New Role Will Focus on Strategic Expansion of Multifamily Business Via Financing Solutions, Investor Relationships and Institutional Business Opportunities

Greystone, a leading national commercial real estate finance company, announced that Blake Okland has joined the firm as Chief Revenue Officer. In this newly created role, Mr. Okland will focus on scaling Greystone’s industry-leading multifamily financing offerings and investor relationships and further leverage the firm’s strategic joint venture with Cushman & Wakefield.

Prior to joining Greystone, Mr. Okland was Vice Chairman and Head of Multifamily Investment Sales for Newmark, increasing transaction volume from $9 billion in 2015 to $45 billion in 2022. At Newmark, he drove expansion of the firm’s multifamily business nationally, building relationships with large institutional clients. While there, he also served on Newmark’s US Operating Committee and on its Global Capital Markets Board, developing and monitoring global capital flows into the U.S. multifamily market. Before his role at Newmark, Mr. Okland was the President of ARA for four years leading up to its acquisition by Newmark, serving on its National Executive Committee. Mr. Okland also held prior roles at CBRE and Archstone-Smith Communities Trust.

“My goal is to help further realize the full strength of Greystone’s broad platform of capabilities, as the firm has an unmatched range of solutions that can be combined or enhanced to meet the needs of any sponsor – large or small,” said Mr. Okland. “Combining Greystone’s expanded resources and its breadth of services and creativity with Cushman & Wakefield, the collective team is poised to be the #1 multifamily platform nationally.”

“Blake is a known leader in the multifamily industry – a true dealmaker and market mover, and we are so thrilled that he is joining to scale our unique offerings, as well as our combined strengths with Cushman & Wakefield,” said Steve Rosenberg, CEO of Greystone, and to whom Mr. Okland reports. “With Blake’s strategic vision, relationships, and leadership, Greystone will be propelled forward as a household name.”

Greystone, a leading national commercial real estate finance company, announced it has arranged a $425 million construction loan for BLDG Management Company, Inc.’s ("BLDG") newest mixed use development, The Orchard. Upon completion, the property will be the tallest residential tower in Long Island City, featuring 824 residential apartments, 207 parking spaces, over 100,000 square feet of world-class amenities and 13,000 square feet of above-grade retail space. The Project will be one of the last large-scale new rental developments eligible to receive a 35-year real estate tax exemption under the recently expired Affordable New York Housing Program (formerly known as 421-a), which requires 30% of the apartments to be set aside for households earning at or below 130% AMI.

M&T Bank led the $425 million financing as Administrative Agent, with U.S. Bank and Bank of China as Co-Joint Lead Arrangers, and with Israel Discount Bank of New York, City National Bank and Bank Hapoalim also participating in the facility. Greystone Capital Advisors’ Drew Fletcher, Paul Fried and Bryan Grover served as exclusive advisors in arranging the financing on behalf of BLDG.

"Despite the challenging market, this significant financing demonstrates that there is still strong lender appetite for high quality multifamily projects, especially with an affordable component," said Drew Fletcher, President of Greystone Capital Advisors. "The Orchard will transform the Long Island City skyline while also providing desperately needed affordable housing for the neighborhood.”

Situated in the heart of Long Island City, The Orchard will rise 69 stories and over 800 feet, offering residents panoramic, unobstructed views of the greater New York City area. The property will set a new standard for luxury urban living in Long Island City with over 100,000 square feet of resort-style amenities that include a 24-hour attended lobby, state-of-the art fitness center, indoor and outdoor pools, spa with a steam room and sauna, basketball court, multi-sport simulator, lounge areas, children’s playroom, game room, movie screening rooms, work pods, dog spa, self-storage, bike room, state-of-the-art package room including refrigerated storage and on site laundry. The Project will also feature the largest privately-owned outdoor landscaped roof deck in New York City with over 1.5 acres of recreational space, including a pickleball court, great lawn with an outdoor screen, yoga and fitness areas, BBQ area, dog park, kids outdoor play area, 1/8 mile running track and much more. The building also includes an exclusive penthouse lounge with a spacious roof deck offering dramatic views of New York City and a covered motor court allowing for convenient pick-up/drop-off for the tenants.

“BLDG is thrilled to grow its long-standing relationship with Greystone through this market-leading transaction,” said Lloyd Goldman, Founder and President of BLDG. “The Orchard is a reflection of our deep commitment to building best-in-class multifamily rental projects that expand access to housing and benefit the communities in which they serve. We are also incredibly thankful to our trusted lending partners for their support and confidence despite the exceptionally challenging credit environment.”

Greystone, a leading national commercial real estate finance company, has provided a $35 million Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 165-unit multifamily property in Brookfield, Connecticut. The financing was originated by Dan Sacks, Senior Managing Director, and Avi Kozlowski, Managing Director, at Greystone, with Platinum Capital Group acting as correspondent on the transaction.

Barnbeck Place Apartments consists of studio, one- and two-bedroom units and is 98.2% occupied. The property’s amenities include a clubhouse, fitness center and yoga room. Built in 2015, Barnbeck Place is a mid-rise residential complex that includes affordable housing, with 20% of the units reserved for residents earning 80% AMI. In addition to the Land Use Restriction Agreement in place, the new Fannie Mae financing includes a fixed-rate, five-year term with a 35-year amortization and is interest-only for the first three years.

“This asset is critical to providing affordable housing in Brookfield, where the vacancy rate is only around 5% and the population is growing over time,” said Mr. Sacks. “A gem in the market, the owners have secured long-term financing that will benefit the residents for many years.”

Greystone, a leading national commercial real estate finance company, announced it has arranged $287 million in combined construction financing and preferred equity for Douglaston Development’s 1057 Atlantic Avenue, a 474,000-square-foot, 17-story, 456-unit mixed-income multifamily rental development in Brooklyn’s Bedford-Stuyvesant neighborhood. Notably, the project will also be one of the last large-scale new rental housing developments eligible to receive a 35-year real estate tax exemption under the recently expired Affordable New York Housing Program (formerly known as 421-a). Greystone Capital Advisors’ Drew Fletcher, Paul Fried, and Bryan Grover served as exclusive advisors in arranging the financing on behalf of Douglaston Development.

Wells Fargo Bank led the $185 million construction financing as Administrative Agent, partnering with M&T Bank as Joint Lead Arranger and Bank United also participating in the facility. Funds managed by an affiliate of Ares Real Estate Income Trust, Inc. provided a $102 million preferred equity investment in the project. BEB Capital and Totem co-invested in the project with Douglaston and will serve as co-developer on the $320 million development.

Upon completion in late 2025, 1057 Atlantic Avenue will deliver 456 residential units to the community living at the intersection of three vibrant neighborhoods: Bedford-Stuyvesant, Crown Heights, and Clinton Hill. The development will include a mix of one-bedroom, two-bedroom and three-bedroom residences. A total of 137 units will be permanently affordable, available to those earning 60% to 120% of the area median income (AMI). In addition to the residential portion of the project, 1057 Atlantic Avenue will include 31,000 square feet of ground-floor retail space as well as 35,000 square feet of state-of-the-art resident amenity spaces, featuring a gym, lounge, golf simulator, game room, screening room, children's playroom, and landscaped roof deck offering sweeping views of Brooklyn and the Manhattan skyline.

“Long-term clients such as Douglaston rely on us for our deep capital relationships and ability to execute on complex financing assignments even in the most challenging lending environments,” said Drew Fletcher, President of Greystone Capital Advisors. “With the increasing complexities of New York’s housing landscape, along with the rapidly changing capital markets, it is our mission to work tirelessly in order to find a solution that fits our clients’ needs.”

Greystone, a leading national commercial real estate finance company, has provided a $24.1 million HUD 223(f) loan to refinance a 216-unit multifamily property in Charlotte, North Carolina. The financing was originated by Lisa M. Fischman, Managing Director at Greystone, on behalf of Pressly Development Company.

Argyle Place Apartments in Hickory is a midrise apartment community with 20 buildings consisting of one-, two- and three-bedroom units that were originally constructed in 1987 and 2001, and renovated in 2018. The HUD-insured loan carries a 35-year term and amortization along with a low, fixed rate. In addition to refinancing, loan proceeds enable the borrower to make renovations to the property and fund new construction projects.

“At Greystone, we rise to the challenge of helping clients navigate complex circumstances to secure the right financing for the multifamily properties in their portfolios,” said Ms. Fischman. “Clients choose Greystone for our significant multifamily expertise, our deep lending platform, and our commitment to helping them bring the vision for their properties to life.”

“We are incredibly impressed with the creativity, capabilities and commitment of Greystone – our team delivered for us a financing solution that others couldn’t,” said James Pressly, co-owner of Pressly Development Company. “Greystone’s attention to detail throughout this transaction was remarkable – the entire experience exceeded our expectations.”

David L. Pressly, Jr., principal of the borrower, added, “We’re actively working with the team on the next project and know that, even in these challenging economic times, Greystone will find the best path to closing.” 

Greystone was honored with two distinctions from Fannie Mae for its performance during 2022 as a Delegated Underwriting & Servicing (DUS®) lender. 

Greystone, the only company to receive two Lender Specialty Awards for 2022, was recognized for the following:

Excellence in Operations

“Greystone demonstrated excellence across multiple processes, including committing, delivery and certification, funding, securitization, disclosure, servicing reporting, and remitting and liquidation throughout the year.

Greystone has proven their strong commitment to the timely delivery of high-quality data, constant engagement, and partnership, all focused on meeting our mutual customers’ expectations. Greystone ranks among top performers in our many operations areas. They are proactive in making us aware of borrower issues and impacts from market changes and offering feedback and suggestions to improve processes.”

Excellence in Duty to Serve

“Greystone demonstrated their commitment to Duty to Serve (DTS) throughout 2022 by proactively sourcing eligible deals and tackling challenging targets across all three underserved markets. They brought their expertise and dedication to bear on DTS, even creating internal tools to help their production teams identify opportunities for 2023 and beyond. We are thankful for Greystone’s ongoing partnership.”

Greystone also ranked as the #1 Small Loan Lender for Fannie Mae in 2022, and the #3 Green Financing Lender for the same period.

In a press release about its top DUS lenders in 2022, for which Greystone ranked sixth overall, Rob Levin, Senior Vice President and Multifamily Chief Customer Officer, Fannie Mae, commented:

"We want to thank our DUS lenders for their partnership and helping us support the multifamily market. Together with our lenders, we were active across all market segments while building a balanced portfolio."

“We value our partnership with Fannie Mae and look forward to growing our relationship even further in 2023,” commented Chip Hudson, head of Greystone’s Agency lending platform.

“We thank Fannie Mae for the recognition of our Servicing and Asset Management operations, which is a great honor and validation for the hard work our team put into building a strong relationship with Fannie Mae,” added Sharon Briskman, head of Greystone’s Servicing and Asset Management platform.