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.”
BTR Aggregation Facility Provides Flexibility for Growing Texas Multifamily Developer
Greystone, a leading national commercial real estate finance company, announced it has arranged a $13.9 million line of credit for the purpose of refinancing a 69-unit build-to-rent (BTR) community in Houston, Texas. The BTR aggregation facility was arranged by Shaya Ackerman, Managing Director, and Steven Treitel, Director, of Greystone.
The newly constructed Sandrock Gardens community in Houston, Texas spans 14.5 acres, appealing to residents seeking affordable living options with convenient access to Downtown Houston. The open-concept homes comprise three bedrooms and two full bathrooms with two-car garages, walk-in closets and laundry facilities.
“This credit facility structure is an ideal financing solution as the developer continues to deliver new units to market, providing continued access to capital,” said Mr. Ackerman. “As a full-service solutions provider, Greystone seeks to solve for our clients’ needs and help prepare them for the next step in execution so they can optimize their real estate portfolio for success.”
Greystone, a leading national commercial real estate finance company, has provided $40,500,000 in bridge financing to Kalesta Healthcare Group for the acquisition and refinance of two skilled nursing facilities totaling 219 licensed beds in California. The financing was originated by Christopher Clare and David Young, both Managing Directors at Greystone. Grant Goodman of G Capital served as Kalesta's capital advisor on the transaction.
Greystone’s $40,500,000 interest-only non-recourse bridge loan carries a 24-month term with two six-month extension options, enabling the borrower to complete the acquisition and fund capital improvements while Greystone works to secure permanent HUD financing later this year.
“Our bridge-to-HUD program is one of the many ways we help clients in the skilled nursing space get the most out of their portfolio while providing quality housing to their residents,” said Mr. Young. “We work tirelessly—especially during uncertain economic cycles—to deliver creative solutions that achieve our client’s vision and are more attractive than competitor offerings.”
"Greystone provided a best-in-class solution for this project," said Mr. Goodman. “Our firm ran an extensive capital markets process, and the structure Greystone ultimately provided was superior to the competition. We appreciate their partnership and look forward to more opportunities to collaborate in the future."
Greystone’s Ben Rubin, Ryan Harkins, Parker Nielson and Liam Gallagher assisted on this transaction.
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 and Cushman & Wakefield jointly announced they provided acquisition financing for, and arranged the sale of, respectively, Country Place Apartments, a 312-unit multifamily property in Burtonsville, Maryland.
Cushman & Wakefield’s Anthony “TJ” Liberto, Managing Director, and Jorge Rosa, Executive Managing Director, represented the seller in the $62.5 million transaction. Alex Basile, an Executive Director at both Greystone and Cushman & Wakefield, originated a $40.7 million, 7-year Freddie Mac Optigo® loan to finance the acquisition.
Country Place Apartments boasts a range of amenities, including an outdoor pool, fitness center, landscaped exercise paths, on-site dog park, playground, Tech Bar and car care center. The property is located just off Route 29 in Montgomery County, with easy access to major commuter routes like the ICC, I-95, and I-495. Residents can enjoy the shopping, dining, and entertainment options in Burtonsville or in nearby Silver Spring, Laurel, and Columbia.
“Country Place was purchased in a very creative structure utilizing a buy-right PILOT afforded to buyers in Montgomery County to maintain affordability for residents. Our sales execution in an everchanging investor landscape shows that attractive debt and pricing is attainable,” said Jorge Rosa, Executive Managing Director at Cushman & Wakefield.
"Greystone’s collaboration with Cushman & Wakefield enables our clients to benefit from end-to-end solutions for all of their property investment needs," said Alex Basile, Executive Director at both Greystone and Cushman & Wakefield.
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’.”
