Greystone, a leading national commercial real estate finance company, today announced that it has simultaneously arranged a $14 million ground lease and a $21 million leasehold construction loan for The Young Companies. The ground lease proceeds were provided by Haven Capital and the leasehold construction loan was provided by RMWC to finance the development of four-story mixed-use residential development with 75 apartments and 7,300 SF of commercial space located at 600 North Avenue in New Rochelle, NY. The Greystone Capital Advisors team led by Drew Fletcher and Matt Klauer served as exclusive advisor in arranging the financing on behalf of the Sponsor.

Young Companies’ CEO, Robert Young, is a lifetime resident of New Rochelle and one of the area’s premier developers of high-quality multifamily housing. The Illustrator distinguishes itself through its best-in-class finishes and amenities and its unique location in a supply-constrained submarket with access to New Rochelle’s excellent public schools. In addition, the project is directly across the street from The Young Companies’ The Rockwell, the 114-unit property with ~25k SF of retail that Young Companies completed at the end of 2020. Together, the projects will provide more than 200 residential units and revitalize the corridor along North Avenue between the MetroNorth stop and the college district.

“We are proud to have worked with Young Companies, Haven, and RMWC to deliver a creative full-stack debt solution that provides 90% loan-to-cost non-recourse financing during a challenging economic environment. The Illustrator will raise the bar for urban living in New Rochelle,” said Mr. Klauer.

“Greystone Capital Advisors delivered a fantastic execution, and we are very happy to have launched a relationship with Haven and RMWC,” said Mr. Young. “This complex execution required careful collaboration and I’m delighted with the results. The Illustrator is a significant addition to our portfolio and will further the continued development of New Rochelle.”

“It was a pleasure working with Greystone, Young Companies, and RMWC to use our Haven ground lease structure to maximize funding proceeds at the lowest possible cost,” said Joe Shanley, Head of Acquisitions, Haven Capital.

Marc Brooks, managing director of RMWC, shared, “RMWC is pleased to bring its flexible construction financing capabilities to this exciting project. We look forward to working with The Young Companies, a sponsor with deep roots in the New Rochelle market. We are also grateful to have completed our first closing with Greystone, who brought together a complicated capital structure and enjoyed working closely with Haven Capital throughout the closing process.”

Greystone, a leading commercial real estate lending, investment and advisory company, announced that it has expanded its full-service multifamily investment sales and advisory capabilities in Texas with the addition of an experienced Dallas-based team led by Todd Franks. Operating as the joint venture Greystone Investment Sales Group, the team includes 12 advisors with extensive experience in multifamily, single-family rental portfolios, seniors housing, student housing, and land sales transactions. The team will leverage a powerful combination of Greystone’s comprehensive financial platform and Greystone Investment Sales Group’s multifamily sales expertise. 

Recently recognized as a D Magazine “Power Broker,” Mr. Franks has built an active and respected advisory group in Dallas. He previously founded the Dallas-based SVN | Investment Sales Group operation, ranking in the Top 5 of the company’s advisors globally in 2015, with that office location recognized as the #1 in the Southwest Region in 2015, 2016, and 2017. Prior to that, Mr. Franks represented The Cantrell Company and was recognized as an all-time top producer. Mr. Franks and his team have driven over $1.4 billion in sales transactions.

“With the niche we have built based on submarket knowledge and off-market intelligence, adding Greystone’s unmatched suite of lending platforms makes our advisory offering incomparable in the Texas market and beyond,” said Mr. Franks.

“Expanding across Texas into Dallas / Fort Worth fulfills a major strategic priority for us in teaming up with the very best in the Southwest to complement our growing national platform of multifamily advisors,” said Jim McDevitt, President, Greystone Real Estate Advisors. “Todd has proven he is a leader in the market, and we are thrilled to have him and his team on board.”

In 2018, Greystone welcomed the National Apartment Advisors team in Houston to its sales advisory network.

Greystone Real Estate Advisors today announced Payton Banks has joined as a Managing Director for multifamily sales advisory efforts in the Mid-Atlantic. Mr. Banks brings over 15 years of multifamily investment management experience to Greystone, and reports to Jim McDevitt, President, Greystone Real Estate Advisors’ multifamily group.

Prior to joining Greystone, Mr. Banks was Vice President of Investments at Marcus & Millichap where he built a highly specialized team covering the Mid-Atlantic region including Virginia, Maryland and the District of Columbia. His team, focused on investment sales, asset repositioning, development and portfolio valuations, was involved in over $1 billion in multifamily investment transactions. In addition to brokerage services, Mr. Banks has recruited, trained and managed top investment brokerage talent.

“Payton’s passion and drive to customize the overall experience for real estate investors and exceed expectations are a natural fit for Greystone,” said Mr. McDevitt. “His thorough research and hands-on approach give owners complete confidence in evaluating and optimizing their portfolios, and we are thrilled to have him on the team to expand our reach in the Mid-Atlantic.”

Greystone Real Estate Advisors today announced that it led the $6,150,000 acquisition of Millbrook Country Club Apartments in Fresno, CA. Rob Shiels and David O’Neal, Directors at Greystone Real Estate Advisors, advised a California-based private investor in the transaction.

Millbrook Country Club Apartments is a 150-unit, two-story garden style community with gated access built in 1968. The property consists of studio, one- and two-bedroom units and numerous amenities including a pool, a basketball court, outdoor barbeques and laundry facilities. Millbrook is situated just minutes away from downtown Fresno and nearby shopping malls, museums, theaters and musical events.

 “As an investor that has been actively acquiring in the Fresno market over the last couple of years, our client immediately recognized the value in the opportunity we brought forth as one that would be a fantastic addition to his portfolio,” said Rob Shiels, a Director of Greystone Real Estate Advisors.

 David O’Neil – also a Director of Greystone Real Estate Advisors – added, “This asset is an ideal candidate for strategic repositioning of the investor’s portfolio, which will allow for the capture of increased cash flow in a relatively short timeframe.  Through implementing a value-add strategy of common area improvements, interior unit renovations and maximizing operating efficiencies, the property will have a breath of new life moving forward.” 

Greystone, a real estate lending, investment, and advisory company, announced its Real Estate Advisors group has added a senior team from Denver-based Cambridge Housing Partners. The team specializes in the acquisition and preservation of Low Income Housing Tax Credit and Project‐Based Section 8 communities nationwide, bringing a combined 50 years of experience in successful affordable housing redevelopment activity across more than 25 states. The group’s experience includes managing all aspects of highly complex affordable housing transactions including originations, underwriting, project finance, property management, compliance, financial reporting, construction and resident services.

David P. Garcia, previously Managing Director of CHP, along with former principals Jeff Dean and Zach Chenault, join Aaron Hargrove and Eric Taylor of Greystone, two leading affordable housing investment sales advisors. The addition of Garcia and his team enables Greystone to amplify its industry relationships and acquisitions expertise in complex programs such as 4% LIHTC and tax-exempt bonds; 9% LIHTCs; project-based-Section 8 subsidies; AHP funds; CDBG/HOME funds, state tax credits; S&P rated 501(c)(3) bonds; and direct placement 501(c)(3) bonds, as well as multiple types of credit-enhancements and conventional financing products. Throughout their careers, Garcia, Dean, and Chenault have acquired and developed more than 100 properties totaling 13,000+ units with a value in excess of $1 Billion.

“David and his team have spent the past 15 years acquiring and redeveloping affordable housing from the principal side, optimizing financial structures and analyzing the available subsidies that are necessary to make affordable housing viable. Their experience and the way they view affordable transactions matches that of the top affordable buyers in the country,” said Hargrove, a Managing Director of Greystone’s Real Estate Advisors’ Affordable Housing Advisory Group. “Greystone will now be unique among affordable housing advisory groups by offering crossover expertise in LIHTC and Section 8, in addition to the ability to underwrite transactions as expertly as its buyer pool would,” he added.

“Bringing the former CHP team on board enables us to provide our clients with advisory capabilities that until now only the most sophisticated affordable buyers could provide for themselves in-house,” said Taylor, also a Managing Director of Greystone Real Estate Advisors’ Affordable Housing Advisory Group.

Greystone’s Affordable Housing Advisory Group now has a team with 65 collective years of industry-specific experience and a successful track record of transacting 250+ properties totaling 50,000+ units in 25+ states nationwide. Combined with Greystone’s industry-leading financing and servicing platform, this specialized affordable team is able to provide custom-tailored solutions in disciplines ranging from Investment Acquisitions, Dispositions, Debt Placement, Mortgage Banking, Servicing, to Private Equity alternatives.

“By assembling such a deep and experienced team, Greystone has demonstrated its commitment to becoming the leading affordable housing investment sales and advisory team in the nation. We are prepared to handle the scale and unique expertise that this sector demands,” said Greystone Real Estate Advisors President, Jim McDevitt. 

Greystone Real Estate Advisors today released an exclusive report on pertinent trends in the Seniors Housing market, their effects on the industry and popular regions, and buying and selling tips for active players within the seniors housing landscape.

The timely report includes topics on selling in high construction markets, the challenges and opportunities of various level quality properties and major influencers on property pricing.

“This report was designed to serve as a guide that will allow our clients to take a deeper dive into how they assess both the desirability and value of various seniors housing properties,” said Cody Tremper, a Managing Director of Greystone Real Estate Advisors. “One of our goals is to not only conduct transactions with our clients, but to also act as a resource from which they can glean further insight into the industry in which they buy and sell – serving as true advisors. We hope this report pushes us forward closer to that goal.”

The Greystone Real Estate Advisors team leverages its extensive experience in providing expertise on the disposition or acquisition of seniors housing, including age-restricted communities, independent living, assisted living, memory care, and skilled nursing facilities.

The complete GREA June 2016 Seniors Housing Market Trend Report is available for download on Greystone’s website.