Greystone, a leading national commercial real estate finance company, today announced the closing on May 21, 2025 of Greystone CRE Notes 2025-FL4, LLC, a $901.3 million Commercial Real Estate Collateralized Loan Obligation (CRE CLO) backed by bridge loans on multifamily properties.
Greystone CRE Notes 2025-FL4, LLC marks the firm’s seventh overall CRE CLO and its largest CLO to date. The collateral pool for Greystone CRE Notes 2025-FL4 comprises 13 whole loans and 15 loan participations, totaling $901.3 million, secured by 28 multifamily properties in 16 states. Made up of solely multifamily assets, the largest concentrations of the collateral pool are located in Georgia (13.5%), New Jersey (11.6%), Texas (10.5%), North Carolina (10.1%), Idaho (6.4%), Maryland (6.4%), and Pennsylvania (6.4%). This actively managed CRE CLO has a 3-year reinvestment period.
“Amid market fluctuations over the last several months, Greystone has stayed the course in our commitment to providing financing for quality assets, which is evident by the strong interest from bond investors,” said Ross Gusler, Head of Corporate Finance and Capital Markets at Greystone. “Greystone continues to invest in its growing bridge lending platform across both the multifamily and healthcare sectors, and we are thrilled with the recent addition of Richard Dugoff as Head of Bridge Lending to lead this path.”
To date, Greystone’s Bridge-to-Agency (including Fannie Mae, Freddie Mac, and HUD) lending platform has provided $15 billion in short-term bridge loans across the multifamily and healthcare sectors. As the #1 provider of HUD loans for commercial properties* and a top 10 Fannie Mae and Freddie Mac multifamily lender, Greystone’s active participation in the broader commercial mortgage market extends beyond providing debt to include sales advisory services, CRE asset management, and ownership/operational activities.
Wells Fargo Securities LLC, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, ATLAS SP Securities, Natixis Securities Americas LLC, and UBS Securities LLC served as lead managers of Greystone CRE Notes 2025-FL4. Capital One Securities served as a co-manager.
This press release is for informational purposes only. It shall not constitute an offer to sell or a solicitation of an offer to buy any securities.
Greystone, a leading national commercial real estate finance company, has provided a $14,000,000 CMBS loan to refinance a multifamily property portfolio in Brooklyn, NY. The financing was originated by Jason Yuen, Managing Director at Greystone.
The three-property portfolio includes 27 units across mixed-use buildings, with ground-floor retail featuring a deli, fish market, nail salon, juice bar, and convenience store. The full-term interest-only CMBS financing carries a five-year term at a competitive fixed rate.
“This deal was a great example of how we can support our repeat clients with customized financing solutions that meet their goals. With the sponsor’s recent capital improvements, we were able to deliver maximum proceeds and structure a full-term interest-only loan that recaptured equity and supports long-term success,” said Mr. Yuen.
Greystone, a leading national commercial real estate finance company, has provided an $80,000,000 Bridge loan to refinance a multifamily property in Roselle Park, New Jersey. The financing was originated by Drew Fletcher and Miryam Reinitz-Kops of Greystone on behalf of Capodagli Property Company.
Meridia Roselle Park 10 contains 325 units and amenities including on-site parking, in-unit washer/dryers, and features Keyless LATCH access. The Greystone bridge loan includes a 2-year term at a floating rate and has full-term interest-only.
“It’s rewarding to support Capodagli’s continued growth—not only as a company, but as a force for delivering much-needed, quality housing across New Jersey’s emerging neighborhoods. Even as they scale, they remain grounded in their mission of Building on Belonging, which continues to set them apart,” said Miryam Reinitz-Kops.
“We are proud to have successfully closed another well-executed transaction, financing for our exceptional asset in Roselle Park. It has been a pleasure collaborating with the Township of Roselle Park and Greystone to bring our vision of high quality, affordably priced housing to the community,” said John Longo, CIO, Capodagli Property Company.
Greystone, a leading national commercial real estate finance company, announced that Michael Keeney has been hired for the role of Chief Underwriter, Agency Lending. Mr. Keeney brings 25 years of experience in credit underwriting, risk mitigation, and relationship building in commercial real estate to Greystone.
Mr. Keeney, based in Atlanta, GA, joins Greystone from Fannie Mae, where he was most recently Senior Director Southeast Credit Region. In his role at Fannie Mae, he led the team that provided credit oversight and approval of all Fannie Mae Conventional lending for the Southeast region of the United States. He served on numerous committees and working groups that developed and provided policy oversight in the administration of underwriting and process guidelines.
Prior to his 12-year tenure at Fannie Mae, Mr. Keeney was a Senior Commercial Mortgage Underwriter at Farm Bureau Life Insurance in Michigan for eight years, where he led high-quality standards of loan production across a variety of asset classes. Mr. Keeney has also served as a Relationship Manager at Standard Federal Bank earlier in his career, where he established his banking and credit foundation.
“We are delighted that Michael is joining Greystone as our Agency Chief Underwriter,” said Charlie Baxter, head of Agency Lending at Greystone. “Michael’s deep expertise in real estate finance and proven track record of sound credit judgment will be instrumental as we continue to grow and strengthen our Agency lending portfolio. We look forward to the impact Michael will make in supporting our commitment to excellence in our ongoing collaboration with Fannie Mae.”
NEW YORK, NY – Greystone, a leading national commercial real estate finance company, celebrated the grand opening of Netherbay at Bay Shore, a state-of-the-art assisted living and memory care community now located at the historic Gulden family’s summer homestead on Long Island.
The $26 million, 40-year, construction-to-permanent HUD-insured loan was provided by Greystone, originated by Managing Director Lisa M. Fischman in 2023. This financing was the only healthcare construction loan in the United States approved by HUD in 2023.
Netherbay at Bay Shore Assisted Living and Memory Care Community in Suffolk County includes 72 individual rooms dedicated to Memory Care and advanced Assisted Living residents. The community is operated by Meridian Senior Living and offers residents amenities such as boutique communal dining and lounging spaces, an outdoor garden and walking area, a pavilion for outdoor entertainment, and on-site recreational spaces. Located in the heart of bustling Bay Shore, Netherbay is near Lawrence Lake, the marina, between Good Samaritan University Hospital and South Shore University hospital, local shops and bakeries.
With construction complete, the $26,074,800 HUD-insured financing converts to a 40-year, fully amortizing, non-recourse, fixed, low-rate loan.
“We’re delighted the doors are open at the state-of-the-art Netherbay at Bay Shore, bringing essential senior living and memory care services to this vibrant town,” said Ms. Fischman. “My Greystone team and our representatives at HUD persevered through the COVID-19 pandemic and a complex financing environment and now celebrate the realization of the vision of Messrs. Racanelli and Ferraro, who remain firm in their promise to provide exceptional care and services to the Netherbay family in a beautiful, historic neighborhood.”
“Our commitment to the residents of Netherbay at Bay Shore is paramount,” said Mr. Ferraro, principal of the borrower. “We, along with the Meridian Senior Living team, look forward to providing our new community with the highest levels of care in an idyllic setting on Long Island’s south shore.”
Greystone, a prominent national commercial real estate finance firm, is pleased to announce the appointment of Richard L. Dugoff as Head of Greystone’s Bridge Lending platform and Portfolio Manager for the Greystone Senior Debt Fund. Established in 2018, the Greystone Senior Debt Fund is an open-ended fund managing approximately $4.1 billion in loans, primarily secured by multifamily and senior housing properties. These loans are strategically underwritten for takeout financing through Fannie Mae, Freddie Mac, and FHA/HUD. Based in New York, Mr. Dugoff will report directly to Greg Lyss and Chip Hudson, Co-Chief Operating Officers of Greystone.
Mr. Dugoff brings a wealth of experience to his new role, having previously served as Managing Director and Fund Manager of an open-ended core plus real estate debt fund, jointly sponsored by Nuveen Real Estate and PCCP. During his tenure, which commenced in 2017, he led the structuring, launch, fundraising efforts, and management of the fund. Under Rick’s leadership, the fund raised over $1.5 billion in capital commitments, encompassing over $4.3 billion in transitional senior loans, construction loans, and mezzanine debt secured by a diversified range of U.S.-based collateral.
Prior to his time at Nuveen, Mr. Dugoff was a Managing Director and Head of Commercial Real Estate Debt within J.P. Morgan Asset Management’s Global Fixed Income Division, where he also chaired the Real Estate Debt Investment Committee and oversaw over $5 billion in new loan investments. His career also includes notable positions in real estate banking and acquisitions at J.P. Morgan, Related Companies, and Chemical Bank.
“Rick’s extensive expertise in fund management, originations, asset management, capital markets, and commercial real estate portfolio oversight makes him an ideal leader for our expanding bridge lending platform,” said Mr. Lyss. “As demand continues to surge in the current market, I am confident that Rick’s proven track record and industry knowledge will drive the growth and success of our bridge lending capabilities.”
