Greystone, a leading national commercial real estate finance company, has provided an $18,220,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) loan for the acquisition of a 139-unit multifamily property in Chicago, Illinois. The financing was originated by Clint Darby and Andrew Remenschneider of Greystone.
Originally constructed in 1927, Cornelia-Stratford in Cook County is a mid-rise apartment building featuring studio, one-, two-, three- and four-bedroom units. The property’s amenities include bike storage, laundry facilities and tenant lounge. The $18.2 million non-recourse, fixed-rate loan features a 15-year term with interest-only payments for the first five years of the term.
“We deeply appreciate it when clients return to Greystone based on their past experiences with us – there is no greater show of trust in our process and multifamily expertise,” said Mr. Darby. “Our careful and creative approach helps clients achieve their goals, and we leverage our extensive lending platform to bring them exceptional solutions quickly.”
Greystone, a leading national commercial real estate finance company, announced it has arranged a $57 million aggregation facility to finance all homes upon completion within the 317-unit Grove Landing build-to-rent community located at 1280 Dunbar Road in Warner Robins, GA, on behalf of Parkland Communities. The transaction was sourced by Avi Kozlowski, Managing Director at Greystone, with Greystone’s Thomas Wayda, Managing Director, and Dante DiStefano, Associate, handling the debt placement.
Grove Landing, located 20 miles south of Macon in Houston County, Georgia, is currently 22% complete and is leasing quickly to new residents. The community offers cottage-style single-family home rentals available in 2, 3, and 4 bedrooms with community amenities including a pool, clubhouse, and playground. The credit facility arranged by Greystone, provided by an undisclosed lender, includes a 36-month term.
“Grove Landing is the only single-family build-to-rent community in Houston County and is already yielding positive results serving the influx of new residents filling the 4,400 new jobs coming to area,” said Jim Jacobi, President, Parkland Communities. “Greystone’s ability to source the right option for us has been invaluable to our continued success.”
“Greystone is proud to have offered our client a unique capital solution that reflects the quality of our lending partnerships in the build-to-rent space,” said Mr. Wayda. “We look forward to witnessing the borrower’s success with this project and others to come. I’d encourage other developers to reach out to our team and learn more about the products and services the debt placement team can offer.”
Greystone, a leading national commercial real estate finance company, has provided a $41,535,000 Freddie Mac Optigo® loan to refinance a 252-unit multifamily property in Winter Park, FL. The financing was originated by Haig Kilicyan and Donny Rosenberg of Greystone on behalf of White Eagle Group.
Crane’s Landing, located in Winter Park FL, is a pristine rental community that has been owned and operated by White Eagle since 2016. Community amenities include a clubhouse, business center, billiards room, swimming pool, fitness center, volleyball court, grilling area, and tennis court. The Freddie Mac financing is a seven-year fixed rate mortgage with five years of interest-only payments and a 35-year amortization.
“Through ongoing investments in property upgrades, White Eagle Group is enhancing living conditions and reinforcing its commitment to affordable housing across its portfolio,” said Abe Spitz of White Eagle Property Group.
“As a testament to the close collaboration with our client, our teams’ expertise and efficiency, and our knowledge and working relationship with Freddie Mac, we were able to close this financing in under 45 calendar days,” said Mr. Kilicyan.
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, has provided a total of $21,503,000 in Fannie Mae Delegated Underwriting & Servicing (DUS®) loans to refinance two multifamily properties in New York City’s Harlem neighborhood. The financing was originated by Avi Kozlowski, a Managing Director at Greystone on behalf of Josef Goodman of Haussman Development.
Each of the non-recourse, fixed-rate loans in the portfolio carries a five-year term and 30-year amortization schedule, with interest-only payments for the first two years of the term. The portfolio includes:
· $11,379,000 for The Duke, a 28-unit midrise apartment building located at 521 W. 134th Street
· $10,124,000 for The Count, a 27-unit midrise apartment building located 168 W. 136th Street
“Clients trust Greystone to help them achieve their goals because we know the ins and outs of multifamily finance,” said Mr. Kozlowski. “Our careful and creative approach, coupled with our extensive lending platform, means that we can deliver exceptional solutions quickly and seamlessly for our clients.”
“No one is more knowledgeable about multifamily finance than Greystone – they have set the bar high when it comes to industry knowledge, product depth and of course, service,” said Mr. Josef Goodman, principal of the borrower. “We’re grateful for Greystone’s attention to detail and guidance throughout this process and look forward to working with our team in the future.”
Greystone, a leading national commercial real estate finance company, has provided an $18,620,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) loan for the acquisition of a 204-unit multifamily property in Fort Worth, Texas. The financing was originated by John Williams, Managing Director at Greystone.
Constructed in 2003, The Residences of Diamond Hill in Tarrant County is a 40-building garden-style apartment community featuring two-, three- and four-bedroom apartments. More than half of the apartments are designated for low-income (below 60% area median income, or AMI) and extremely low-income (below 30% AMI) residents.
The property has land-use restriction agreements (LURAs) requiring limits on resident income and rent restrictions on 121 apartments. The $18.6 million Fannie Mae Multifamily Affordable Housing (MAH) acquisition loan carries a 10-year term and 35-year amortization, with interest-only payments for the first five years.
The property’s amenities include a fitness center, swimming pool, outdoor grill and picnic area, playground and an after-school program.
“Greystone is passionate about helping clients find the right financing to bring quality, affordable housing to working families in their communities,” said Mr. Williams. “We are deeply committed to being part of the solution for our nation’s affordable housing crisis and are proud that our multi-faceted and extensive multifamily lending platform equips us with the tools and resources to do so.”
