Greystone, a leading national commercial real estate finance company, announced it has closed a Freddie Mac loan and preferred equity component to refinance a 288-unit multifamily property located in North Carolina. The financing, $56.3 million in total, was originated by Dan Sacks, Senior Managing Director and Harrison Drucker, Director at Greystone with Matthew Zisler, Senior Managing Director at Greystone, securing the preferred equity on behalf of the client.
Greystone provided a $50,071,000 10-year Freddie Mac Optigo® loan with an additional $6,250,000 in preferred equity funds provided by Lubert Adler.
The refinanced property is a newly constructed, Class A multifamily community completed between 2021 and 2022. Comprising one-, two-, and three-bedroom units, the property offers residents a range of unique amenities including a saltwater swimming pool, leash-free bark park with agility equipment, outdoor social lounge and grilling pavilion, complimentary Starbucks coffee bar, 24-hour fitness center and yoga room, resident lounge, conference room, cybercafé, Amazon Hub package locker, soft-surface playground, and complimentary Wi-Fi.
“Greystone strives to be a highly collaborative financing partner for our clients, and the availability of our in-house preferred equity services make this much easier to help clients get to the closing table,” said Mr. Drucker. “We are thrilled to have helped our client refinance this quality asset for long-term success.”
Greystone, a leading national commercial real estate finance company, provided a $6,110,000 Freddie Mac Optigo® Targeted Affordable Housing (TAH) loan to finance two permanent supportive living properties in New York City’s Harlem neighborhood. The financing was originated by Avi Lifshitz, a loan originator at Greystone, on behalf of David Levitan of Liberty One Group.
The multifamily shelters, located on West 133rd Street and operated by non-profit Urban Resource Institute in partnership with NYC’s Department of Homeless Services, are comprised of 34 individual residential units across two contiguous five-story walk-up buildings. The unit mix includes studio, one-, and two-bedroom units, and all units contain private bathrooms and kitchens.
“Greystone aims to not only be a leading provider of financing for affordable housing, but to be active experts in all areas of mission-driven housing and the various ways it can be both supported and created,” said Steve Rosenberg, founder and CEO of Greystone. “We appreciate the close collaboration with Freddie Mac, which absolutely aligns with our mission to help secure much-needed quality housing for individuals across New York City and beyond.”
“As a core element of our mission and Equitable Housing Finance Plan, Freddie Mac works to help advance equity, affordability and sustainability for families in traditionally underserved communities,” said Peter Lillestolen, Vice President, Multifamily Production & Sales, Targeted Affordable Housing. “Permanent Supportive Housing is a critical solution for a vulnerable population, and we are proud to be part of creative, intentional partnerships like this one, where we can come together to bring supportive living communities to life.”
Greystone, a leading national commercial real estate finance company, has provided an $81,129,000 Freddie Mac Optigo® loan to refinance a 397-unit multifamily property in Jurupa Valley, CA. The financing was originated by Clint Darby and Andrew Remenschneider at Greystone, working in conjunction with BMO Bank. BMO provided the construction loan on the property and collaborated with Greystone for a permanent exit on behalf of client Bridge Investment Group.
Vernola Marketplace Apartments is a luxury multifamily property built in 2022. Amenities at the community include a resort-style swimming pool, fitness center, clubhouse, dog park, playground, EV charging stations, game room, three outdoor kitchens, soccer field and resident events.
The $81.1 million non-recourse, fixed-rate loan was financed through Freddie Mac's Optigo® Program and index locked within 24 hours after the Federal Reserve meeting in early November 2023, resulting in an opportunistic rate drop.
“BMO’s collaboration with Greystone allowed for an ideal execution for our valued customer,” said Kim Liautaud, head of BMO’s US Commercial Banking real estate group. “The Agency loan exit fit our client’s need and our pipeline of opportunities continues to grow with Greystone.”
“Greystone’s position as a leading Agency lender gives clients the confidence that we know the lending landscape and can execute on their vision, and a primary reason why we are a preferred choice in multifamily finance,” said Rich Martinez, head of Agency lending at Greystone.
"Bridge Investment Group's experience with Greystone on this refinance was seamless, especially considering it was the first transaction we've done with Greystone. The transaction was very smooth and exceeded our expectations,” said Spencer Dunlop, Director of Debt Capital Markets at Bridge Investment Group.
265 Units To Be Constructed utilizing 4% Low-Income Tax Credits with Additional Financing Partners Bank of America, Amazon, Virginia Department of Housing and Community Development, and Fairfax County Redevelopment and Housing Authority
Greystone, a leading national commercial real estate finance company, has provided $39,000,000 in Freddie Mac Tax-Exempt Loan (TEL) Unfunded Forward financing towards the construction of 265-units of a 516 unit affordable housing property in Tysons, Virginia. The financing was originated by Pharrah Jackson, Vice President at Greystone, on behalf of non-profit housing developer Arlington Partnership for Affordable Housing (APAH).
Located at 1592 Spring Hill Road within the Washington DC MSA, the multifamily project is a part of a larger development known as The Exchange at Spring Hill Station and will be the first 100% affordable housing property in Tysons. The completed building will be developed on two acres and will consist of two, 20-story residential condominiums (Dominion North, the Subject, and Dominion South) and a community center condominium owned and managed by Fairfax County Government. Planned residential project amenities also include community rooms, a business center, landscaped courtyard, resident support services, resident lounge, and laundry facilities.
The unit mix for Dominion North consists of 55 one-bedroom units, 146 two-bedroom units, and 64 three-bedroom units, with 100% of the units at varying affordability restrictions (40 units at 30% area median income (AMI), 77 units at 50% AMI, 87 units at 60% AMI and 61 units at 70% AMI). In addition, Fairfax County Redevelopment and Housing Authority (FCRHA) has approved and awarded APAH 40 project-based vouchers for Dominion North. The units are required to be leased to households at or below 50% AMI. APAH elected to lease those 40 units at 30% of AMI in the following mix: 9-one bedrooms, 22-two bedrooms, and 9-three bedrooms.
The Freddie Mac Forward commitment financing includes a 48-month construction period with a 17-year permanent loan term. Bank of America, the equity investor for this transaction, will be providing capital contributions in excess of $60 million in tax-credit equity during the course of the construction timeline. Other debt sources for Dominion North include: Amazon Housing Equity Fund ($29,000,000); Virginia Housing Trust Fund ($700,000); Virginia Department of Housing and Community Development (VADHCD) Energy Efficiency (HIEE) ($2,000,000); and FCRHA Blueprint & Move to Work – HCV Reserve Loan Funds ($18,986,897).
"The Exchange at Spring Hill Station marks a significant step forward in our commitment to providing affordable housing options at-scale in an area of incredible opportunity," said APAH President and CEO Carmen Romero. “Having partners like Greystone is fundamental to securing the critical financing needed to make a project of this magnitude possible. As a result, the residents who will call The Exchange home will have access to a vibrant and rapidly growing community full of opportunity and resources. More than just what you build, and where, but who you build for is what matters most.”
“It’s so gratifying to see a 100% affordable development plan come to fruition, and when you realize how many partners and contributors it takes to make it happen, you really appreciate both the need and impact of affordable housing in our country,” said Ms. Jackson. “We are thrilled to play a role as the permanent lender with Freddie Mac’s Forward TEL program, which has been truly transformative in the affordable housing construction space. We congratulate all of the parties involved and are looking forward to the ribbon cutting in 2027.”
Greystone Commercial Capital (GCC) has closed a $419,590,000 transaction to refinance Panorama Tower, located on Brickell Bay Drive in Miami, Florida. The property is an 85-story, Class A+, mixed-use, residential complex featuring 821 multifamily residences, 112,731 square feet of Class A office space, 25,219 square feet of retail space, a 2,000-space private parking garage, and an attached 19-story, 208-room Hyatt Centric Hotel. The deal included a structured Agency loan in tandem with an investment led by a global pension fund.
GCC is a division of Greystone that focuses on structured commercial mortgages for institutional clients across all major property types. This transaction consisted of a $334,590,000 Freddie Mac Optigo® senior loan funded by Greystone Servicing Company LLC that carries a five-year term and 35-year amortization combined with $85,000,000 of Agency-compliant subordinate debt.
“GCC delivered a market leading and innovative structured finance solution. We are grateful to partner with top financial institutions and Florida East Coast Realty on such a noteworthy project in Panorama Tower,” said Scott Chisholm, President and Chief Investment Officer at Greystone Commercial Capital.
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.
Securities transactions are processed through INTE Securities LLC dba Greystone INTE BD, member FINRA www.finra.org www.sipc.org. For information regarding INTE Securities LLC go to www.finra.org/brokercheck.
Greystone Ranks #4 for Overall, Combined Agency Lending with $7.7 Billion in Total Volume
Firm Achieves Ranking of #3 Overall Lender by Volume for Fannie Mae, #6 Overall for Freddie Mac;
Maintains #1 Fannie Mae Small Loans Ranking
Greystone, a leading national commercial real estate finance company, announced it gained both volume and market share in the Agency lending sector during 2023, achieving an overall #4 ranking for both Fannie Mae Delegated Underwriting and Servicing (DUS®) loans and Freddie Mac Optigo® loans with $7.7 billion in total volume. Individually, Greystone ranked #3 as an overall Fannie Mae lender in 2023, and #6 for Freddie Mac lenders. Despite the market experiencing lower commercial loan volume overall in 2023, Greystone increased its combined Agency loan volume by 14% year-over-year. The rankings are based on recently-released public data on 2023 lending volume from Fannie Mae and Freddie Mac.
Greystone Asserts Leadership Position in Various Agency Loan Types
In 2023, Greystone ranked #1 for volume for all lenders in Fannie Mae Small Loans, #2 in both Seniors Housing and Student Housing asset financing, and #4 overall in both Affordable Housing and Green financing volume.
Through its work with Freddie Mac, Greystone ranked #2 overall for lending volume dedicated to Affordable Housing, as well as #2 overall for Freddie Mac’s Small Balance Loan program. Greystone also ranked #5 among all lenders producing Seniors Housing volume with Freddie Mac.
“Greystone’s growth in market share over the past year – particularly in a challenging lending environment – is a testament to the commitment and dedication our team has given to delivering the best solutions and service to our clients across a variety of asset types in multifamily,” said Rich Martinez, head of Agency production at Greystone. “I am incredibly proud of our teams for their hard work and close partnership with both Fannie Mae and Freddie Mac to provide much-needed financing for mission-driven housing and multifamily assets overall.”
Greystone also ranks as the #1* multifamily and healthcare lender in volume for HUD-insured loans during its fiscal year ending September 30, 2023.
*For HUD’s 2023 fiscal year. Based upon combined firm commitments of Greystone Funding Company LLC and Greystone Servicing Company LLC.
