The joint venture team of Cushman & Wakefield and Greystone announced that they arranged the sale of and provided acquisition financing for Salisbury Court, a 40-unit apartment community located at 1501 Old Salisbury Ct. in Winston-Salem, North Carolina.

Cushman & Wakefield’s Hunter Bowling, Laney Orr, Rhodes Marley, and Gavin Conlon represented the seller in the $2,855,000 sales transaction while Greystone’s Daniel Kaweblum originated an interest-only bridge loan with a fixed rate and three-year term. The multifamily property was sold by a partnership between Grubb Properties and Carolina Community Investments and acquired by Emerald City Associates.  

“Emerald City Associates has made a great addition to their quickly expanding portfolio. Salisbury Court is a well-positioned asset, with interior value add upside, and located in one of the fastest growing MSA’s in the Sunbelt. We are grateful to have been a part of this transaction,” said Hunter Bowling, Senior Director at Cushman & Wakefield.

Salisbury Court was built in 1982 and features five two-story buildings with units averaging a modest 713 square feet. It is situated in perfectly in South Winston-Salem, benefiting from strong submarket fundamentals and close proximity to entertainment hubs and job centers. The apartment community also offers the opportunity to invest in a proven value-add initiative started by previous ownership that would offer substantial growth opportunities.

"It was a pleasure working with Cushman & Wakefield on this acquisition loan on behalf of our client, Loyd Fornes, and Emerald City Associates – demonstrating that even in today’s environment, there are opportunities for competitive financing on strong value-add assets in growing markets. The efficiency of execution was a testament to the thesis that aligning all sides of the transaction – in this great partnership between Cushman & Wakefield and Greystone – brings unprecedented benefit to our clients. We’re excited to have taken this concept to reality with this transaction and look forward to many more,” added Greystone’s Daniel Kaweblum.

Cushman & Wakefield’s Sunbelt Multifamily Advisory Group is a 109-person investment sales team covering 11 states with No. 1 multifamily market share in that region based on sales volume and transactions reported to CoStar. Per Cushman & Wakefield, in 2022, the group closed $11.1 billion in sales volume through 360 deals and over 60,300 units. 

Greystone, a leading national commercial real estate finance company, has provided a $32,173,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) loan for a 412-unit multifamily property in Humble, Texas. The financing was originated by Anthony Cristi, Managing Director at Greystone, with Gregory Vassilakos of Cosmos Capital Group acting as correspondent.

Constructed in 2004, The Villas at Foxbrick in Harris County is a 24-building garden-style apartment community that offers one- and two-bedroom units. The $32,173,000 non-recourse, fixed-rate financing carries a seven-year term and 30-year amortization. In addition to refinancing, loan proceeds enable the borrower to monetize a portion of their equity in the property.

“Greystone’s extensive multifamily lending platform, coupled with our deep industry expertise, enables us to address our clients’ capital needs through every phase of a property’s lifecycle,” said Mr. Cristi. “For every client, our goal is to deliver thoughtful and sophisticated financing solutions flawlessly executed through seamless transaction experiences.”

Greystone, a leading national commercial real estate finance company, has provided a total of $40,124,000 in Fannie Mae Delegated Underwriting & Servicing (DUS®) loans for two multifamily properties totaling 408 units in Indianapolis, Indiana. The financings were originated by Dan Sacks, Senior Managing Director, and Avi Kozlowski, Managing Director, in Greystone’s New York office.

For one transaction, Greystone secured a $23,484,000 Fannie Mae Green Rewards loan carrying a 10-year term and 30-year amortization, with full-term interest-only payments and 9.5 years of Yield Maintenance. Loan proceeds enable the borrower to acquire and make improvements to the property, which is a 26-building garden style apartment community that was constructed in 1972 and offers 200 one-, two- and three-bedroom units.

For a garden-style apartment community built in 1970 that consists of 24 buildings with 208 studio, one- and two-bedroom units, Greystone separately secured a $16,640,000 non-recourse, fixed-rate Fannie Mae loan carrying a 10-year term and 35-year amortization, with full-term interest-only payments and 9.5 years of yield maintenance. In addition to refinancing, loan proceeds enable the borrower to make improvements to the property and monetize a portion of their equity.

Both properties are in Marion County.

“It is our privilege to help clients achieve their long-term goals for each of the multifamily properties their portfolios,” said Mr. Sacks. “We leverage our extensive financing program and work creatively to deliver solutions that exceed expectations for every client, on every transaction.”

Greystone, a leading national commercial real estate finance company, has announced that Paul Donahue joined the firm as a Managing Director. Mr. Donahue brings over 35 years of real estate capital markets expertise to Greystone’s lending platform, and is based in Boston, MA.

Prior to joining Greystone, Mr. Donahue was a Senior Vice President at Grandbridge Real Estate Capital where he served capital needs of pension fund advisors, family office, affordable housing sponsors, and institutional clients with debt solutions across a range of asset types across the country. Throughout his career, Mr. Donahue held roles at CBRE, Berkshire Mortgage Finance and Krupp Realty (now Berkshire Property Advisors). He holds a Bachelor’s Degree from Harvard College and an MBA from the Darden School at the University of Virginia.

“Paul’s expertise across a broad range of property types and capital sources will serve as a valuable asset to our team,” said Mr. Rich Martinez, Head of Agency Production at Greystone, and to whom Mr. Donahue reports. “Borrowers are increasingly seeking creative and alternative structures to find optimal financing solutions, and Paul brings critical relationships that will benefit our clients.”  

Greystone, a leading national commercial real estate finance company, has provided a $13,880,000 HUD 223(f) loan to refinance a 164-unit affordable housing property in Battle Creek, Michigan. The financing was originated by Lisa M. Fischman, Managing Director at Greystone, on behalf of The Altman Companies.

Constructed in 1981, Bent Tree Apartments in Calhoun County is a 100% Section 8 multifamily property with one midrise building and 14 two-story buildings consisting of one-, two- and three-bedroom units and a community clubhouse. As part of the refinancing, the owner obtained a new 20-year HAP contract for the property, preserving affordability for the long-term and allowing the project to qualify for a lower annual MIP of 0.25%. 

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 improvements to the property and monetize a portion of their equity in the property.

“At Greystone, we are passionate about helping our clients provide quality, affordable housing options to individuals and families in communities across the U.S.,” said Ms. Fischman. “In current economic times, HUD offers a desirable lending platform as it provides an umbrella of safety and protection from rising interest rates. A 35-year, fully amortizing loan comes with the added flexibility for qualified borrowers to reduce the interest rate - if interest rates should fall - under the current HUD interest rate reduction program.”

“Our Greystone team was a true partner in this transaction and throughout our entire portfolio refinance – their creativity in finding the right solution for us and their insights on affordable housing exceeded our expectations,” said Mr. Joel Altman, principal of the borrower. “Greystone’s reputation as a leader in multifamily and affordable lending excellence is well-deserved.” 

Greystone, a leading national commercial real estate finance company, has provided a $23,791,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) Green Rewards loan for a 160-unit multifamily property in Nampa, Idaho. The financing was originated by Lorie Hanson, Managing Director at Greystone, with Tim Van Valin from Sage Creek Group acting as correspondent.

Newly constructed in 2022, Breckenridge Apartments in Canyon County is a garden-style apartment community with 35 buildings that feature one-, two- and three-bedroom units. The $23,791,000 non-recourse, fixed-rate financing carries a 10-year term and 30-year amortization, with seven years of interest-only payments. The property achieved Fannie Mae’s Green Building Certification for its energy and water efficiency.

“Greystone’s extensive lending platform is here to meet client needs through every phase of a project’s lifecycle,” said Ms. Hanson. “We’re deeply committed to serving the multifamily space and work hard to provide our clients with the right financing and a seamless transaction experience.”

“We relied on Greystone’s wealth of knowledge in multifamily finance and couldn’t be more pleased,” said Mr. Samuel Rust, principal of the borrower. “Our team delivered exactly what we needed – they were a true partner though the entire experience and we look forward to working with them again.