Greystone, a leading national commercial real estate finance company, has provided an $11,750,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) loan for the acquisition of a 92-unit multifamily property in Eugene, Oregon. The financing was originated by Tim Thompson, Managing Director in Greystone’s San Francisco office. Mark Paskill from Melvin Mark Capital Group acted as correspondent on the transaction.

Constructed in 1999, Somerset Villas in Lane County is garden-style apartment community with 15 buildings the feature two-bedroom townhouse-style units. The $11,750,000 non-recourse, fixed-rate financing carries a 10-year term and amortization, with full-term interest-only payments.

“Greystone has extensive multifamily lending capabilities and expertise to help clients realize their vision for their multifamily portfolios,” said Mr. Thompson. “We get excited about helping clients find financing solutions that are right for their particular circumstances and are committed to delivering an excellent service experience throughout every phase of each transaction.”

Greystone, a leading national commercial real estate finance company, has provided a $22.6 million HUD-insured 223(f) loan to refinance a 96-unit multifamily property in Shelby Township, Michigan. The financing was originated by Lisa Fischman from Greystone’s New York office, on behalf of Aria of Shelby LLC.

Aria of Shelby in Macomb County is a newly built townhouse-style rental community consisting of 96 two- and three-bedroom units spread across 18 detached, non-elevator buildings. The $22,600,000 non-recourse, fixed rate financing carries a 35-year term and amortization. Additionally, the property secured Green Certification through NGBS. Going green gains Aria a heavily reduced Mortgage Insurance Premium –, an MIP of 0.25% vs. 0.60%. In addition to refinancing, loan proceeds enable the borrower to monetize a portion of the equity in the property.

Notably, the temporary certificate of occupancy (TCO) was awarded for the property in May 2022 and the permanent takeout with HUD closing just four months later. The transaction took full advantage of the recent HUD amendment that allows an application for a HUD 223(f) refinance of a newly built multifamily asset to be submitted after 30 days of a debt-service coverage ratio (DCSR) of 1.18, and the closing is allowed to happen after 90 days of said DSCR.

“Our underwriting team excels in this extensive multifamily lending platform enables us to deliver the right financing for each client’s unique circumstances,” said Ms. Fischman. “We are committed to finding creative, innovative solutions for clients, and work tirelessly to ensure their experience with Greystone is nothing short of exceptional.”

“Our Greystone team was a true partner in this transaction, they understood what we needed and expertly navigated the lending landscape so that we could achieve our goals for this property,” said Ms. Cathy Lombardo, principal of the borrower. “Greystone is truly best-in-class among multifamily lenders.”

Greystone, a leading national commercial real estate finance company, has provided forward commitments for two loans, a $12.361 Freddie Mac 4% LIHTC Tax Exempt Loan and a $2.712 million 9% LIHTC loan, for the development of a 165-unit affordable housing property in Baltimore, MD. The transaction, which is leveraging both 4% and 9% tax credits to finance the development of the property, was originated by Pharrah Jackson-Rowell, Vice President, Greystone in partnership with Bank of America as construction lender, and on behalf of Conifer Realty, LLC, the developer.

Cold Spring Lane is a planned new development located at 3205 West Cold Spring Lane in Baltimore, MD. The property will contain 67 one-bedroom units, 57 two-bedroom units, and 41 three-bedroom units.  Situated in Park Heights, the new property will be fully transit-oriented, located one block away from the Cold Spring Metro Station.  

The construction is being financed by a construction loan from Bank of America, subordinate debt and grants from Community Development Association / Rental Housing Works, Baltimore Regional Neighborhood Initiative Program (BRNI), Project C.O.R.E Grant, and tax credit equity. The forward commitments from Freddie Mac comprise a 36-month period with a 17-year permanent loan term and 35-year amortization.

“We are thrilled to have partnered with Conifer to structure innovative financing for their exciting new affordable housing project in Baltimore,” said Mrs. Jackson-Rowell. “This is an area that is in desperate need of new, quality affordable housing, and Conifer’s commitment to that mission is clear. Bravo to the entire team, including my colleague Chris Wimmer, an integral underwriter on the transaction.”

“Greystone has been a trusted guide in this process, and their expertise on tax credits and affordable housing is second to none,” said Brian Ivy, Vice President, Finance, Conifer Realty LLC. “The team has an exceptional grasp on both financing and market dynamics. We look forward to working together again.” 

Greystone, a leading national commercial real estate finance firm, announced that AJ Walker has joined as a Managing Director in Chicago, IL. In this role, Mr. Walker will focus on the origination of commercial real estate loans across the U.S. Mr. Walker reports to Rich Highfield, Head of CMBS at Greystone.

Prior to joining Greystone, Mr. Walker was a Director at Wells Fargo where he led the firm’s real estate capital markets origination efforts across the Midwest. Mr. Walker oversaw the origination and underwriting efforts for the Midwest for the past eight years. Prior to this role, Mr. Walker held multiple other positions within Wells Fargo, including as a manager in its CMBS Portfolio Surveillance group, serving as co-lead in Wells Fargo’s CMBS table funding group, as well as previous work in its CMBS securitization group. Mr. Walker earned a Bachelor of Arts degree in Economics from Boston College, where he played on the 2001 national championship men’s ice hockey team.

“I am thrilled to join the Greystone team and have access to the complete platform of products including CMBS, bridge, agency and mezzanine financing,” said Mr. Walker. “Greystone has a first-class reputation in the real estate finance community and a full suite of loan products that I look forward to bringing to my clients for a broad range of financial solutions to navigate today's market challenges.”

“AJ’s diligence in deal making and his ability to maintain strong relationships with clients will be a valued asset to the firm as we continue to expand our CMBS platform,” said Mr. Highfield.

Greystone, a leading national commercial real estate finance company, has provided $10,800,000 in HUD 223(f) financing to refinance a 200-unit affordable housing community in Saginaw Township, Michigan. The transaction was originated by Lisa M. Fischman, Managing Director in Greystone’s New York office on behalf of The Altman Companies, a repeat Greystone client.

Constructed in 1980, Lakeside Village Apartments in Saginaw County consists of one mid-rise elevator building and townhomes with one-, two-, and three-bedroom units. The $10,800,000 HUD-insured loan carries a 35-year term and amortization along with a low, fixed rate. The property qualifies for a lower annual Mortgage Insurance Premium (MIP) of 0.25% because it is rent-restricted. In addition to refinancing, loan proceeds enable the borrower to continue with ongoing property maintenance.

“Our deep multifamily lending platform and FHA expertise means that our clients can get the financing they need to provide quality housing for communities across the country,” said Ms. Fischman. “Our clients trust Greystone as a true partner because we provide the right solutions and exceed their service expectations on every transaction.”

“We rely on Greystone because we know that no one else will work more creatively or tirelessly on our behalf to achieve our desired outcome, as has been proven over and over again,” said Mr. Joel L. Altman, principal of the borrower. “We’ve been in this industry for a long time and can say with confidence that Greystone’s extensive experience and passion for affordable housing makes them truly best-in-class when it comes to multifamily finance.”

Greystone, a leading national commercial real estate finance company, has provided a total of $59,670,000 in Fannie Mae Delegated Underwriting & Servicing (DUS®) financing for the acquisition of a 488-unit multifamily property in Oxon Hill, Maryland. The financing was originated by Eric Rosenstock and Dan Sacks, Managing Directors in Greystone’s New York office. 

Constructed in 1963, Oaks at Park South in Prince George’s County consists of 26 garden-style buildings with one-, two- and three-bedroom units. The $60 million non-recourse, structured adjustable rate mortgage (SARM) loan carries a 10-year term and 30-year amortization along with 10 years of interest-only payments. The loan also qualifies for Fannie Mae Multifamily Green Rewards financing program, following the completion of energy and water conversion measures.

“There is no greater compliment than when clients return to Greystone for help in managing their multifamily portfolios,” said Mr. Rosenstock. “Our extensive lending platform and our longstanding commitment to multifamily mean we are willing to be creative, tap into deep resources and find solutions where others cannot.”

“We trust the experts at Greystone to address the financing needs of our growing portfolio of properties,” said Mr. Josh Fink of Quantum Equities, a longtime client of Greystone. “They are a true partner that understands our vision and works tirelessly for us on each transaction, handling our properties as if they were their own.”