Greystone, a private national commercial real estate finance company, announced today it provided a $54,934,000 permanent Freddie Mac loan to an affiliate of Grubb Properties to refinance a recently constructed and stabilized 344-unit Class A multifamily property in the heart of Innovation Quarter in Winston-Salem, North Carolina.
The new 15-year, fixed-rate loan is a permanent takeout of the construction financing arranged by Greystone in 2018. Drew Fletcher, Paul Fried, and Matthew Hirsch originated both the construction and the permanent financing on behalf of Grubb.
Link Apartments Innovation Quarter is located within the burgeoning Innovation Quarter District that has been a catalyst for the growth and transformation of Downtown Winston-Salem. Just steps away from the Wake Forest University Biotech Campus and Bailey Park, the Property offers efficient luxury with contemporary, bright and meticulously designed units. The property features over 20,000 square feet of amenity spaces, including a roof-top terrace, saltwater pool, club-quality 24/7 fitness center, and chef’s demo kitchen.
“This closing is a perfect example of how Greystone can deliver for its clients through each stage of the entire project lifecycle,” said Mr. Fletcher, President, Greystone Capital Advisors. “We’ve been working with Grubb for years on this project and it’s been really exciting to see them execute on their plans and deliver such a transformative asset to Winston-Salem.”
Mr. Fried, Executive Managing Director, Greystone Capital Advisors, added, “Grubb is a long-time client of Greystone and we’ve enjoyed working with them again as they continue to demonstrate why they are a market leader.”
“Grubb Properties is pleased to have once again worked with Greystone, a valued partner with whom we have a deep relationship,” said James Hochman, Chief Financial Officer of Grubb Properties. “We look forward to the bright future of Link Apartments Innovation Quarter.”
Greystone, a leading national commercial real estate finance company, has provided $17,244,000 in Freddie Mac financing for the acquisition of a 222-unit multifamily property in Harrison Charter Township, Michigan. The transaction was originated by Dan Sacks, Managing Director in Greystone’s New York office, on behalf of Lightstone.
The non-recourse $17.2 million Freddie Mac loan carries a fixed rate with a 10-year term and 30-year amortization, with five years of interest-only payments. In addition to the acquisition, loan proceeds will be used for capital expenditures and property renovations.
Originally built in 1968, The Shores of Lake St. Clair is an award-winning, 13-building, garden-style community of renovated studios, one- and two-bedroom units with modern finishes and appliances, private outdoor living spaces and in select units, wood-burning fireplaces. Residents of the pet-friendly community can enjoy the clubhouse, fitness center, swimming pool, sports court and playground, as well as on-site laundry facilities and parking. Located northeast of Detroit in “Boat Town U.S.A.,” the property is close to the area’s parks and outdoor recreation, retailers and entertainment, and offers easy access to Interstate 94.
“At Greystone, we thrive on using our extensive multifamily financing platform to put together the right resources for our clients,” said Mr. Sacks. “Our passion for the multifamily space is second only to our commitment to delivering a seamless and unparalleled client experience on every transaction.”
“This acquisition is part of the strategic expansion of our national multifamily portfolio and it is exciting to be part of this thriving community,” said David Lichtenstein, Chairman and CEO of Lightstone. “We are also pleased to have completed another successful financing with Greystone, whose team has consistently provided us with both efficient and thorough service for many years.”
Record volume posted by Fannie Mae and Freddie Mac in 2020
CHICAGO, Feb. 24, 2021 – For the sixth consecutive year, JLL Capital Markets has been recognized as a top producer of affordable housing loans by Fannie Mae and Freddie Mac, the two largest U.S. multifamily housing finance sources.
JLL was ranked as the No. 1 Freddie Mac Affordable Housing Lender and No. 2 Fannie Mae Affordable Housing Lender, based upon 2020 nationwide production volume. JLL posted record affordable housing loan production of $3.4 billion in debt and equity placement in 2020, more than double 2019 production of $1.7 billion.
“We are truly honored to be recognized as a leader in affordable housing by both Freddie Mac and Fannie Mae,” said C.W. Early, head of JLL’s Affordable Housing Agency Lending Team. “This past year was not without challenges and despite the pandemic we remain committed to the multi-housing affordable market and the clients we serve in that space. We believe strongly that it is imperative to offer creative solutions to help grow, improve and preserve affordable units for the marketplace.”
“JLL Capital Markets is an industry leader in providing capital and investment advisory services to investors of multifamily housing,” added Brian Ranallo, Senior Managing Director. “Affordable housing specifically has always been a primary focus, and we look forward to growing our partnerships with Freddie Mac and Fannie Mae in delivering mission-driven affordable housing loans.”
In addition to its work with Fannie Mae and Freddie Mac, JLL also provides financing to the multi-housing market through FHA loan programs, banks, life insurance companies, debt funds and other capital sources.
JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities. Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.
JLL completes Freddie Mac loan for 198-unit multi-housing property in Norwalk
NEW YORK, February 12, 2021 – JLL Capital Markets announced today it has arranged $55.83 million in acquisition financing for The Berkeley at Waypointe and Quincy Lofts, a multi-housing property located at 500 West Ave and 30 Orchard St. in Norwalk, Connecticut.
JLL worked on behalf of Invictus Real Estate Partners, a New York City-based real estate private equity company (www.invictus-rep.com), to secure the acquisition loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.
Completed in 2017, The Berkeley at Waypointe and Quincy Lofts are two multi-housing developments with a total of 198 units. The Berkeley is a five-story building consisting of 129 units and 10,331 square feet of ground-floor retail surrounding a 371-space parking garage. The Berkeley features a clubroom, fitness center and rooftop deck with views of the Long Island Sound. Quincy Lofts is a five-story building consisting of 69 units over 87 ground-floor level parking spaces and features a resident lounge and outdoor patio with grills and fire pits.
Located in the heart of Connecticut’s vibrant Fairfield County, The Berkeley at Waypointe and Quincy Lofts are one hour away from Manhattan, offering convenient access to I-95 and is minutes from the MTA’s South and East Norwalk train stations. It also stands in close proximity to employment hubs such as Greenwich and Stamford, CT. The Berkeley at Waypointe and Quincy Lofts are adjacent to The Waypointe, a 464-unit, mixed use project that was purchased by Invictus in August and financed by the JLL Capital Markets team.
The JLL Capital Markets team representing the borrower was led by Managing Directors Scott Aiese and Peter Rotchford, Vice President Alex Staikos and Analyst Brendan Collins.
“The Berkeley at Waypointe and Quincy Lofts are highly attractive multi-housing assets with Class-A amenities and easy access to New York City,” said Aiese. “The two properties will benefit from the growing population of renters seeking alternatives to New York City that offer high-end amenities and a dynamic community of nearby restaurants and retail.”
Of its Total $16.6 Billion in Originations for 2020, Greystone Produced $5.16 Billion in HUD-Insured Volume for Multifamily & Healthcare Properties Nationwide, Ranking #1 with Highest Market Share Among All Lenders
Greystone Completes 2020 as a Top 10 Fannie Mae DUS® and Freddie Mac Optigo® Lender; Ranks Among Top Lenders for Fannie Mae Small and Freddie Mac Small Balance Loans
Greystone, a leading national commercial real estate finance firm, reaffirmed its leadership position as a top FHA, Fannie Mae DUS®, and Freddie Mac Optigo® commercial lender with 2020 loan production volume totaling $14.3 billion across these three Agency platforms. In total, Greystone originated $16.6 billion in volume in 2020 including its balance sheet and proprietary lending platforms.
On its FHA platform, Greystone produced $5.16 billion in HUD-insured commercial loans, including multifamily and healthcare Firm Commitments and rate modifications, which reduce a borrower’s rate. This origination total comprises $3.84 million in multifamily loans and $1.32 million in healthcare loans.
Separately, Greystone financed $9.14 billion in multifamily loans across both Fannie Mae and Freddie Mac platforms, including affordable, seniors, student housing and small balance loans, the latter which are primarily mission-driven and workforce housing properties. In total, Greystone’s small balance origination volume surpassed $1.4 billion, positioning the firm as a leading provider of small loans for Fannie Mae (ranked #2) and Freddie Mac (ranked #3).
“I am inspired by the commitment, drive, and dedication of our lending, underwriting, and support teams to have accomplished what they did during an ongoing pandemic and the challenges that have come along with changing the way we are currently living and doing business,” said Steve Rosenberg, founder and CEO of Greystone. “With that said, we have only scratched the surface of our objective to be the unquestioned sole source of capital for existing and new clients. We are constantly evolving as the market continues to change, and I am beyond excited to see what our team will achieve in 2021.”
“The record-breaking year of loan volume where clients put their trust in Greystone to help them navigate through the HUD process is a testament to the hard work and dedication of our FHA team and excellent execution capabilities,” said Nikhil Kanodia, head of Greystone’s FHA lending platform. “The HUD option, with 35-year, non-recourse terms and low fixed-rate rates, is certainly catching on, and we are proud to be the leader in helping clients realize this financing solution.”
On being one of the top producing small loan lenders for both Freddie Mac and Fannie Mae, Rick Wolf, head of small loan production at Greystone, added, “We have always been committed to serving the small loans market and know how critical this segment is to the workforce housing community. Having worked very closely on small loans with Fannie Mae for over 16 years and with Freddie Mac since the inception of their SBL program in 2014, we know the demand for financing in this market segment is strong, and we thank each Agency for being our partners in serving multifamily investors in this space.”
Greystone, a leading national commercial real estate finance company, has provided $43.8 million in Freddie Mac financing for the acquisition of a multifamily portfolio totaling 885 units in Georgia’s Metro Atlanta region. The loans were originated by Greystone’s Keith Hires and Carter King of Greystone’s Atlanta office, on behalf of Fillmore Capital Partners.
The two separate Freddie Mac conventional loans each carry a 10-year term with a fixed interest rate and a 30-year amortization, with interest-only payments for the first 10 years.
Located in Atlanta and Athens, the properties and financing include:
· $22,500,000 for the acquisition of Gardens at Camp Creek, a garden style apartment community in Atlanta with 385 one-, two- and three-bedroom units. Constructed in 1971, the property features on-site parking, laundry facilities, a business center, fitness center and community gardens.
· $21,300,000 for the acquisition of University Oaks, a garden style property in Athens offering 500 one-, two- and three-bedroom units. Built in 1965, the community offers residents two pools, a business center, fitness center, outdoor sports courts, dog park and picnic area, as well as on-site laundry facilities and parking.
“We couldn’t be more pleased with our team and how they delivered exactly what we needed to acquire these properties,” said Mr. Dustin Frazier, Senior Vice President, Fillmore Capital Partners. “In a market environment that might challenge others, our Greystone team was unflappable.”
“We are very excited about our acquisition of these two prominent assets in high growth markets, which brings our total portfolio in Georgia to over 2,000 units, with more acquisitions under consideration,” added Mr. Michael Reinardy, Senior Vice President, Fillmore Capital Partners.
“The breadth and depth of our lending platform, coupled with our knowledge of the multifamily space, provides confidence in a smooth execution during a market cycle that’s seen so much volatility in the last year,” said Mr. King.
About Greystone
Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com.
About Fillmore Capital Partners
Fillmore Capital Partners is a private investment company with principal focus on multifamily housing, healthcare, entertainment, lodging, and other specialized real estate investments. For more information, visit www.fillmorecap.com.
