Greystone, a leading national commercial real estate finance company, has provided a $28,159,600 HUD-insured 221(d)(4) loan to finance the construction of a 192-unit multifamily community in Traverse City, Blair Township, Michigan. The financing was originated by Brian Jones, Managing Director at Greystone, on behalf of JHT Wallick Holdings LLC.
Corners Crossing is a planned construction project being co-developed by Wallick Communities and Homestretch Nonprofit Housing Corporation. The community will be geared toward middle-income residents, with rents ranging from 80-120% of area median income (AMI). In addition to the $28.2 million FHA loan from Greystone, the property will be financed with funds from the American Rescue Plan Act (ARPA) awarded by Grand Traverse County and the Michigan State Housing Development Authority (MSHDA). Additionally, Blair Township passed its first ever PILOT (Payment in Lieu of Taxes) ordinance for the project which creates a fixed rate for the development’s real estate taxes.
This new $45 million development will have 96 one-bedroom, 78 two-bedroom, and 18 three-bedroom apartment homes. The 192-unit community will include eight, three-story walk-up buildings. Each building will have 24 apartments. Corners Crossing also will have a clubhouse with an on-site management office and resident amenities, including a fitness center, office and computer center and patio. The community also will have a playground and dog park. Construction is anticipated to take approximately 24 months and be completed in Q2 2026.
“The HUD-insured long-term financing is such an ideal option for developers due to its lower rates and longer loan terms, particularly in the face of rising construction costs today,” said Mr. Jones. “As a leading HUD lender for multifamily housing, Greystone has proven time and time again that it is the preferred lender for executing on developers’ visions for new multifamily housing, particular workforce and affordable communities.”
Greystone, a leading national commercial real estate finance company, announced it has been recognized by Realcomm with a 2024 Digie Award for Best Use of AI in Commercial Real Estate.
Greystone was recognized for its implementation of AI to transform real estate processes and significantly reduce manual efforts, by 85%, in its audits and data reconciliation. Greystone applied AI tools for the extraction, comparison and analysis of data in lease documents and third-party reports in order to streamline and enhance decision-making capabilities.
“AI has proven to be a valuable tool for the CRE sector that helps reduce redundancy in tasks and increase efficiency, ultimately enabling our transaction teams to work more strategically,” said Beth Hamilton, Executive Vice President, IT Strategy & Operations. ”We thank Realcomm for this honor and the recognition of our efforts.”
The Digie award winners were announced at Realcomm | IBcon 2024. Since its inception in 1999, this prestigious award recognizes outstanding companies, real estate projects, technologies and the next generation of smart, connected, high-performance, intelligent building systems, that have gone above and beyond to positively impact and transform our industry using technology, automation and innovation.
Greystone, a leading national commercial real estate finance company, has provided a $74,576,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) loan to refinance a 672-unit multifamily property in Burleson, Texas. The financing was originated by Avi Kozlowski, a Managing Director at Greystone.
Constructed in 2023, Shannon Creek Apartments in Johnson County is a garden-style community with 24 buildings featuring one- and two-bedroom units. Property amenities include a clubhouse, fitness center, business center, game/media room, yoga room, resort-style swimming pool, barbeque area, dog park and care station, and sports courts. The $74.6 million non-recourse, fixed-rate financing is part of Fannie Mae’s Green Building Certification program and features a five-year term and 30-year amortization, with full-term interest-only payments.
“We leave no stone unturned when finding financing solutions that help our clients achieve their goals for their properties,” said Mr. Kozlowski. “We leverage our well-diversified lending platform and lean into our multifamily experience for every transaction, so every Greystone client can achieve exceptional outcomes.”
Greystone, a leading national commercial real estate finance company, has provided a $14,500,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) loan to refinance a 216-unit multifamily property in Hoover, Alabama. The financing was originated by Rob Meehan, Managing Director at Greystone, with HKS Capital Partners acting as correspondent.
Constructed in 1983, 700 Riverchase in Shelby County is a garden-style apartment community with 12 buildings featuring one-, two- and three-bedroom units. The property’s amenities include a fitness center, laundry facilities, swimming pool, outdoor grill center, dog park, playground and pickleball court. The $14,500,000 non-recourse, fixed-rate financing features a five-year term and 30-year amortization, with interest-only payments for the full term of the loan.
“Greystone’s well-diversified lending platform and our longstanding multifamily experience mean that we can get creative when helping our clients find the right financing terms in most markets,” said Mr. Meehan. “Our goal is to help our clients bring the vision for their properties to life, and we work to ensure that every phase of loan transaction is executed seamlessly.”
“Our experience with Greystone was incredible – our team understood our needs quickly and crafted the right financing solution for our property,” said Mr. David Topping, principal of the borrower. “We appreciated their insights, expertise and attention to detail at every stage, and we look forward to working with them in the future.”
Greystone, a leading national commercial real estate finance company, and Cushman & Wakefield, a leading global real estate services firm, jointly announced they provided acquisition financing for, and arranged the sale of, respectively, a 344-unit two-property multifamily portfolio in Maryland.
The Fannie Mae Delegated Underwriting & Servicing (DUS®) loans were originated by Dan Sacks, Senior Managing Director, and Alex Basile, Executive Director, of Greystone on behalf of Olivetree Management, with Jorge Rosa and Anthony (TJ) Liberto advising on the sale of the properties for Cushman & Wakefield.
The properties were acquired for approximately $73.5 million total and financed with Fannie Mae loans totaling $57 million. The communities, Columbia Apartments and Town Center Apartments, boast 94% occupancy in the high growth, highly desirable Columbia suburb of Baltimore, Maryland.
“This transaction represents a true collaboration for our teams, culminating in a repeat client of ours acquiring the properties and Greystone being able to provide the acquisition financing with Cushman & Wakefield advising on the sale,” said Mr. Sacks. “In today’s market, with high volatility, it’s gratifying to provide a smooth execution for our client and to have the success of our joint venture with Cushman & Wakefield validated.”
Greystone, a leading national commercial real estate finance company, has provided a $15,486,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) loan to refinance a 252-unit multifamily property in Albany, Georgia. The financing was originated by Rob Meehan and Avrom Forman, both Managing Directors at Greystone, with Yehuda Heller of Seven Stone Capital acting as correspondent.
Constructed in 1987, 509 North Apartments in Dougherty County is a garden-style apartment community with 14 buildings featuring one- and two-bedroom units. The property’s amenities include a clubhouse, laundry facilities, four swimming pools, a dog park along with tennis and volleyball courts. The $15.9 million non-recourse, fixed-rate Fannie Mae loan features a seven-year term and 30-year amortization.
“We know that borrowers have a choice and deeply appreciate when they come to Greystone for our expert guidance in uncovering the right financing for their unique needs,” said Mr. Meehan. “Our deep expertise in the multifamily sector and extensive lending platform means that we bring the right tools to the table for any loan transaction.”
“Greystone’s reputation for being the best in the business is well-deserved – not only did our team possess incredible technical acumen and market savvy but their attention to detail and client service was remarkable,” said Mr. Leon Shweky, principal of the borrower. “Even in today’s market, Greystone put together a financing solution that sets us up for long-term success for an outcome that was even better than we had anticipated.”
