Greystone, a leading commercial real estate lending, investment, and advisory company, announced it has provided an $8,961,000 Fannie Mae loan to refinance a 113-unit property in Georgetown, TX. The transaction was originated by DJ Elefant in Greystone’s New York office on behalf of The Rail at Georgetown LLC with Jason Bartlein of Bolder Capital acting as correspondent. Dan Gillard and the team in Greystone’s Philadelphia office supported Mr. Elefant in closing the transaction.
The Fannie Mae loan carries a 10-year term with 3 years of Interest-only payments. The property, The Rail at Georgetown, is estimated to see a reduction in utility usage by 30 percent through the Green Rewards program.
The market rate community is comprised of one- and two-bedroom rental units and features on-site laundry, a playground, a pet play area, and parking. Originally acquired in 2017, the current owners have invested over $1 million in capital improvements to both the interiors and exterior of the property.
“The borrower executed on their initial game plan after acquisition and now our loan will provide them with long term stability going forward,” said Mr. Elefant. “This property’s vintage made it a perfect candidate for Green Rewards financing from Fannie Mae.”
“We thank Greystone for their guidance through the financing process, and their expertise in the many options for multifamily investors as they look to increase and optimize their real estate portfolios,” said Melissa Jones, a principal of The Rail at Georgetown LLC.
Greystone, a leading commercial real estate lending, investment, and advisory company, announced that Matt Miller has joined as a Managing Director on its Seniors Housing finance team. Based in Dallas, TX, Mr. Miller brings deep banking industry experience and client relationships in the Seniors Housing space serving independent living, Alzheimer’s care and assisted living communities.
Prior to joining Greystone, Mr. Miller was an Executive Vice President with Texas Capital Bank (TCB), where he spent the last eight years working with national and regional real estate owners and developers. While at TCB, Matt was instrumental in formalizing and growing the bank’s Seniors Housing lending initiative and contributing to an increase in the bank’s assets from $10 billion to over $25 billion.
Previously, Mr. Miller was a Vice President at BBVA Compass and an Assistant Vice President at Guaranty Bank. Mr. Miller attended the Southern Methodist University – Cox School of Business.
“Matt’s strengths and relationships in the Seniors Housing sector, which includes some of the largest owners, operators, and developers in the industry, will be invaluable to Greystone as we continue to expand our lending capabilities and reach,” said Cary Tremper, Managing Director, Greystone Seniors Housing finance team, and to whom Mr. Miller reports. “We welcome Matt to the team as we seek to meet the capital needs of a growing roster of clients.”
Greystone, a leading commercial real estate lending, investment, and advisory company, announced that Matt Miller has joined as a Managing Director on its Seniors Housing finance team. Based in Dallas, TX, Mr. Miller brings deep banking industry experience and client relationships in the Seniors Housing space serving independent living, Alzheimer’s care and assisted living communities.
Prior to joining Greystone, Mr. Miller was an Executive Vice President with Texas Capital Bank (TCB), where he spent the last eight years working with national and regional real estate owners and developers. While at TCB, Matt was instrumental in formalizing and growing the bank’s Seniors Housing lending initiative and contributing to an increase in the bank’s assets from $10 billion to over $25 billion.
Previously, Mr. Miller was a Vice President at BBVA Compass and an Assistant Vice President at Guaranty Bank. Mr. Miller attended the Southern Methodist University – Cox School of Business.
“Matt’s strengths and relationships in the Seniors Housing sector, which includes some of the largest owners, operators, and developers in the industry, will be invaluable to Greystone as we continue to expand our lending capabilities and reach,” said Cary Tremper, Managing Director, Greystone Seniors Housing finance team, and to whom Mr. Miller reports. “We welcome Matt to the team as we seek to meet the capital needs of a growing roster of clients.”
Greystone, a leading commercial real estate lending, investment, and advisory company, has provided a $39,715,000 Fannie Mae Delegated Underwriting and Servicing (DUS) loan to refinance a 342-unit multifamily property in Houston, Texas. The transaction was originated by Jason Stein, an originator in Greystone’s New York City office, on behalf of Alara Ventures.
The $39.7 million Fannie Mae Green Rewards loan carries a 10-year term at a low, fixed rate, with full term interest-only payments. The proceeds enable the borrower to continue with ongoing renovations and capital improvements and monetize existing equity in the property.
Originally constructed in 1993, Greenbriar Park Apartments offers 342 one- and two-bedroom units with in-unit amenities such as laundry and private balconies. Residents also enjoy metrorail access, carport parking, two swimming pools, clubhouse, fitness center and spa facilities, and a business center, as well as picnic and pet play areas. The community is located in Inner Loop Houston, south of Rice University in the medical district, with easy access to major employers, shopping, dining and entertainment.
“Despite being a fairly new property, there were still energy efficiencies that could be realized with some improvements by the owners,” said Mr. Stein. “Fannie Mae’s Green Rewards financing is a win-win for both the borrower, who receives attractive loan terms and lower operational costs, and the residents, who will see lower utility costs over time.”
“After investing in this property with capital improvements and energy efficiency measures, we are thrilled to qualify for Fannie Mae’s Green Rewards program,” said Alison Dimick Malkhassian, founder of Alara Ventures, which purchased the property in 2015. “Greystone’s product knowledge and attentive customer service make the financing process go quite smoothly, and we appreciate their guidance and expertise.”
Editorial Team Sought the Best of the Best Across the Commercial Real Estate Spectrum
Greystone, a leading commercial real estate lending, investment, and advisory company, announced that Tanya Eastwood, president of Greystone Affordable Development, has been recognized by GlobeSt.com and Real Estate Forum as one of the 2019 Top Women of Influence for the Finance Executive of the Year category.
“This recognition is a tremendous testament to Tanya’s deep passion for, and commitment to, finding innovative ways to make affordable housing accessible in both rural and urban areas,” said Stephen Rosenberg, founder and CEO of Greystone. “We are thrilled to see others recognize Tanya’s great work: She is an inspiration to anyone who has had the privilege of working with her and exemplifies how each of us can do our part to help those who need it most.”
“I am honored to receive this recognition and count myself very fortunate to be included with all of the honorees,” said Tanya Eastwood. “I remain committed to serving those needing affordable housing, to seeking new ways to revitalize properties and advancing this very important issue.”
Tanya is one of today’s most vocal and innovative leaders in the preservation of affordable housing in the U.S. She recently testified before the House Financial Services Committee’s Subcommittee on Housing, Community Development and Insurance on this issue during the April 2, 2019, hearing on “The Affordable Housing Crisis in Rural America: Assessing the Federal Response.” She assists non-profit and for-profit owners and developers in meeting the complex challenges associated with the recapitalization, rehabilitation, creation, and preservation of affordable housing across the United States. Tanya leads her team in sourcing creative solutions to complex transactions involving HUD, USDA, Fannie Mae, Freddie Mac, and other state and federal agencies.
Active in several industry organizations, Tanya is past president and current chairman of the board for the Council for Affordable and Rural Housing (CARH), and is the chairperson of Fannie Mae’s Rural Advisory Council. She was also named one of the most influential women in affordable housing by Affordable Housing Finance in March 2019.
About the 2019 Women of Influence Awards
According to GlobeSt. and Real Estate Forum, this year was a record year for nomination entries. The field of finance was open to professionals who work primarily on the capital side of the commercial real estate spectrum. The publication was seeking professionals who have been able to navigate the current financial climate while ensuring a healthy risk/return scenario for their firms.
The editorial team’s methodology included: the nominee’s impact on, and reputation within, her firm and broader professional community; the nominee’s professional career highlights, from deal-making savvy and innovation to client satisfaction and personal growth; a proven ability to achieve goals and display ingenuity in terms of creative thinking and problem solving; her dedication to furthering the development of her field and the role of women within it; accomplishments and involvement in her company, the CRE industry and broader social community; a personal commitment to the highest ethical standards, service and excellence; and so much more.
The winners will be honored during a special awards ceremony taking place at the first-ever GlobeSt. Elite Women of Influence event, which is being held on July 10 and 11, in Broomfield, CO.
More information about Tanya and the 2019 Women of Influence by GlobeSt.com and Real Estate Forum can be found here.
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Mixed-Use Project to Bring 234 New Affordable Housing Units to NYC Market
Greystone, a leading commercial real estate lending, investment, and advisory firm, today announced that it has arranged equity and debt for Douglaston Development’s 931-unit luxury mixed-use residential development at 601 W. 29th Street on Manhattan’s Far Wide Side. Spanning the full block-front on 11th Avenue between 29th and 30th Streets, the Project site is located at the crossroads of two of Manhattan’s most dynamic and rapidly transforming neighborhoods – West Chelsea and Hudson Yards. An affiliate of Ares Management LLC, a U.S.-based publicly traded alternative asset manager, has committed to invest joint-venture equity into the Project, and a syndicate of banks led by HSBC, with co-lenders Bank of China and Landesbank Hessen-Thüringen (“Helaba”), provided a $415 million construction loan. Santander Bank and Raymond James Bank also participated in the loan facility.
Greystone’s Structured Finance Group, led by President Drew Fletcher, was tapped to serve as exclusive advisor on behalf of Douglaston and Ares in arranging the full capital stack for the Project. Paul Fried, Executive Managing Director and Head of Equity Capital Markets for Greystone’s debt and equity advisory platform, led the effort to raise the joint-venture equity, with support from Vice President Matthew Hirsch and Associate Bryan Grover, who also contributed to the debt raise. Ken Lore from Katten Muchin Rosenman LLP and Shapiro & Gellert PLLC served as transaction counsel for the joint-venture.
Designed by FXCollaborative, the vision for the Project brings together distinctive architecture and efficient units with a world-class suite of lifestyle-oriented amenities. The 50,000 square foot amenity package includes an expansive fitness center, multiple outdoor terraces, and a pool. The Project will consist of 931 residential units, 697 market rate units and 234 units reserved for residents earning an average of 60% of Area Median Income (AMI). The Project also includes 186 parking spaces and 15,000 square feet of Class-A retail. Demolition and site work are already underway, and the Project is expected to open in 2023.
“The Douglaston team did an incredible job assembling the site and creating what will undoubtedly become one of New York City’s signature multifamily developments. We are extremely proud to have represented both Douglaston and Ares on this market-leading transaction,” said Mr. Fletcher.
“The combination of elite sponsorship, great basis, and an unparalleled location adjacent to Hudson Yards creates a truly one-of-a-kind opportunity for an institutional investor like Ares,” said Mr. Fried.
Marked by its early entry into the Far West Side in 2010 with its 369-unit residential property, Ohm, Douglaston was one of the first developers to recognize the potential for the area to become a premier residential neighborhood in Manhattan. Over a nearly five-year period, Douglaston painstakingly assembled and rezoned the Ohm’s large, underutilized Project site and structured a 99-year ground lease to create one of New York City’s most exciting residential development opportunities, located directly on the High Line and steps away from Hudson Yards.
Douglaston’s Chairman Jeffrey Levine and President Steven Charno in a joint statement said: “Douglaston is thrilled to kick-off our new partnership with Ares on this ground-breaking development. We are equally proud to deepen our relationship with Greystone. Drew and his team demonstrated incredible commitment working alongside us for nearly four years as we rezoned the site. Their professionalism, market knowledge and credibility with capital providers enabled us to achieve a financing structure that exceeded our expectations and created significant value for the Project.”
