Greystone, a leading national commercial real estate finance company, has provided a $40.3 million Freddie Mac Optigo® loan to refinance a 432-unit multifamily property in Crown Point, Indiana. The financing was originated by Eric Rosenstock and Dan Sacks, both Senior Managing Directors at Greystone, on behalf of Bayshore Properties.
Purchased by the borrower in 2021 with bridge financing, Hidden Creek Apartments received capital improvements in excess of $725,000 on more than 25% of the units, as well as exterior renovations of over $659,000. Originally constructed in 1976, the property comprises one- and two-bedroom units spread across twelve residential buildings with community amenities including a swimming pool, fitness room, playground, disc golf course, clubhouse, and ample outdoor space. The $40,309,000 non-recourse, fixed-rate Freddie Mac loan carries a 10-year term.
“Despite today’s more difficult financing environment, it’s gratifying to be able to provide a long-time client with continued high-touch service as they grow their multifamily portfolio,” said Mr. Rosenstock.
“Eric, Dan and the Greystone team have been nothing short of excellent as we navigated a higher rate environment and worked to add value to this quality asset for its long-term success,” said Mr. Nick Kozul of Bayshore Properties.
Berkadia announces it has arranged the $32.18 million recapitalization of Melvin Park Apartments, a 263-unit apartment community in Catonsville, Maryland. Senior Managing Director Mitch Sinberg Managing Director Matt Robbins, and Vice President-Originations Abigail Beauchamp of Berkadia Boca Raton secured the financing on behalf of Melvin Park Owner LP.
Freddie Mac provided the 10-year loan with seven years of interest only.
“Melvin Park Apartments are exceptionally located in a submarket with strong fundamentals that also offers its residents the benefits of a suburban setting that is close to all that the city provides,” said Robbins.
Located at 351 Suter Road, Melvin Park Apartments offers two-bedroom apartments of 753 square feet. Individual units feature private entrances and select units offer new stainless steel appliance packages, new modern plank wood flooring, new granite style countertops and interior doors with appointed hardware. Community amenities include a covered picnic and barbeque area, two playgrounds, designed landscaping, a laundry care center, a dog park and outside storage.
Melvin Park Apartments are located in Catonsville, near Route 40 and close to the University of Maryland, Frederick Road, Patapsco State Park and the Earl and Darielle Linehan Concert Hall.
Former Freddie Mac Senior Vice President of Production & Sales toExpand on the Firm’s Multifamily Growth
Greystone, a leading national commercial real estate finance company, announced Rich Martinez will join the firm as an Executive Managing Director, Multifamily Sales & Production in mid-June. In this newly created role, he will focus on new business growth for Greystone’s expanding multifamily platform as well as enhancing and optimizing the firm’s joint venture relationship with Cushman & Wakefield, which provides a comprehensive suite of debt and advisory services to property investors nationwide.
Prior to joining Greystone, Mr. Martinez served as Senior Vice President of Production & Sales at Freddie Mac, where he worked for over 34 years in various roles. While there, he worked across a variety of asset classes and geographies, and gained a holistic view of the national multifamily landscape.
Mr. Martinez will be based in New York and report to Steve Rosenberg, Greystone’s founder & CEO.
“Rich’s reputation as a creative and effective production driver in the multifamily debt space is well known and well deserved,” said Mr. Rosenberg. “I am excited to watch Rich further capitalize on the great potential of the Cushman/Greystone platform and am so thrilled he is joining our team as we remain laser-focused on being the undisputed leader in commercial real estate capital markets.”
“I have always admired Greystone’s commitment to client service and its people-first culture, with the mission to improve people’s lives, and I’m looking forward to driving exponential growth for this incredible organization,” added Mr. Martinez.
Former Freddie Mac Senior Vice President of Production & Sales toExpand on the Firm’s Multifamily Growth
Greystone, a leading national commercial real estate finance company, announced Rich Martinez will join the firm as an Executive Managing Director, Multifamily Sales & Production in mid-June. In this newly created role, he will focus on new business growth for Greystone’s expanding multifamily platform as well as enhancing and optimizing the firm’s joint venture relationship with Cushman & Wakefield, which provides a comprehensive suite of debt and advisory services to property investors nationwide.
Prior to joining Greystone, Mr. Martinez served as Senior Vice President of Production & Sales at Freddie Mac, where he worked for over 34 years in various roles. While there, he worked across a variety of asset classes and geographies, and gained a holistic view of the national multifamily landscape.
Mr. Martinez will be based in New York and report to Steve Rosenberg, Greystone’s founder & CEO.
“Rich’s reputation as a creative and effective production driver in the multifamily debt space is well known and well deserved,” said Mr. Rosenberg. “I am excited to watch Rich further capitalize on the great potential of the Cushman/Greystone platform and am so thrilled he is joining our team as we remain laser-focused on being the undisputed leader in commercial real estate capital markets.”
“I have always admired Greystone’s commitment to client service and its people-first culture, with the mission to improve people’s lives, and I’m looking forward to driving exponential growth for this incredible organization,” added Mr. Martinez.
Greystone, a leading national commercial real estate finance company, provided a $24,750,000 Freddie Mac Optigo® loan to refinance a 70-unit senior housing property in Mashpee, Massachusetts that includes 10% of the units designated affordable housing by the Cape Cod Housing Authority. The transaction was handled by Shailini Nehra, Managing Director at Greystone, on behalf of Northbridge Companies.
The $24,750,000 Freddie Mac fixed-rate, non-recourse financing carries a 10-year term and 30-year amortization. Built in 2018, Laurentide at Mashpee Commons in Barnstable County includes studio, one-, and two-bedroom units and offers assisted living and memory care services. The community, managed by New England-based owner / operator Northbridge Companies, features a full physical and occupational therapy gym, movie theatre, bistro, café, a large outdoor patio, and landscaped walking paths. Residents also enjoy salon and barber shop services, chef-prepared meals, life enrichment, and wellness programming.
“At Greystone, we are dedicated to helping clients realize their vision for their properties – our extensive lending platform means we bring the right resources to bear on any project,” said Cary Tremper, head of Greystone’s Senior Housing Capital Markets Team. “We are driven by our commitment to meeting the financing needs of the senior housing space, and it was our pleasure to work with Northbridge on this transaction.”
“Northbridge is committed to creating environments where residents can be inspired to live well and love life,” said Mr. James Coughlin, CEO, Northbridge Companies, which develops, owns, and manages vibrant senior living communities throughout New England. “Our Greystone team’s passion for what we do made them a true partner on this transaction and we look forward to working with them again in the future.”
Greystone, a private national commercial real estate finance company, announced it provided a $203,143,000 Freddie Mac Optigo® loan made to an affiliate of TRITEC Real Estate Company for the Alston Station Square, a recently-built, six-building, 489-unit Class A market-rate rental apartment complex located at 1000 Mill Road in Ronkonkoma, New York, which is situated in the Town of Brookhaven in Suffolk County, Long Island. The new 10-year, fixed-rate Freddie Mac loan refinances the original construction loan from Bank of America. The Greystone Capital Advisors team led by Drew Fletcher, Matthew Hirsch, Jesse Kopecky, and Tori Colledge served as exclusive advisors on behalf of the Sponsor and assisted in arranging the financing which was provided by Greystone Servicing through its Agency lending team, led by Dan Gillard who originated the loan from Greystone Servicing.
Alston is the first phase of The Hub at Ronkonkoma Master Development, a 2+ million square foot master plan that the Town of Brookhaven awarded to TRITEC in 2012 to lead the transformation of Ronkonkoma as a regional transportation center for eastern Long Island. The Property is a newly constructed four-story luxury multifamily complex within walking distance of the Long Island Railroad Ronkonkoma train station.
Alston incorporates a comprehensive suite of amenities exceeding all comparable assets in the surrounding market of Long Island and on-par with newly constructed luxury residences in the greater New York metro area. Community amenities include a pool, multiple lounges, courtyards, and a fitness center with units featuring top of the line finishes.
“TRITEC is excited to have worked with Greystone and Freddie Mac on this milestone transaction,” said Jim Coughlan, Principal of TRITEC. “Greystone and Freddie Mac delivered a creative and foundational execution for the first of this multi-phase project to transform downtown Ronkonkoma.”
“We are thrilled to have worked with TRITEC as they complete stabilization of this critical first phase of The Hub in Ronkonkoma,” said Drew Fletcher, President, Greystone Capital Advisors. “This financing is proof of their vision for the project to develop distinctive properties that create enduring value and enhance the neighborhoods in which they are located.”
