Greystone, a leading national commercial real estate finance company, has provided $120 million in Fannie Mae Delegated Underwriting & Servicing (DUS®) financing for the acquisition of a 375-unit multifamily high-rise in Chicago’s Fulton Market. The financing was originated by Greystone’s Eric Rosenstock and Jesse Yodice on behalf of Normandy Real Estate.
Fulbrix Apartments, a 27-story tower located at 160 North Elizabeth Street, was acquired for $170 million and marks Chicago’s largest multifamily sales transaction since 2023. The Fannie Mae financing carries a 10-year term with seven years of interest-only payments.
“Greystone has proven its position as a top Fannie Mae lender, and this particular transaction highlights our commitment to core gateway cities and the resurgence of urban appeal,” said Mr. Rosenstock, a Senior Managing Director at Greystone. “We’re thrilled for Normandy’s team to add this trophy asset to their portfolio and support their commitment to the Chicago residential market.”
“This acquisition underscores the enduring appeal of Fulton Market as a premier multifamily investment destination,” said Adam Snyder, CEO of Normandy Real Estate. “We are grateful for Greystone’s expertise in providing attractive financing that aligns with our vision for this high-quality asset in a supply-constrained, high-demand neighborhood.”
Greystone, a leading national commercial real estate finance company, has provided a total of $15.4 million in Fannie Mae Delegated Underwriting & Servicing (DUS®) financing to refinance two properties with 253 units total in Wisconsin and Illinois. The financing was originated by Greystone’s Kyle Jemtrud, Managing Director, and Wilson Molitor, Director.
Each of the portfolio’s non-recourse, fixed-rate financings carry a seven-year term and 30-year amortization schedule, with interest-only payments for the entire term of the loan. The portfolio includes:
· $7,700,000 for Geneva Meadows Apartments, a 108-unit, garden-style multifamily property located in Lake Geneva, Walworth County, Wisconsin.
· $7,700,000 for Antioch Manor Apartments, a 145-unit, garden-style multifamily located in Antioch, Lake County, Illinois.
“We are thrilled that Greystone could help our client attain financing solutions that achieved the maximum benefit for the properties in their portfolio,” said Mr. Molitor. “When it comes to navigating the multifamily lending landscape, we are tenacious about tapping into our deep expertise and extensive lending platform to find solutions that set our clients up for long-term success.”
Greystone, a leading national commercial real estate finance company, has provided a $90 million Fannie Mae Delegated Underwriting & Servicing (DUS®) Affordable Housing (MAH) loan to refinance a 317-unit multifamily property in Yonkers, New York. The financing was originated by Eric Rosenstock, Senior Managing Director in Greystone’s New York office.
Built in 1974, Cromwell Towers Apartments in Westchester County is a 12-story building consisting of one-, two-, and three-bedroom income- and rent-restricted units. The $89,989,000 non-recourse, fixed rate financing features a five-year term and 35-year amortization, with two years of interest only payments. The Bond- and LIHTC-encumbered property is covered by a long-term HAP contract that includes 99% of the units, which converts to a new 27-year HAP contract upon closing. All of the units are restricted to 60% Area Median Income (AMI) for residents.
“Greystone is committed to executing on transactions that enable our clients to provide quality affordable housing to individuals and families in New York City and beyond,” said Mr. Rosenstock. “Our extensive experience in multifamily lending and our deep understanding of the complex affordable housing market mean we can deliver the right financing solution to our clients in a variety of markets.”
“Greystone’s position as a top Affordable lender for Fannie Mae has contributed to decades of experience and successes on behalf of our clients in this sector,” added Jeff Englund, head of Affordable lending at Greystone.
“We come back to Greystone because we trust their expertise in helping us navigate the affordable housing finance landscape,” said Mr. Scott Jaffee, principal of the borrower, a repeat Greystone client. “On every transaction, Greystone exceeds our expectations with financing solutions that ultimately work to the benefit of the individuals and families who call our properties ‘home’.”
Firm Achieves Ranking of #6 Overall Lender by Volume for Fannie Mae, #8 Overall for Freddie Mac; Ranks #1 for Fannie Mae Small Loans Volume in 2024 and 7th Overall for Both GSEs Combined
Greystone Servicing Company LLC, a leading national commercial real estate finance company, announced it ranks in the Top 10 for total production volume of both Fannie Mae and Freddie Mac loans in 2024. Greystone ranks as the #6 lender for Fannie Mae Delegated Underwriting and Servicing (DUS®) loans and as the #8 lender for Freddie Mac Optigo® loans. In total, Greystone ranks as the #7 overall lender for combined Fannie Mae and Freddie Mac loan volume for this period. The rankings are based on recently-released public data on 2024 lending volume from Fannie Mae and Freddie Mac.
In 2024, Greystone once again ranked #1 for volume for all lenders in Fannie Mae Small Loans, illustrating its commitment to middle-market and workforce housing markets nationwide.
“Greystone is committed to helping Fannie Mae and Freddie Mac achieve their mission-driven housing goals – in any market environment – and we celebrate the work they’ve done to date to help support affordable, seniors, and workforce housing nationally,” said Charlie Baxter, head of Agency lending at Greystone. “We are thrilled to be a consistent top lender, and this achievement is a testament to our close working relationship with the GSEs as we navigate the market together.”
Greystone also ranks as the #1* multifamily and healthcare lender in volume for HUD-insured loans during its fiscal year ending September 30, 2024.
*For HUD’s 2024 fiscal year. Based upon combined firm commitments of Greystone Funding Company LLC and Greystone Servicing Company LLC.
Greystone, a leading national commercial real estate finance company, has provided a $11,749,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) loan to refinance a 61-unit multifamily property in Amityville, New York. The financing was originated by Jesse Yodice, Director at Greystone.
Originally constructed in 2013, Wellington Park Villas in Suffolk County, Long Island, is a townhome-style apartment community featuring two-bedroom units set across five residential buildings. The property’s amenities include a fitness center, lounge, laundry facilities, sundeck and onsite parking. The $11,749,000 non-recourse, fixed-rate loan features a five-year term and 30-year amortization, with interest-only payments for the first two years of the term.
“Greystone’s multifamily experience, coupled with our careful and creative approach, helps clients achieve their goals quickly and seamlessly,” said Mr. Yodice. “We’re committed to serving clients well by leveraging our deep lending platform to bring them exceptional solutions in any market.”
Greystone, a leading national commercial real estate finance company, has provided an $18,220,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) loan for the acquisition of a 139-unit multifamily property in Chicago, Illinois. The financing was originated by Clint Darby and Andrew Remenschneider of Greystone.
Originally constructed in 1927, Cornelia-Stratford in Cook County is a mid-rise apartment building featuring studio, one-, two-, three- and four-bedroom units. The property’s amenities include bike storage, laundry facilities and tenant lounge. The $18.2 million non-recourse, fixed-rate loan features a 15-year term with interest-only payments for the first five years of the term.
“We deeply appreciate it when clients return to Greystone based on their past experiences with us – there is no greater show of trust in our process and multifamily expertise,” said Mr. Darby. “Our careful and creative approach helps clients achieve their goals, and we leverage our extensive lending platform to bring them exceptional solutions quickly.”
