Greystone, a leading national commercial real estate finance company, and Cushman & Wakefield, a leading global real estate services firm, jointly announced they provided acquisition financing for, and arranged the sale of, respectively, a two-property multifamily portfolio totaling 153 units in Johnson City, Tennessee.
The Fannie Mae Delegated Underwriting & Servicing (DUS®) Green loans were originated by Judah Rosenberg, Zane Teslik and Jack Hudak of Greystone on behalf of Jeremy Rieder of Onyx Partners, with Tyler Mayo from Cushman & Wakefield representing the seller in the transaction.
Each of the non-recourse, fixed rate financings in the portfolio carry a five-year term and thirty-year amortization schedule, with interest-only payments for the first three years.
“We are thrilled that our client came back to Greystone to find the right financing for the newest additions to their growing portfolio,” said Mr. Rosenberg, Vice President at Greystone. “When it comes to navigating the multifamily lending process, our extensive expertise, creativity and deep lending platform means we can craft solutions that set our clients up for long-term success in any market.”
“Through our close partnership with Greystone, we’re able to provide a high level of confidence to our clients that reduces or eliminates any financing concerns,” said Mr. Mayo, Managing Director at Cushman & Wakefield. “This transaction is a prime example of the benefits of collaborating with the Greystone team which ultimately produced a successful outcome for all parties involved.”
Greystone Monticello and Cushman & Wakefield jointly announced today that the firms provided financing for, and represented the buyer of, respectively, a two-property portfolio of build-to-rent multifamily communities in Phoenix, Arizona.
Jeems Lochridge of Cushman & Wakefield represented Balfour Pacific Capital and Stone View Holdings, the joint buyers and co-General Partners in the transaction, and Greystone’s Dale Holzer of Greystone originated the loan through Greystone Monticello. In the transaction led by Chris Hetzel, Greystone Monticello provided a two-year $37,250,000 bridge acquisition loan to allow for lease-up and stabilization of the portfolio.
The two-site portfolio, Stone View on Central and Stone View on 7th, consists of build-to-rent, entry-level communities totaling 123 homes. The properties are developed to modern new-home construction standards with each townhome-style unit featuring quartz countertops, stainless steel appliances, en-suite laundry, and select units have two-car attached garages. All units are individually metered for electricity, water, and trash services and individually platted with their own addresses.
“The demand for build-to-rent assets in the Phoenix MSA remains robust, both from the investor standpoint and the renter. Build-to-rent properties provide a desirable option for renters looking for the comforts of a home who are priced out of the home buyer market. The partnership between Stone View Holdings and Balfour Pacific identified the opportunity to provide much needed infill housing to meet this renter demand,” said Jeems Lochridge, Managing Director, Cushman & Wakefield.
“The build-to-rent asset class is a promising investment class for the multifamily sector, having shown growing strength in demand over the last several years,” said Mr. Holzer. “Greystone strives to offer a broad range of financing options that can satisfy a number of client needs, and we are thrilled to provide this build-to-rent acquisition financing solution with Greystone Monticello.”
“The successful execution of the financing is a testament to our strong relationship with Greystone Monticello’s Chris Hetzel,” said Bruce Rudichuk, Balfour’s Head of Multifamily, adding, “The bridge financing is a perfect solution for our lease-up period, and we are excited to explore permanent exit options with Greystone.”
David Shlomi, Principal of Stone View Holdings added, “It was a pleasure working with the teams on this portfolio acquisition in Phoenix, which is a market we are very optimistic about.”
Experienced Multifamily Debt Origination Team Brings Deep Industry Relationships to Expand Greystone’s Presence in the Southeast
Greystone, a leading national commercial real estate finance company, announced that Charlie Mentzer and Brad Waite have joined the firm as Senior Managing Directors, working across the lending platforms to originate financing for multifamily properties nationwide. The pair, each with over 20 years of industry experience, join Greystone from Capital One, where they were both Senior Vice Presidents, and will be based in Atlanta, enabling close collaboration with Cushman & Wakefield.
Since 2012, Charlie Mentzer had been responsible for new loan origination out of Capital One's Atlanta, Georgia office, having originated over $6 billion in transactions nationally during his career. He was previously a Vice President at Walker & Dunlop, and also served in loan origination roles at Primary Capital and Column Guaranteed.
Prior to his most recent role at Capital One, where he joined in 2015, Mr. Waite was a Vice President at Walker & Dunlop (previously CW Capital), and garnered experience with Agency and Balance Sheet underwriting across $5 billion in loan transactions. In addition to his experience and product knowledge, Mr. Waite is known for his unique ability to structure complex transactions through his years of both underwriting and origination experience.
“Charlie and Brad are a well-regarded multifamily deal team that will be an integral part of our continued growth strategy for loan origination, as well as our joint venture with Cushman & Wakefield,” said Rich Martinez, head of Agency lending production at Greystone. “They will add immense value to our clients from a debt perspective and will serve as important team leaders at Greystone – we are thrilled for their arrival.”
STAMFORD, Conn - Cushman & Wakefield announced today that the real estate services firm served as the exclusive advisor to the ownership group in the procurement of a combined $223,869,000 for the refinancing of the Harbor Point portfolio, a four-building, 989-unit multifamily portfolio located at 301 Commons Park South, 111 Towne Street, 110 Towne Street and 120 Towne Street in Stamford, Connecticut. The Freddie Mac financing was provided by Greystone.
Cushman & Wakefield’s Equity, Debt & Structured Finance team of John Alascio, Alex Hernandez, Alex Lapidus and Chris Meloni, with assistance from the firm’s Capital Markets team of Niko Nikolaou and Ryan Dowd in coordination with Brian Whitmer, represented the borrower in the transaction. Greystone’s Judah Rosenberg originated the four loans, all seven-year fixed-rate Freddie Mac mortgages with 35-year amortization periods.
“We are thrilled to have successfully arranged the financing for the Harbor Point Portfolio, featuring four prestigious Class A multifamily properties situated in Stamford's coveted South End,” said Alascio. “The portfolio redefines luxury living with a host of top-tier amenities and strategic location within a ten-minute walk from the Stamford Transportation Station.”
“We were able to take advantage of an early index lock in order to achieve a lower interest rate, a true benefit in today’s rising rate environment,” added Rosenberg.
The portfolio consists of a mix of studio, one-bedroom, two-bedroom and three-bedroom units ranging from 544 square feet to 1,429 square feet. Each building features tenant parking, resort-style pools, a clubroom with a kitchen and multiple lounges, a fitness center, controlled building access, resident concierge, gaming tables, on-site management and an affordability component.
The portfolio is located within a ten-minute walk from the Stamford Transportation Center, servicing the Metro-North and Amtrak trains allowing convenient access to and from Manhattan. The properties are in proximity to Interstate 95 and the Stamford CBD.
Photos of the portfolio can be downloaded here.
Greystone, a leading national commercial real estate finance company, has provided $27,325,000 in total Fannie Mae Delegated Underwriting & Servicing (DUS®) financing for a two-property portfolio in Greensboro, North Carolina. The financing was originated by Justin Hechler, Director at Greystone, on behalf of repeat client Featherstone Partners.
Terrace Oaks, which comprises 120 units, and Terrace at Olde Battleground, comprising 156 units, both received 10-year, fixed-rate Fannie Mae loans with 35-year amortizations and the first six years of interest-only payments. Both properties boast amenities including swimming pools and fitness centers, while the larger community, Terrace at Olde Battleground, additionally offering a playground, car wash station, dog park and wash station, and picnic area with fire pit.
In addition to these two refinancing transactions, Hunter Bowling of Cushman & Wakefield represented Featherstone Partners in the sale of Madison Woods, also located in Greensboro.
“Exiting the portfolio’s existing debt all at once by way of three separate transactions was tricky due to the current capital markets environment -- having a thorough understanding of the mechanics that went into each step, along with having great financing partners like Greystone, made all the difference,” said Chuck Patty, Managing Partner, Featherstone Partners.
“It takes a true collaboration with clients to close financing so quickly, and the Featherstone team was prepared and responsive, enabling our team to guide them to closing in 28 days,” said Mr. Hechler. “It’s also a testament to our commitment to clients when we have repeat borrowers return for new financing with Greystone.”
The joint venture team of Cushman & Wakefield and Greystone announced that they arranged the sale of and provided acquisition financing for Salisbury Court, a 40-unit apartment community located at 1501 Old Salisbury Ct. in Winston-Salem, North Carolina.
Cushman & Wakefield’s Hunter Bowling, Laney Orr, Rhodes Marley, and Gavin Conlon represented the seller in the $2,855,000 sales transaction while Greystone’s Daniel Kaweblum originated an interest-only bridge loan with a fixed rate and three-year term. The multifamily property was sold by a partnership between Grubb Properties and Carolina Community Investments and acquired by Emerald City Associates.
“Emerald City Associates has made a great addition to their quickly expanding portfolio. Salisbury Court is a well-positioned asset, with interior value add upside, and located in one of the fastest growing MSA’s in the Sunbelt. We are grateful to have been a part of this transaction,” said Hunter Bowling, Senior Director at Cushman & Wakefield.
Salisbury Court was built in 1982 and features five two-story buildings with units averaging a modest 713 square feet. It is situated in perfectly in South Winston-Salem, benefiting from strong submarket fundamentals and close proximity to entertainment hubs and job centers. The apartment community also offers the opportunity to invest in a proven value-add initiative started by previous ownership that would offer substantial growth opportunities.
"It was a pleasure working with Cushman & Wakefield on this acquisition loan on behalf of our client, Loyd Fornes, and Emerald City Associates – demonstrating that even in today’s environment, there are opportunities for competitive financing on strong value-add assets in growing markets. The efficiency of execution was a testament to the thesis that aligning all sides of the transaction – in this great partnership between Cushman & Wakefield and Greystone – brings unprecedented benefit to our clients. We’re excited to have taken this concept to reality with this transaction and look forward to many more,” added Greystone’s Daniel Kaweblum.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group is a 109-person investment sales team covering 11 states with No. 1 multifamily market share in that region based on sales volume and transactions reported to CoStar. Per Cushman & Wakefield, in 2022, the group closed $11.1 billion in sales volume through 360 deals and over 60,300 units.
