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.”
Greystone, a leading national commercial real estate finance company, has provided $120 million in Fannie Mae Delegated Underwriting & Servicing (DUS®) financing for the acquisition of a 375-unit multifamily high-rise in Chicago’s Fulton Market. The financing was originated by Greystone’s Eric Rosenstock and Jesse Yodice on behalf of Normandy Real Estate.
Fulbrix Apartments, a 27-story tower located at 160 North Elizabeth Street, was acquired for $170 million and marks Chicago’s largest multifamily sales transaction since 2023. The Fannie Mae financing carries a 10-year term with seven years of interest-only payments.
“Greystone has proven its position as a top Fannie Mae lender, and this particular transaction highlights our commitment to core gateway cities and the resurgence of urban appeal,” said Mr. Rosenstock, a Senior Managing Director at Greystone. “We’re thrilled for Normandy’s team to add this trophy asset to their portfolio and support their commitment to the Chicago residential market.”
“This acquisition underscores the enduring appeal of Fulton Market as a premier multifamily investment destination,” said Adam Snyder, CEO of Normandy Real Estate. “We are grateful for Greystone’s expertise in providing attractive financing that aligns with our vision for this high-quality asset in a supply-constrained, high-demand neighborhood.”
BTR Aggregation Facility Provides Flexibility for Growing Texas Multifamily Developer
Greystone, a leading national commercial real estate finance company, announced it has arranged a $13.9 million line of credit for the purpose of refinancing a 69-unit build-to-rent (BTR) community in Houston, Texas. The BTR aggregation facility was arranged by Shaya Ackerman, Managing Director, and Steven Treitel, Director, of Greystone.
The newly constructed Sandrock Gardens community in Houston, Texas spans 14.5 acres, appealing to residents seeking affordable living options with convenient access to Downtown Houston. The open-concept homes comprise three bedrooms and two full bathrooms with two-car garages, walk-in closets and laundry facilities.
“This credit facility structure is an ideal financing solution as the developer continues to deliver new units to market, providing continued access to capital,” said Mr. Ackerman. “As a full-service solutions provider, Greystone seeks to solve for our clients’ needs and help prepare them for the next step in execution so they can optimize their real estate portfolio for success.”
