Underscoring the growing popularity and demand for Freddie Mac’s Small Balance Loan offering, it was announced today that the platform has achieved, for the first time since the SBL offering’s inception in late 2014, $1 billion in funded loans in under a year from a single lender, Greystone.

Freddie Mac’s Small Balance Loan offering provides a competitive option for loans between $1 million and $6 million on multifamily properties comprising between 5 and 50 units. The flexible loan offering provides six different hybrid ARM and fixed-rate financing solutions with 30-year amortization and up to 80% LTV in certain markets.

Since its launch in 2014, the SBL offering has funded a total of $10.5 billion and over 4,000 loans. Illustrating its commitment to the Freddie Mac SBL lending platform since the offering’s launch, Greystone was the first lender to close an SBL loan in 2014, a $1.9 million loan on a 6-unit property in Newport Beach, CA.   

"Greystone has been a strong partner from the inception of our Small Balance Loan Program and remains a pillar of its success," said David Brickman, executive vice president and Head of Freddie Mac Multifamily. "On behalf of Freddie Mac Multifamily, we congratulate Greystone on achieving this significant milestone, and look forward to strengthening our partnership in the months and years to come." 

“Appetite for the Freddie Mac Small Balance Loan offering is growing by leaps and bounds, and we look forward to the next billion in funded deals,” added Rick Wolf, head of Greystone’s small balance loan production.”

"Our relationship with Freddie Mac is stronger than ever, and we are honored to have reached this funding milestone with them," said Stephen Rosenberg, CEO, Greystone. "Greystone is committed to being the easiest and most delightful lender to work with by empowering our employees and investing in technology." 

Greystone, a commercial real estate lending, investment, and advisory firm, today announced Ken Rogozinski has joined Greystone Bassuk, one of its real estate advisory companies,  as an Executive Managing Director. In this newly created role, Mr. Rogozinski will help expand Greystone Bassuk’s Agency origination capabilities with a focus on developing cutting-edge solutions for the group’s large and sophisticated client base. In addition, Mr. Rogozinski will also help build structured debt products and complex, specialized financing solutions for real estate owners and developers seeking debt and equity for construction and portfolio refinancing of multifamily and mixed-use assets. 

Mr. Rogozinski was most recently Chief Credit Officer and a co-founder of Dreadnought Capital Management, an SEC registered investment advisor. There, he focused on direct lending and debt investing in public-private housing and project finance, overseeing more than $1.1 billion in deployed capital. Prior to that, Mr. Rogozinski served as an Executive Director and Co-head of Municipal Structured Products at JP Morgan, and as Co-head of the Municipal Housing Group at Morgan Stanley. Mr. Rogozinski also previously was a Vice President at Greystone, where he was responsible for securitization programs for student loans, municipal housing bonds and other tax-exempt assets.

“Over the years, Greystone has expanded its lending, investment, and advisory capabilities and is now one of the most sought-after firms in the commercial real estate debt and equity markets,” noted Mr. Rogozinski. “Being able to now return to Greystone and build out specialized offerings for clients is a tremendous opportunity - their dedication to customer service and entrepreneurial culture are admirable traits which sets the organization apart from others.”

“One of Greystone Bassuk’s most powerful differentiators is our ability to work with our clients as a direct lender in addition to arranging capital as an intermediary. As we continue to expand our business, Ken’s breadth of knowledge in municipal and structured finance will be a tremendous asset to our platform,” said Drew Fletcher, President, Greystone Bassuk. “His experience in complex finance structures will tie together a range of resources and capabilities at Greystone and create a holistic and comprehensive service offering. We are thrilled he’s returning to Greystone in this capacity.” 

Based in Greystone’s New York office, Mr. Rogozinski reports to Mr. Fletcher.

Greystone Development, a New York-based real estate development company, and Alta Developers, today announced it has launched leasing at the highly-anticipated 2500 Biscayne building in the Edgewater district of Miami, FL. The glistening 19-story rental building boasts 156 residential units at the epicenter of the area’s burgeoning arts enclave and within close proximity to Biscayne Bay.

2500 Biscayne Boulevard is comprised of one- and two-bedroom units all with private outdoor space. The property boasts a thoughtful amenity package designed to cater to the active lifestyle of its residents with a pool, sundeck, lounge and game room, coffee bar, concierge, garage, and a fitness center. Leasing and Management is being handled by RIVERGATE KW Residential.

“2500 is a top property in one of Miami’s most desirable urban neighborhoods, and we are so excited to spearhead the leasing,” said Marcie Williams, President of RIVERGATE KW Residential. “We look forward to the opportunity to work with Greystone Development on this stunning community.”

Greystone curated a dream team of talent. Design visionary Architect Robert Behar of Behar Font & Partners envisioned a property that seamlessly integrated the historic alongside of the newly constructed, larger tower optimizing the footprint and also the experience for the resident. The homes Behar Font & Partners crafted maximize light, air and views with magnificent floor to ceiling windows. Floorplans are open and include a chef-inspired kitchen with quartz countertops, energy-efficient stainless-steel appliances, walk-in closets and in-unit washer dryers. RJ Heisenbottle imagined a restoration of the historic portion that would bring the structure back to its former glory.

Architect Robert Behar introduced Greystone to local artist and longtime family friend Magnus Sodamin. Parlaying off of the aesthetic that Behar Font established, Magnus created two exterior art murals spanning 75 and 90 feet wide. The murals take into consideration the culture and context of the surrounding neighborhood, pulsating with excitement and color. Through and through, 2500 Biscayne radiates light and vibrancy, offering the local market a truly unique product.

“Each successive Miami project that we take on becomes more exciting, and 2500 Biscayne brings a unique element to the Edgewater district with its ‘historical meets modern’ aesthetic,” said Jeffrey Simpson, head of Greystone Development. “We thank our partners in making the building a success, as the final result has exceeded our expectations. It’s a gorgeous addition to the neighborhood,” he added. 

“2500 Biscayne pays tribute to the neighborhood’s roots by meticulously preserving the historical portion that reflects many of the signature architectural elements of the Mediterranean Revival Style,” said Jill Preschel, Vice President of Marketing, Greystone Development. “And with the modern addition of Magnus’ striking work on the exterior, the property makes a beautiful statement embracing the culture known to this area of Miami.”

Elsewhere in South Florida, Greystone is currently developing The Aura, a 14-story mixed-use apartment building designed by Borges + Associates Architects. Located at 1501 SW 37th Avenue, The Aura will feature 100 residences and 6,400 square feet of ground floor retail, with over 150 feet of frontage along a highly trafficked retail corridor.  

Greystone Development, a New York-based real estate development company, and Alta Developers, today announced it has launched leasing at the highly-anticipated 2500 Biscayne building in the Edgewater district of Miami, FL. The glistening 19-story rental building boasts 156 residential units at the epicenter of the area’s burgeoning arts enclave and within close proximity to Biscayne Bay.    

2500 Biscayne Boulevard is comprised of one- and two-bedroom units all with private outdoor space. The property boasts a thoughtful amenity package designed to cater to the active lifestyle of its residents with a pool, sundeck, lounge and game room, coffee bar, concierge, garage, and a fitness center. Leasing and Management is being handled by RIVERGATE KW Residential. 

“2500 is a top property in one of Miami’s most desirable urban neighborhoods, and we are so excited to spearhead the leasing,” said Marcie Williams, President of RIVERGATE KW Residential. “We look forward to the opportunity to work with Greystone Development on this stunning community.” 

Greystone curated a dream team of talent. Design visionary Architect Robert Behar of Behar Font & Partners envisioned a property that seamlessly integrated the historic alongside of the newly constructed, larger tower optimizing the footprint and also the experience for the resident. The homes Behar Font & Partners crafted maximize light, air and views with magnificent floor to ceiling windows. Floorplans are open and include a chef-inspired kitchen with quartz countertops, energy-efficient stainless-steel appliances, walk-in closets and in-unit washer dryers. RJ Heisenbottle imagined a restoration of the historic portion that would bring the structure back to its former glory. 

Architect Robert Behar introduced Greystone to local artist and longtime family friend Magnus Sodamin. Parlaying off of the aesthetic that Behar Font established, Magnus created two exterior art murals spanning 75 and 90 feet wide. The murals take into consideration the culture and context of the surrounding neighborhood, pulsating with excitement and color. Through and through, 2500 Biscayne radiates light and vibrancy, offering the local market a truly unique product. 

“Each successive Miami project that we take on becomes more exciting, and 2500 Biscayne brings a unique element to the Edgewater district with its ‘historical meets modern’ aesthetic,” said Jeffrey Simpson, head of Greystone Development. “We thank our partners in making the building a success, as the final result has exceeded our expectations. It’s a gorgeous addition to the neighborhood,” he added. 

“2500 Biscayne pays tribute to the neighborhood’s roots by meticulously preserving the historical portion that reflects many of the signature architectural elements of the Mediterranean Revival Style,” said Jill Preschel, Vice President of Marketing, Greystone Development. “And with the modern addition of Magnus’ striking work on the exterior, the property makes a beautiful statement embracing the culture known to this area of Miami.”

Elsewhere in South Florida, Greystone is currently developing The Aura, a 14-story mixed-use apartment building designed by Borges + Associates Architects. Located at 1501 SW 37th Avenue, The Aura will feature 100 residences and 6,400 square feet of ground floor retail, with over 150 feet of frontage along a highly trafficked retail corridor. 

Greystone Development, a New York-based real estate development company, today announced that Steuben, one of Greystone’s two Clinton Hill rental buildings collectively dubbed Myrtle & Steuben, is over 50 percent leased. Dave Maundrell of Citi Habitats is exclusively handling the leasing for these properties.

Located at 100 Steuben Street, Steuben is an eight-story residential building featuring 43 residences. Designed by AB Architekten, the building offers renters studios to three-bedroom units ranging from approximately 460 to 1,140 square feet, some of which come with private outdoor space. Other building amenities include a resident lounge, game room, co-working space, fitness center, virtual doorman, rooftop terrace, as well as bike and resident storage. Net effective rents for Steuben start at $2,542.

Myrtle, the first phase of the development, is located around the corner at 531 Myrtle Avenue. Myrtle launched leasing in January 2017 and is 100% occupied.

“Both Clinton Hill properties have been incredibly successful with leasing efforts and indicate a strong rental market and high demand for similar products in this neighborhood,” said Jeffrey Simpson, head of Greystone Development. “With Clinton Hill currently experiencing a residential renaissance, we wanted to develop high-quality residences in this neighborhood and bring elevated housing options to its residents.”

Steuben is situated in the heart of Clinton Hill, and is within walking distance of several major public transportation routes. This dynamic and vibrant neighborhood offers a wide variety of restaurants, coffee shops and retail stores and is only a short distance from Pratt Institute, the Barclays Center and Fort Greene Park.

“There is very strong demand for premium boutique properties like Myrtle & Steuben in today’s New York City rental market. Given Clinton Hill’s appealing central location, mix of local businesses and neighborhood-like feel, it is no surprise that the properties are experiencing such great success,” said Maundrell.

Greystone, a real estate lending, investment and advisory company, today announced its closing of a $550,000,000 permanent Freddie Mac loan made to joint-venture partners The Moinian Group and SL Green Realty Corp. for Sky Residences (“Sky”), one of Manhattan’s premier mixed-use residential buildings. The Greystone Bassuk debt advisory team, led by Richard Bassuk and Drew Fletcher, represented the Borrower and assisted in obtaining the Freddie Mac loan through Greystone’s Affordable Lending team. The transaction marks the largest-ever single-asset tax-exempt financing completed by Freddie Mac and a first-of-its-kind private placement structure that includes permanent financing for hundreds of affordable housing units in New York City. Steve Rosenberg, CEO of Greystone, together with Billy Posey, Joe Mosley, and Jeff Englund, collaborated with Freddie Mac on the structure for Moinian and SL Green, and spearheaded the loan process for Greystone.

Sky, located at 605 West 42nd Street, is one of New York City’s most iconic luxury rental buildings with 1,175 units and 70,000 square feet of amenity space in a 71-story tower. Developed by Moinian and designed by internationally acclaimed Rockwell Group, Sky offers an unparalleled suite of services and amenities for its residents including an exclusive multi-level fitness club; water club; spa; lap pool; NBA regulation-size basketball court; two outdoor pools; café; kids’ club; and a private outdoor park design by Thomas Balsley. The building also holds the unique distinction of being the largest single-tower residential building in the United States, with 25% of its units designated as moderate and affordable housing.  Lifetime Fitness, Volvo and Icon Parking occupy commercial space and the property also includes an onsite parking garage. The project is utilizing 4% Low Income Housing Tax Credits and both tax-exempt and taxable variable rate bonds issued by New York State Housing Finance Agency (HFA).

The Freddie Mac loan completes an exit from the original construction financing provided by Bank of China and Union Labor Life Insurance Company in 2014.  The permanent loan was structured as a direct purchase by Freddie Mac of the HFA bonds with a pre-stabilized funding and early spread lock. Freddie Mac completed the direct purchase of the bonds with plans to securitize the bonds in a single-asset securitization, a first-of-its-kind structure that provided certainty of execution while also delivering pricing far below a standard bond credit enhancement. The structure was put in place under the Affordable New York Housing Program, the city’s revamped 421-a tax abatement program.

“Sky brings more than 1,100 new apartments—25 percent with long-term affordability restrictions—to the front lines of the affordable housing crisis,” said David D. Leopold, Vice President, Targeted Affordable Sales & Investments at Freddie Mac Multifamily. “Such a large, complex transaction took a strong partnership between Freddie Mac, the New York State Housing Finance Agency, Greystone, and The Moinian Group. I thank them for their dedication to increasing the amount of affordable rental units in an area that critically needs it.”

“The Moinian Group is extremely proud to deepen its relationship with Freddie Mac with this ground-breaking transaction,” said Joseph Moinian, CEO and Founder of The Moinian Group. “David Brickman, David Leopold and the entire senior leadership team at Freddie Mac worked tirelessly alongside Steve Rosenberg and his counterparts at Greystone, to deliver a one-of-a-kind execution for the premier asset in our portfolio. For more than 20 years we have been investors along the Far West Side, where we own more than four million square feet. Our enthusiasm for the neighborhood is greater now than ever before.” 

“We are thrilled to have collaborated successfully with Freddie Mac and Greystone’s lending team to deliver such a market-leading execution for Moinian’s premier project, Sky,” said Drew Fletcher, President, Greystone Bassuk. “This financing marks the culmination of over a decade of investment by Joe Moinian which has catalyzed the development of Manhattan’s Far West Side into one of the City’s most dynamic and fastest-growing residential neighborhoods.”

"While mixed-income multifamily lending deals of this size don't occur every day, it's truly gratifying to know that Freddie Mac's commitment to affordable housing can be applied in such an impactful way," said Jeff Englund, Senior Managing Director of Greystone's Affordable Lending group. "Affordable housing is desperately needed in New York and nationwide, and Greystone remains committed to helping to finance transactions that create or preserve this housing for the long term."