Greystone Exceeds $1 Billion in Total Small Loan Originations with Freddie Mac and Fannie Mae Combined Year-to-Date; Reaches Lifetime Origination Total for Freddie Mac SBL Loans of Over $5 Billion

Greystone, a leading national commercial real estate finance company, announced it has reached two significant milestones in small loan production, including exceeding $1 billion in combined Freddie Mac and Fannie Mae multifamily small loans origination year-to-date in 2020. A participant with both GSE small loan programs since inception, Greystone Servicing Company LLC is one of the first Optigo® lenders to exceed $5 billion in origination for Freddie Mac’s Small Balance Loan platform since their program launched in 2014.

“The market challenges that arose this year during the pandemic particularly impacted the workforce housing market, but Greystone has remained steady as a source for Agency financing throughout it all, especially as interest rates continue to remain low,” said Rick Wolf, head of Greystone’s small loan platform. “We value our partnerships with Freddie Mac and Fannie Mae and their critical role in helping to finance the workforce housing market, which supports critically-needed affordable rental housing in all markets around the nation.”

Loans offered for the small loan asset class, which typically include properties between 5 and 50 units, range from approximately $1 million to $6 million (up to $7.5 million for Freddie Mac). The mortgages include hybrid adjustable rates, fixed rates, and interest-only options at up to 80% LTV, as well as flexible step down prepayment options. Interest-only financing is available on a case-by-case basis.

“We congratulate Greystone on achieving a tremendous milestone - being one of the first Optigo Small Balance lenders to surpass the $5 billion mark,” said Megan McElgunn, Senior Director of SBL production for Freddie Mac. “Since 2014, Greystone has been a key partner contributing to the success of our SBL platform, and we look forward to our continued work together in providing financing to this critical segment of the multifamily market.”

“Greystone continues to be a vital contributor to Fannie Mae’s small loans lending platform. Their dedication and experience in this important segment of housing has been crucial and we are grateful for their partnership in providing liquidity for workforce housing,” said Ann Atkinson, Senior Director, MF Customer Engagement, Fannie Mae. “With partners such as Greystone, we provide reliable and sustainable financing solutions for small loans nationwide. Today, more than ever, people need access to safe, decent, affordable housing; Greystone and Fannie Mae are here to fulfill that need through this difficult time.”

The 370-unit Reserve at Gwinnett in Norcross was acquired earlier this year through Benefit Street Partners’ purchase of Broadtree Residential, Inc.

Norcross, GA  – Berkadia announces it has secured a $37.7 million loan for the refinance of The Reserve at Gwinnett, a 370-unit Class A multifamily community located in Norcross, Georgia. Senior Director Corby Chaffin of Berkadia’s Houston office and Managing Director Michael Weinberg of Berkadia’s Orlando office arranged the financing on behalf Broadtree Residential, Inc.

Freddie Mac provided a 10-year, fixed-rate loan at a 65% loan to value.

Broadtree Residential, Inc. is an open-ended, continuously offered, multifamily fund utilizing a REIT structure designed to offer accredited investors access to multifamily real estate via investment in an institutionally managed private fund. Broadtree Residential, Inc. is managed by Benefit Street Partners L.L.C. a leading credit focused alternative asset management firm with $28 billion in assets under management as of June 30, 2020.

“We are pleased to have a symbiotic relationship with the sponsor on many levels,” commented Weinberg. “Agency financing is so attractive right now that multifamily borrowers are getting great options. Freddie Mac was able to provide incredible terms with a rate sub 3%, fixed for 10 years with significant interest only.”

Michael Comparato, Head of Commercial Real Estate at Benefit Street Partners, commented, “We have a long-standing relationship with Berkadia and are thrilled with their performance and execution on this transaction. This is an excellent refinance for the REIT and its shareholders, locking in long-term, fixed rates at some of the lowest yields in the history of our industry.” 

Built in 1999, The Reserve at Gwinnett consists of 14 residential buildings containing one-, two- and three-bedroom units ranging in size from 959 square feet to 1,555 square feet.  All units feature open floorplans, walk-in closets, and a patio or balcony. The property also includes 12 attached and 18 detached garages, along with ample surface parking for residents. The community offers numerous attractive amenities, including a modern fitness center, clubhouse and business center, resort-style swimming pool, grilling area, dog park, and lighted tennis courts.

The Reserve at Gwinnett is conveniently located just off I-85, 10 minutes from Gwinnett Village and downtown Norcross, and 30 minutes from Atlanta, Georgia.

Greystone, a leading national commercial real estate finance company, has provided a $35,700,000 Freddie Mac loan to refinance a 280-unit multifamily property in Margate, Florida. The transaction was originated by Dan Sacks in Greystone’s New York office, on behalf of Lightstone.

The $35.7 million Freddie Mac floating rate loan carries a 10-year term with a 30-year amortization, with the first four years of interest-only payments. Built in 1988, Lakes of Margate Apartment Homes is a garden-style community consisting of 13 buildings offering modern 1-, 2- and 3-bedroom units with wood plank flooring, in-unit laundry, vaulted ceilings (in select units), private patios and balconies. Residents enjoy access to two pools and a fitness center, business center and clubhouse, tennis courts, grilling area, playground and fishing dock. Located in Fort Lauderdale between Coral Springs and Pompano Beach, the property offers easy access to I-95 and is conveniently located near restaurants, shopping and entertainment, as well as the region’s colleges and post-secondary education centers.

“It’s our job to find the right solution for every transaction – no two projects are the same, even when we’re working with long-term clients,” said Mr. Sacks. “The depth and breadth of Greystone’s lending platform enables us to get creative about how we help our clients, and the tenacity and dedication of our team means that we do this better than anyone else.”

“We strive to deliver an exceptional living experience for residents at all of our properties, and we rely on Greystone as our trusted partner to help us achieve this,” said Ariel Feldhamer, SVP, Asset Management & Investments, Lightstone.

Greystone Brown Real Estate Advisors announced it has closed the $27 million sale of a 230-unit multifamily property in Atlanta, Georgia, and Greystone provided a $21.6 million Freddie Mac Conventional loan to finance the transaction. The sale was handled by Walter Miller, Barden Brown, Cory Caroline Sams, and Jim Jarrell of Greystone Brown Real Estate Advisors.

Built in 2004, Overlook Ridge offers 230 well-appointed, 1-, 2- and 3-bedroom apartments averaging 1,090 square feet. Residents of the community enjoy amenities such as a clubhouse and fitness and business center, laundry facility, as well as outdoor recreational facilities such as a resort style swimming pool. The property is conveniently located less than 10 minutes from Downtown Atlanta near The West End, walkable to a Beltline spur, MARTA, and proximate to new craft breweries and distilleries.

“The Greystone team’s expertise on the local market and market-rate conversion properties such as this were critical to the success of the transactions,” said Mr. Miller. “On top of that, Greystone was able to provide end-to-end service and secure financing for the acquiring party, making the process seamless for all involved.”

Greystone Brown Real Estate Advisors announced it has closed the $27 million sale of a 230-unit multifamily property in Atlanta, Georgia, and Greystone provided a $21.6 million Freddie Mac Conventional loan to finance the transaction. The sale was handled by Walter Miller, Barden Brown, Cory Caroline Sams, and Jim Jarrell of Greystone Brown Real Estate Advisors.

Built in 2004, Overlook Ridge offers 230 well-appointed, 1-, 2- and 3-bedroom apartments averaging 1,090 square feet. Residents of the community enjoy amenities such as a clubhouse and fitness and business center, laundry facility, as well as outdoor recreational facilities such as a resort style swimming pool. The property is conveniently located less than 10 minutes from Downtown Atlanta near The West End, walkable to a Beltline spur, MARTA, and proximate to new craft breweries and distilleries.

“The Greystone team’s expertise on the local market and market-rate conversion properties such as this were critical to the success of the transactions,” said Mr. Miller. “On top of that, Greystone was able to provide end-to-end service and secure financing for the acquiring party, making the process seamless for all involved.”

JLL Capital Markets led the financing for Hanover Southampton located in the city’s West University neighborhood

HOUSTON, August 20, 2020 – JLL Capital Markets announced today that it has arranged financing for Hanover Southampton, a 206-unit multi-housing community in Houston’s affluent West University neighborhood.

JLL worked on behalf of the developer, Hanover Company and State Farm, to secure the seven-year, fixed-rate loan through the Freddie Mac CME Program. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.

Completed in 2015, Hanover Southampton is located at 5122 Morningside Drive within walking distance to Houston’s most historic mixed-use urban development, Rice Village, which boasts over 300 retailers and dining establishments. Additionally, the property is proximate to Houston’s largest employment centers including Texas Medical Center, Greenway Plaza, Galleria and Downtown. The 95-percent-leased community offers 12 floors of living with units averaging 1,435 square feet each. Community amenities include a 10,000-square-foot rooftop resident amenity lounge, rooftop pool, 24-hour concierge, Technogym fitness club, outdoor grilling stations, private theatre, executive conference room, bike storage, valet dry cleaning services and pet-washing station. 

The JLL debt placement team representing the borrower was led by Managing Director Cortney Cole and Director Dustin Selzer.

JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities. Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.