Greystone Bassuk, a leading New York-based real estate finance advisory firm, today announced the closing of a $36.5 million construction-to-permanent loan made to an affiliate of Grubb Properties, Inc. (“Grubb Properties”).
The loan is a 20-year, fixed-rate construction-to-permanent mortgage originated by Aegon Real Assets US (“Aegon RA”) through their correspondent, Bellwether Enterprise, to finance the development of Link Apartments® Grant Park, a 5-story, 246-unit luxury multifamily rental apartment project located at 750 Kalb Street SE in the Grant Park neighborhood of Atlanta, GA. Link Apartments® Grant Park will consist of a Class A apartment building wrapping a 265-space parking deck plus a 3-story townhouse building with individual parking garages situated adjacent to the main structure. The Project will include a comprehensive suite of amenities including a resident clubhouse, game room, fitness center, yoga center, outdoor terrace, and pedestrian esplanade.
Greystone Bassuk, headed by President Drew Fletcher, served as exclusive advisor on behalf of Grubb Properties. Executive Managing Director Paul Fried and Vice President Matthew Hirsch led the Greystone Bassuk team on the transaction.
“Grubb Properties is one of the premier developers in the Southeast, combining creativity and forward-thinking design with decades of construction and management expertise,” said Mr. Fletcher. “Link Apartments® Grant Park is the most recent example of Grubb Properties’ commitment to delivering high-quality, multifamily housing in targeted urban markets throughout the Southeast. We are extremely proud to have represented Grubb Properties on this transaction and contributed to the continued development of the Link Apartments® brand.”
“Grubb Properties is excited to have worked with Greystone Bassuk and Aegon RA on this transaction,” said Henry Lomax, Chief Financial Officer of Grubb Properties. “We have deepened our relationship with Greystone and their team has delivered an execution that far surpassed our expectations. The loan required drive, effort, and careful coordination with all parties, and it is the first of many transactions we hope to complete with Aegon RA.”
Affordable Housing Finance Magazine Profiles 10 Women Leaders in the Industry
Greystone, a leading commercial real estate lending, investment, and advisory company, is pleased to announce that Tanya Eastwood, president of Greystone Affordable Development, has been named one of the leading women in affordable housing in the March 2019 issue of Affordable Housing Finance.
“Tanya is tremendously committed to serving the residents of affordable housing across the U.S. by orchestrating the financing and redevelopment of aging housing stock in these areas,” said Stephen Rosenberg, founder and CEO of Greystone. “Her heart is focused on helping people receive updated, functioning homes, and strengthening our country’s most vulnerable populations.”
“I’m thrilled to be a part of a list with such incredible women in this industry,” said Tanya Eastwood. “While it can be easy to get caught up in the daily grind, at the end of each transaction, we’re helping someone have a home.”
Tanya Eastwood has worked in multifamily real estate since 1989, specifically in development, management, fiscal analysis and asset management. As the president of Greystone Affordable Development, she assists owners and developers in meeting the complex challenges associated with the recapitalization, rehabilitation and preservation of affordable housing across the United States.
Tanya and her team specialize in sourcing creative solutions to complex preservation transactions involving HUD, USDA, and other state and federal agencies. She has facilitated the preservation of approximately 320 of USDA’s existing RD 515 properties across the country, with another 175 properties in various stages of redevelopment.
Prior to joining Greystone, Tanya was executive director of WAJ Management, LLC where she directed the asset management of LIHTC, HUD, and USDA sites located throughout North Carolina. And for more than a decade, she served as regional vice president of development for Forest City Residential Group, where she focused on urban development and adaptive re-use of multifamily sites throughout the eastern U.S.
Tanya is active in several rural industry organizations. She is past president and current chairman of the board for the Council for Affordable and Rural Housing, and is the chairperson of Fannie Mae’s Rural Advisory Council.
To read more about Tanya and the other honorees named in the March 2019 issue of Affordable Housing Finance, click here.
Greystone, a leading commercial real estate lending, investment, and advisory company, has provided $58,375,000 in bridge financing for a “smart” multifamily property in San Antonio, TX. The transaction was originated by Jeff Englund, senior managing director in Greystone’s Atlanta office, on behalf of DeBartolo Development, a longtime Greystone client.
While Greystone works to secure a low, fixed-rate permanent agency loan for the borrower, Greystone’s bridge loan will enable the borrower to pay off the initial construction loan and preferred equity for the Infinity at the Rim apartments, a new 310-unit multifamily property with convenient access to San Antonio’s employment centers, shopping and schools. The bridge financing will also enable the borrower to implement Amazon’s co-branding program in its well-appointed one-, two- and three-bedroom units.
Each apartment has smart home technology from Amazon, including: Nest thermostat, Amazon Alexa technology, hardware, voice recognition and smart outlets. Infinity residents receive a one-year subscription to Amazon Prime and can access Amazon locker services for package retrieval.
The property also features resort-style amenities, including a pool, clubhouse and demo kitchen, cybercafé, visual sports room, an onsite car wash, dry cleaner drop-off and onsite parking. The property is located along the west line of Talverna Ridge, in “the Rim,” an 800-acre urbanist mixed-use development.
“Our team was able to put together the right financing terms so our client could move this property forward - out of construction, stabilized, and into ongoing management and operations,” said Mr. Englund. “Greystone shines when we can work through complex transactions and help multifamily owners realize their vision for enhancing the quality of people’s lives and their community.”
Greystone Bassuk, a leading New York-based real estate finance advisory firm, today announced the closing of $184 million in permanent loans made to affiliates of the Gotham Organization, Inc. (“Gotham”) in two separate transactions.
The first loan was a $59,000,000 permanent mortgage to refinance The Nicole, a 19-story, 149-unit luxury “80/20” multifamily rental apartment building located at 400 West 55th Street in the Midtown West neighborhood of Manhattan. The second loan was a $125,000,000 permanent mortgage to refinance Atlas New York, a 48-story, 373-unit luxury “80/20”” multifamily rental apartment building located at 66 West 38th Street. Both properties were refinanced with new 15-year fixed and floating rate permanent loans originated by Wells Fargo Multifamily Capital and structured as a direct purchase of the existing HFA and HDC tax-exempt and taxable bonds, along with supplemental taxable financing to generate additional proceeds for the Sponsor. The new debt replaces approximately $140 million in variable rate bond credit enhancement provided by Fannie Mae.
The Nicole, completed in 2003, comprises 149 residential units, 34,000 square feet of commercial space and a full suite of amenities. Of the 149 units, 30 units are set aside for low-income households. Atlas New York, completed in 2002, contains 373 units, 59,000 net rentable square feet of commercial space, an 18,000 square foot garage and several thousand square feet of indoor/outdoor amenity space. Of the 373 residential rental units, 75 units are set aside for low income households. The Sponsor has recently completed extensive renovation programs at both properties including significant upgrades to the unit interiors, common areas and amenity spaces.
Greystone Bassuk, led by President Drew Fletcher, and with support from Managing Director Matthew Klauer and Senior Associate Steven Deck, served as exclusive advisor on behalf of the Borrower. “Gotham is one of New York City’s premier developers due to its demonstrated ability to enhance neighborhoods through its creative approach to residential and commercial development,” said Mr. Fletcher. “The Nicole and Atlas New York are perfect examples of well-designed, well-managed assets that continue to be market leaders in an increasingly competitive landscape. We are extremely proud to have represented Gotham Organization on each transaction.”
“Gotham is delighted to have worked with Greystone Bassuk and Wells Fargo on these important transactions,” said David Picket, President of Gotham. “Both of these loans required creativity, tenacity and cohesion among the various stakeholders, and the Greystone Bassuk team delivered an execution that exceeded our expectations.”
Greystone, a leading commercial real estate lending, investment, and advisory firm, announced it has provided a $132,965,000 Fannie Mae loan for Staten Island Urby, a two-building, 571-unit “80/20” mixed-income multifamily rental apartment building located on the waterfront in Staten Island, New York. The Greystone Bassuk Capital Markets Advisory Group, led by President Drew Fletcher, and with support from Executive Managing Director Ken Rogozinski, Managing Director Matt Klauer, and Associate Bryan Grover, served as exclusive advisor on behalf of Urby and secured the Fannie Mae loan through Greystone’s Affordable Lending Team. Billy Posey, head of Greystone’s Lending Business, and Jeff Englund, Senior Managing Director, collaborated on the structure for the Borrower and spearheaded the loan process for Greystone’s debt business. The new 10-year fixed rate permanent loan replaces the original $100 million construction credit facility provided by PNC Bank in 2013.
Completed in 2016, Staten Island Urby is located at 7 and 8 Navy Pier Court in Staten Island, New York on a 3.94-acre waterfront lot on the eastern side of Front Street between Prospect and Wave Streets. Staten Island Urby consists of one 4-story building and one 5-story building that together feature 571 LEED-certified multifamily units across approximately 292,369 net rentable square feet, extensive amenity space, and 35,000 square feet of retail space. 115 of the total units (representing ~20% of the total number of apartments) are affordable housing units priced at 60% of AMI. The remaining 456 apartments are priced at market rents.
Urby aims to deepen the very nature of apartment living by applying the personal approach and design associated with boutique hotel hospitality to the residential experience. Inside and out, fresh design maximizes space and light, while in-house culture teams host get-togethers to spark interaction, creativity, and good times among neighbors. Urby was created by David Barry who combined his astute sense of the apartment industry and skills in real estate development with his experience operating boutique hotels. Major investments in notable hotel projects include The Standard East Village, Chiltern Firehouse in London, Pod Hotel in Williamsburg, W Hotel in Hoboken, and such notable residential projects as Shipyard Hoboken, Pier Village, and 10 Bond. For Urby, Barry collaborates creatively with Amsterdam-based design firm Concrete – best known for CitizenM Hotel designs – for its architecture and interior design.
Collective spaces at Staten Island Urby, which are designated for get-togethers among residents, include one of New York City's largest urban farms, as well as the Urby Kitchen, which hosts cooking demonstrations by local chefs, pop-up dinners, tastings and talks. The development also includes a 5,100-square-foot gym, outdoor saltwater pool, landscaped courtyards with fire pits and play areas, Wi-Fi enabled green spaces, filtered water filling stations in the lobbies and an on-site 300-car garage. The building offers sweeping panoramic views of the Statue of Liberty, Verrazano Bridge, Brooklyn and Lower Manhattan.
Staten Island Urby also includes 35,000 square feet of commercial space situated around the main concourse with direct waterfront views and easy access to the esplanade. The retail programming, designed to bring the waterfront experience to residents and area locals, includes recently-opened Barca, Staten Island’s first Mediterranean-style seafood restaurant from celebrated chefs Dave Pasternack and Vic Rallo, as well as Rallo’s Surf, a 200-seat dual-level space dedicated to live wood-fire cooking and a new take on barbeque. Seppe Pizza Bar is run by brothers, Joe Iovino and Damian De Rosaire, who have familial roots in Naples, Italy. Staten Island Urby’s lobby café is operated by boutique, New Jersey-based coffee roaster, Coperaco, known for providing high-quality coffee to some of the most prestigious chefs and restaurants in the world.
“Urby has created a fresh new take on urban apartment living with hospitality-level services, curated amenity spaces and efficient, modern-design apartments at affordable prices,” said Mr. Fletcher. “We are incredibly excited to have represented Urby on this project as they continue their push to redefine the standards for big city rental housing.”
New Role Brings Additional Managerial and Credit Authority to Growing Platform
Greystone, a leading commercial real estate lending, investment, and advisory company, announced that Field Springer has been promoted to the Credit Leadership Team, focusing on multifamily HUD-insured loans. For FY2018, Greystone ranked as the #1 HUD lender across multifamily and healthcare finance, with loan volume at $1.8 billion.
“As a leader of Greystone’s lending business, one of my primary responsibilities is to develop new leaders,” said Mordecai Rosenberg, President of Greystone’s lending group. “Field personifies Greystone’s core values: Entrepreneurial, Caring, Integrity, and Excellence. He not only performs extraordinarily as an underwriter, but also goes above and beyond to support and coach his colleagues. I could not be more excited to watch Field shine in this new capacity as a senior manager on the platform.”
Field Springer recently completed the MBA Future Leaders 2017-2018 program, an executive leadership development opportunity for selected managers who have shown leadership interests and abilities.
Springer reports to Kevin Williams, who was recently named Chief Operating Officer for Greystone’s overall lending operations, including Greystone’s industry-leading FHA, Freddie Mac, and Fannie Mae lending platforms.
