World Class Capital Group. 

“With an anticipated increased demand for our bridge and mezzanine financing, we are thrilled for Anthony to create and match a robust cross-platform suite of solutions for existing and new Greystone clients,” said Jarrell, head of Greystone’s Portfolio Lending Group. “We want clients to know that our desire to help them meet their goals means that we will work tirelessly to create flexible financing solutions while exceeding their expectations in service and execution.” 

Greystone Development, a New York-based real estate development company, today announced that Steuben, one of two Clinton Hill rental buildings collectively known as Myrtle & Steuben, is over 75 percent leased. Dave Maundrell of Citi Habitats is exclusively handling the leasing for these properties.

Located at 100 Steuben Street, Steuben brings 43 sleek, new residences, of which one bedrooms averaging 615 square feet, remain available. Designed by AB Architekten, the eight-story building features a variety of alluring amenities including a fitness center, rooftop terrace, virtual doorman, resident lounge with designated co-working space, as well as bike and resident storage. Prices for available units start at net effective pricing of $2,342.

Myrtle, located around the corner, launched leasing in January 2017 and is 100% occupied.

“Our successful leasing efforts with both properties indicate a strong demand for high-quality properties that offer valuable amenities for residents to meet, relax, entertain or work. These spaces truly resonate with the prospects,” said Thomas Ryan, head of Greystone Development.  

Located in the heart of Clinton Hill, Steuben boasts access to a wide variety of restaurants, coffee shops and retail stores. The property is within walking distance to several major public transportation routes and is only a short distance from Pratt Institute, the Barclays Center and Fort Greene Park.

Greystone Development, a New York-based real estate development company, today announced that its newly-opened building, Harlem 125, is over 75 percent leased. Dave Maundrell of Citi Habitats is the exclusive leasing agent for the property.  

Located at 69 East 125^th Street, Harlem 125 brings 75 residences to the heart of Harlem. Envisioned by Kutnicki Bernstein Architects with interiors designed by Lauren Williams of Lauren Jayne Design, the two-tower development has one-, two- and three-bedroom homes – boasting incredible light and air – for immediate move-in and net effective rents starting at $2500.

The speedy lease-up can be attributed to delivering a product that resonates with the market, attracting residents from near and far. For the active person-on-the-go, the property offers both bicycle storage and car parking, as well as close proximity to the subway and Metro North train station, and a high-design gym outfitted with a boxing station and outdoor space. 

For the prospective resident desiring a quintessential Harlem cityscape, the North building offers views of streets lined with trees and townhomes. For the person who wants the entire building to feel like an extension of their home, Harlem 125 boasts a meticulously designed, thoughtfully appointed lobby with reclaimed wood, white brick and concrete inspired floors, a furnished courtyard and roof top for relaxing or entertaining. Additionally, 14 original Harlem-inspired murals by local artist Lance Johnson adorn the hallways throughout. Other features include a virtual doorman, laundry room, resident storage and security.

“Harlem 125 has successfully filled a need for quality housing in this uptown market, and has received a great amount of interest from the community,” said Jeffrey Simpson, Head of Greystone Development. “With the growth of East Harlem’s 125^th Street corridor, we are excited to be a part of the vibrancy and resurgence of the neighborhood.”

The property boasts 5,600 square feet of ground floor retail along 125^th Street, with nearly half leased to the Metropolitan Transportation Authority (MTA) for its newest 2nd Avenue subway community information center. This prime location is within close proximity to several public transportation options, green space, highly-acclaimed restaurants and retail, including the recently-opened Whole Foods on Lenox Avenue.

New Community Corporation (NCC), one of the largest, most comprehensive community development corporations in the U.S., and Greystone Affordable Development, a leading services provider for affordable housing recapitalization, rehabilitation and development transactions, have joined together to help ensure the preservation of critical urban affordable housing in the Newark, NJ community in a $160 million transaction.

Working closely with the New Jersey Housing and Mortgage Finance Agency and the City of Newark Greystone Affordable Development facilitated the acquisition and rehabilitation financing transaction which will help ensure the long-term preservation of 842 units of Section 8 rental housing together with valued on-site services. Hudson Housing Capital provided $48 million in low income housing tax credit equity, alongside the $80 million in tax-exempt and taxable debt provided by Freddie Mac and Greystone’s Affordable lending arm. As part of the preservation activities, units across the four properties managed by NCC will receive approximately $60,000 each in extensive renovations including substantial upgrades to both the interior and exterior of the buildings provided by Claremont Construction Group.

“The revitalization process at NCC serves as a model for how we can ensure the legacy of our city, and others like it,” said Ras. J. Baraka, Mayor of Newark. “Newark is making clear and measurable efforts to increase the amount of available affordable housing, and NCC’s contributions to serving the at-risk community is a critical component to the City’s future success.”  

NCC has been at the vanguard of providing safe, decent, and affordable housing for low-income residents for 50 years. Their vast array of services are provided under one roof and reach every stage of life for their residents. NCC offers a one-stop resource center, early childhood development, youth services, workforce training, adult continuing education, family transitional housing, food pantry, mental health services, extended care for seniors, a community newspaper and arts and cultural events.

“Our residents will now be able to enjoy a renewed environment and have the assurance that their home will be preserved for many years to come, all while maintaining the services and facilities on which they rely heavily for everyday life,” said Richard Rohrman, CEO, New Community Corporation. “Our residents’ well-being is primary in achieving our mission, and we are thrilled with the outcome of this public-private partnership.” 

“One elected official said to me when we started New Community that our homes were too good for poor people. The housing should look poor. No, it shouldn’t look poor. It should look how much we love. It’s a sign of our love, not their condition,” added Monsignor William J. Linder, Founder, New Community Corporation.

“Teaming with an organization such as New Community Corporation is truly meaningful to Greystone, as we are able to positively impact the lives of thousands by preserving the environment they call home. Our expertise is in complex financial transactions, but our true mission is to better the lives of those affected by the work we do. That said, we are both excited and humbled to have been able to work with New Community Corporation and the New Jersey Housing and Mortgage Finance Agency on such a critical process,” said Tanya Eastwood, President, Greystone Affordable Development.   

“We are honored to provide financing for this critical project, which will deliver millions of dollars to renovate and preserve 842 affordable housing units in Newark, New Jersey,” said David D. Leopold, Vice President, Targeted Affordable Sales & Investments at Freddie Mac Multifamily. “This financing is the result of a strong partnership, and we thank Greystone Affordable Development, New Community Corporation and the New Jersey Housing and Mortgage Finance Agency for their commitment to preserving affordable housing in an area facing a significant shortage.”

Newark Councilwoman Gayle Chaneyfield Jenkins further added, “My father Joe Chaneyfield was one of the original founders and also vice president of the board for New Community Corporation. He worked step by step with his close friend Monsignor Linder to achieve the dream of resurrecting Newark out of the ashes. We have come this far by faith and work. Monsignor and the founders of NCC built a legacy on a strong foundation of faith, courage, determination and giving an opportunity to everyone. It gives me great joy to see his legacy continued in a way that has such a positive impact on the quality of life for Newark residents.”