Greystone, a leading national commercial real estate finance company, has provided an $18,614,000 Freddie Mac Optigo® loan to refinance a 202-unit multifamily property in Fayetteville, North Carolina. The financing was originated by Justin Hechler, Director at Greystone, on behalf of Magma Equities & Prudent Growth.

Constructed in 1974, Keystone Apartments in Cumberland County is a 28-building garden-style community featuring one- and two-bedroom units. The pet-friendly property offers a clubhouse, fitness center, swimming pool, dog park and on-site parking. The $18,614,000 non-recourse, fixed-rate loan carries a five-year term and 30-year amortization, with two years of interest-only payments.

“It was a pleasure to work with both the Magma Equities & Prudent Growth teams on this transaction. Working with Sponsors who have a deep understanding of the market and top-notch personnel makes all the difference for a smooth and efficient closing,” said Mr. Hechler. “We pride ourselves on finding creative solutions for every transaction to ensure our clients realize their goals for all of their properties.”

“We rely on Greystone to help us achieve our portfolio objectives and guide us through transactions in every market cycle,” said Mr. Ryan Hall, Principal of Magma. “Time and again, Greystone’s diligence, vast industry knowledge and commitment to service excellence prove they are the right partner for us.”

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.”