Greystone, a leading national commercial real estate finance company, has provided a $13,699,000 HUD-insured loan to refinance an 84-unit multifamily property in Hutchinson, MN. The financing was originated by Kyle Jemtrud and Wilson Molitor of Greystone on behalf of Ward LLC.

Century Court West is a garden-style market-rate multifamily property constructed between 2020 and 2022, comprising 2-bedroom, 2-bath units offering single-level living for residents. Property amenities include picnic and BBQ areas as well as well-manicured green spaces and a tranquil pond. The community is located about 60 miles west of downtown Minneapolis. The HUD 223(f) loan carries a 35-year term and 35-year amortization at a low, fixed rate.

“It cannot be understated how advantageous HUD-insured financing is for the multifamily financing market today, due to its longer loan terms and lower rates,” said Mr. Jemtrud. “We are thrilled to have refinanced this quality asset and set it up for long-term success.”  

“The Greystone team did a stellar job of shepherding Century Court West through the HUD financing process, which is lengthy but worth the effort,” said Matthew Ward, principal of the borrower. “After a great previous experience with the Greystone team on a HUD refinance, I had no doubt they would be the #1 go-to for this asset as well.”

Greystone, a leading national commercial real estate finance company, has provided a $10,602,100 HUD 223(f) loan to refinance a 162-unit multifamily property in Jacksonville, Florida. The financing was originated by Eric Rosenstock and Jesse Yodice at Greystone, on behalf of Royal American Companies.  

Built in 1980, Oak Tree Apartments in Duval County consists of 26 detached buildings with 162 one-, two-, and three-bedroom units. The $10.6 million HUD-insured financing carries both a 35-year term and amortization with a low, fixed rate and 90% loan-to-value (LTV). The property qualifies for a lower annual MIP (Mortgage Insurance Premium) of 0.25% because it is rent-restricted. In addition to refinancing, loan proceeds enable the borrower to monetize a portion of their equity and continue with improvements to the property.

“Greystone’s extensive multifamily lending platform and our FHA expertise mean we can offer the financing our clients need to provide quality affordable housing for the residents in their communities,” said Mr. Rosenstock. “We are committed to serving the affordable housing market and work tirelessly to provide creative solutions for the properties in our clients’ portfolios.”

“Throughout this transaction, our team lived up to Greystone’s reputation for industry-leading service and exceptional expertise,” said Mr. Chapman, Founder of Royal American Companies. “We were thrilled with our team’s passion for affordable housing and their dedication to getting us what we needed for this property. We look forward to working with Greystone on more projects in the future.”  

Sponsored by Greystone, GLOW CRE Hosts Pharrah Jackson and Pamela van Os Shine a Light on Women in Commercial Real Estate

New podcast, GLOW CRE, launches today, bringing an honest look into being a woman working in commercial real estate, a sector that has been historically dominated by men. Hosted by Pharrah Jackson and Pamela van Os, two CRE finance industry veterans, the show will delve into how women can succeed in the CRE industry.

GLOW CRE, which stands for “Gaining Leaders, Originators and Women in Commercial Real Estate,” seeks to advance equity for women in the industry by discussing how some of the industry’s most successful women got to where they are in their careers, and by fostering an open dialogue about the challenges and opportunities women face in the CRE sector.

Hosts Jackson and van Os, both with backgrounds in multifamily credit underwriting and loan production, want to encourage women to pursue careers in CRE finance, and hope to bring light to the many types of industry roles available that can bring both personal and professional fulfillment.

“I think it’s critical to share the knowledge we’ve gained over decades of struggles and successes in this industry in order to cultivate the next generation of CRE women,” said van Os.

“In general, women don’t tend to promote their career successes, and we look forward to providing a platform for very deserving women in CRE to do just that on the GLOW CRE podcast,” added Jackson.

The GLOW CRE podcast, available on Apple Podcasts, Spotify, and Amazon Music, is sponsored by Greystone, a leading national commercial real estate finance company and top FHA, Fannie Mae and Freddie Mac multifamily lender.

Greystone, a leading national commercial real estate finance firm, announced that it has hired Mike Casavant as a Managing Director, Ryan Carlin as a Director, and JP Chisholm as a Director to its rapidly growing New York-based Greystone Commercial Capital (GCC) team. GCC originates institutional structured commercial mortgage loans and subordinate debt for all property types.

Mike Casavant joins as a Managing Director and Head of Credit and Underwriting. Prior to Greystone, Mr. Casavant was Head of Underwriting for Real Estate Structured Finance at Bank of America Securities, Inc., where he oversaw closing and securitization, with a volume of $40 billion of commercial mortgages. Mike’s previous experience includes serving as co-head of Underwriting at Ladder Capital Finance, LLC, and Senior Vice President at Lehman Brothers, Inc. Mike is a graduate of Bentley University.

Ryan Carlin joins as a Director of Capital Markets & Syndications. Ryan has recently served as Vice President of originations at Amherst Capital Management and earlier served as Vice President for Cantor Fitzgerald’s CMBS platform. Mr. Carlin is a graduate of Eastern Connecticut State University.

JP Chisholm joins as a Director of Originations, with a focus on Agency Production, FHA, CMBS, and balance sheet production. Previously, Mr. Chisholm served as Chief Operating Officer of Subsea Environmental Services. He also served as Investment Officer for the Philips Academy (Andover) Endowment and was a Research Fellow at the Library of Congress. Mr. Chisholm is a graduate of Columbia University.

Messrs. Casavant, Carlin and Chisholm report to Jeffrey Lavine, Senior Managing Director and Chief Operating Officer for GCC. Mr. Lavine reports to Scott Chisholm and joined the GCC team in September 2022.  Jeff has more than 30 years of real estate finance experience leading teams across all aspects of commercial real estate, with stints at UBS, and Bear, Stearns & Co. He is a graduate of Tufts University and holds an M.B.A from Columbia Business School. He also received his law degree from Boston University.

GCC also hired Matt Zisler in September 2022. Mr. Zisler has more than 20 years’ experience in commercial real estate finance. Matt joined Greystone as Senior Managing Director focused on structured and preferred equity solutions. Matt has worked at Heitman, Broe Capital and Ackman Ziff, and is a graduate of Boston College.

“Greystone Commercial Capital now offers an even deeper bench of institutional capital markets knowledge, relationships, and experience. These additions complement Greystone’s existing franchise,” said Scott Chisholm, President, and Chief Investment Officer of GCC. “The caliber of the GCC team is a testament to Greystone’s commitment to the commercial mortgage structured products business. Together, we will continue to outperform for our clients, including borrowers and capital partners.”

Greystone is Top Multifamily Lender by Volume for Combined Fannie Mae DUS® Small Loans and Freddie Mac Optigo® Small Balance Loans

Greystone, a leading national commercial real estate finance company, announced it has ranked as the #1 overall Agency Small Loans lender by volume for 2022. The combined volume of delivered Fannie Mae DUS® Small Loans and Freddie Mac Optigo® Small Balance Loans for this period, over $1.1 billion, is the highest combined volume of all GSE lenders in the U.S.

“The small loan lending market is the backbone of multifamily workforce housing in America – oftentimes considered small “a” affordable housing, which so many rely on for housing near work and family,” said Rick Wolf, Head of Greystone’s National Small Loan platform.

“We remain committed to the small loan market, and completely align with Fannie Mae and Freddie Mac’s mission to support this multifamily asset class as a critical component to creating and preserving workforce housing in the U.S. We thank both GSEs for their continued support of the small loans programs, and look forward to another successful year in 2023,” Wolf continued.

About Greystone

Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com. 

Greystone, a leading national commercial real estate finance company, has provided a $20,301,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) Green Rewards loan to refinance an 87-unit multifamily property in North Ogden, Utah. The financing was originated by Lorie Hanson, Managing Director at Greystone, with Johnny Clawson from The Clawson Group, Inc. acting as correspondent.

Constructed in 2020, Patriot Pointe Apartments in Weber County is a townhome community with one-, two- and two-bedroom units. The $20,301,000 non-recourse, fixed-rate financing carries a 10-year term and 30-year amortization, with full-term interest-only payments. The property achieved a Fannie Mae Green Globes certification for its energy upgrades. In addition to refinancing, loan proceeds enable the borrower to monetize a portion of the equity in the property.

“At Greystone, our number one priority is to secure the right financing for the multifamily properties in our clients’ portfolios in every economic environment,” said Ms. Hanson. “Our clients know that we will leverage our deep multifamily expertise and deliver an exceptional experience on each transaction.”

“We go to Greystone because they do outstanding work – we trust their insights and experience as a leader in multifamily finance,” said Mr. John Hansen and Mr. Ken Crockett, principals of the borrower. “We bring our Greystone team as our partner on every transaction because their financing capabilities and quality of service exceed our expectations every time.”