Greystone, a leading real estate lending, investment and advisory firm, closed and funded approximately $500 million in HUD-insured loans in July and August of this year, the company announced today. During this time, Greystone’s pipeline of in-progress FHA transactions grew to a total of nearly $3 billion – a 30% increase compared to August 2015 -- and includes over $750 million in FHA financing for new construction projects.
“We started 18 months ago with the premise that there was an opportunity to totally transform the client experience of going through the HUD underwriting process. Since that time, our team has been laser focused on streamlining every facet of our processes and developing new proprietary technology to address the biggest pain points of our clients,” said Mordecai Rosenberg, head of Greystone’s FHA lending group. “Our average underwriting timeframes are down by 50% year-over-year (from 12-18 months down to 6-8 months) and the marked increase in FHA deal volume is a testament to the fact that the industry is really starting to take notice.”
Greystone’s closed transactions during this 60-day period include financings across the spectrum of FHA new construction and refinance loan products for both multifamily as well as healthcare properties.
“Greystone has never done anything today simply because it’s what we did yesterday. We will continue to improve the quality of the experience that we provide for our clients as well as for our team members on a daily basis. This is only the beginning’,” Mr. Rosenberg added.
Greystone, a real estate lending, investment and advisory company, today announced the expansion of its multifamily advisory platform in California’s Bay Area. Todd Vitzthum, formerly an Executive Director with Cushman & Wakefield, and Simon Hermann, previously a Director, recently joined Greystone as Senior Managing Director and Managing Director, respectively. Collectively, the two key hires, along with their team, bring to Greystone several hundred million dollars in transactional experience, along with a market-leading presence in the multifamily development sales advisory space.
“The Bay Area multifamily market is quite unique, with demand far outpacing supply,” said Vitzthum. “The expansion of our team years ago from a traditional apartment sales model to a fully integrated pre- and post-development multifamily advisory platform was an effort to bring a higher level of service to our clients. Greystone’s lending and equity capabilities will now allow us to provide our clients with options to which no other sales advisory platform can compete. It really is the most comprehensive advisory platform in our industry. This will truly change the game,” he added.
Hermann commented, “We have been fortunate and have built a successful team, which provided us several options when deciding to take the next step for our sales advisory business. The basis of our decision was easy: How can we create the absolute best team and best platform to provide the highest level of service to our clients?”
He continued, “Imagine meeting with an advisor that can provide you with direct Agency financing options, along with equity and disposition services. We no longer just ask the question, ‘Do you want to sell?’ We now ask the question; ‘How can we help?’ This concept is the future of our industry.”
Greystone is rapidly expanding its national lending, investment and advisory platform, from its roots as one of the country’s most prominent direct Agency lenders into a true universal real estate advisory platform that includes sales, equity and development.
Vitzthum and Herrmann report to Jim McDevitt, President, Greystone Real Estate Advisors. McDevitt added, “We are thrilled to have such an experienced team in the Bay Area to complement our growing operations nationally which address the affordable and conventional multifamily sectors.”
Greystone, a real estate lending, investment and advisory company, announced Joseph Stepchuk has been named a Managing Director. Mr. Stepchuk joins from Fannie Mae, where he served as Director for the past 10 years overseeing $3 billion in annual multifamily loan production. At Greystone, he will support Greystone’s conventional business with Freddie Mac and Fannie Mae. Mr. Stepchuk will report directly to Joe Mosley, Executive Managing Director and head of Agency production, and will be based in the Philadelphia region.
During his time at Fannie Mae, Mr. Stepchuk worked directly with borrowers and lenders nationwide, and managed the Student Housing loan product. Prior to Fannie Mae, Mr. Stepchuk served roles as both Senior Underwriter and Manager of Loan Servicing at GMAC Commercial Mortgage (now Berkadia).
Mr. Stepchuk stated, “I’m very excited to join Greystone and its Agency Production Team. My years of Agency experience are a great fit to help grow the business with new and existing clients. They are a strong team, whom I have known for many years, and I look forward to much success with Greystone.”
“Joe brings a wealth of experience to Greystone, from over a decade of loan production on the Agency side to underwriting, servicing and workouts, all of which are invaluable as we strive to maintain the most comprehensive understanding of property owners’ financing challenges,” said Mr. Mosley. “We are thrilled that Joe will help boost multifamily loan production at a time when demand is rapidly growing.”
Greystone Development, a New York-based real estate development company, in a joint venture with Prime Rok Real Estate, a Midtown-based developer, today revealed the proposed plans for transforming landmarked Beaux-Arts building 164 West 74th Street to residential condominiums. Located on 74th Street between Amsterdam and Columbus Avenues, the eight-story building is comprised of approximately 30,000 gross square feet.
Greystone Development carefully assembled a team of experts to transform the unique and notable property, with design efforts led by esteemed Architect Barry Rice. This is Rice’s second collaboration with Greystone. Interior Designer Maureen McDermott of Winter McDermott Design worked in collaboration with Rice, and was tasked with creating a vision for the interior suitable for the historic building. Greystone Development has also tapped Stribling Marketing Associates to exclusively handle the sales efforts for the building. Alexa Lambert will head the sales effort, bringing decades of experience in new development uptown. Stribling Marketing Associates will collaborate with Greystone Development Marketing for the marketing of the project.
The existing façade is reminiscent of turn-of-the-century architecture in Europe, “La Belle Époque”. The proposed plan illustrates a south-facing, rear façade, inspired by the Grand Courtyards of Europe, as well as many notable Upper West Side Residential Properties. It will take a chevron shape, have a steel frame and be further articulated with Juliet balconies and terraces, chosen for both form and function – the design will immerse the residences in light and air. The balconies, railings and windows will be clad in metal, which is a familiar element in the neighborhood and recalls the Upper West Side’s neoclassical aesthetic.
This expert team of Winter McDermott Design and Barry Rice Architects has successfully taken 164 West 74th street into the current century, giving the property a contemporary feel, while also maintaining the “fin de siècle”. This will be experienced throughout the building as the lobby floor reinterprets the Versailles courtyard.
“We plan to renew this exquisite building and celebrate its original glory,” Rice stated. “We chose materials that are contemporary and contextual to the Upper West Side and also rooted in the original Beaux-Arts period. This has been a meticulous exploration into the original turn of the century architecture as sources for inspiration and reference. The result will be a beautiful, classically-inspired building that suits contemporary living.”
For the proposed interior design, Maureen McDermott of Winter McDermott Design selected a palette of materials that reflects the same genre and caliber of the materials used in the original building. The planned interiors are contemporary, but with traditional roots that pay respect to the building’s rich history.
“164 West 74th Street is similar to many of my other residential projects where the exterior is classic and traditional, but the interior is contemporary. For me, it’s the constant study of the traditional and the contemporary that creates an exciting dynamic,” Maureen McDermott stated. “Thus, resulting in a home with modern conveniences with but with sophisticated detailing, a home that feels bespoke and singular.”
Maureen McDermott has extensive experience incorporating architectural elements into her interior designs. She previously worked for Vicente Wolf Associates on the revitalization of the historic 15 Union Square West, where seamlessly incorporating original elements of the building into the design was of the upmost importance.
“We are very excited to collaborate with this team of experts. Each member brings a high-level of knowledge and expertise to the development,” said Jeffrey Simpson, head of Greystone Development. “We look forward to transforming this unique and historically rich building into thoughtfully designed residences that are fit for modern dwellers, while still maintaining the classic elegance of the Upper West Side architecture.”
Former Parking Garage to be Reimagined as a 200-Unit Residential Community via HUD Construction Loan
Greystone, a real estate lending, investment and advisory company, today announced it has provided $36,549,800 in FHA-insured financing for the construction of Residences at Mid-town Park Apartments, a mixed-use development project in Wilmington, Delaware. Donny Rosenberg originated the loan on behalf of Buccini/Pollin Group, who broke ground on the project in June 2016.
The Residences at Mid-town Park is a mixed-use new construction, Class A elevator apartment complex located in the downtown business area that will contain 200 market rate units and 12,751 square feet of retail space on the first floor. The project will also have a 511-space underground parking garage with five levels, of which 150 spaces on the upper-most levels will be part of the subject property. The remaining 361 spaces on the lower levels will be set aside for public parking.
The Residences at Mid-town Park will consist of two separate apartment buildings, a four-story and nine-story, connected by a skybridge on the second level, with a pedestrian-oriented plaza on the ground level. Amenities will include a swimming pool; fitness center; business center; clubhouse with movie screening room; and courtyard with grilling stations. The FHA-insured financing provided by Greystone applies only to the residential and retail portion of the project. While the 150 parking spaces are part of the collateral for HUD, their construction is not being funded with the HUD loan.
Because of the complexity of this development and its various uses, Greystone worked closely with HUD to structure a financing package that satisfied all required criteria for the multifamily component while providing favorable terms for Buccini/Pollin Group to complete the entire mixed-use project. HUD’s 221(d)(4) product enables substantial rehab or construction of multifamily projects with long-term, fixed, low-rate financing.
"The Buccini/Pollin Group is a true visionary developer and Residences at Mid-town Park will be a real watershed for the revitalization of Wilmington’s central business district,” said Mordecai Rosenberg, head of FHA lending at Greystone. “This project will not only help meet Wilmington’s demand for high-end affordable housing, but will also provide the additional parking that is desperately needed in order to foster the continued growth of small businesses in this burgeoning neighborhood.”
“The vision for Mid-town Park would not have been possible without Greystone’s expertise in HUD financing and the support of all of our local partners, and we are thrilled to move forward with this integral project for Wilmington,” said Robert Buccini, Co-President of the Buccini/Pollin Group.
Greystone, a real estate lending, investment and advisory company, today announced it has provided $49,404,000 in Freddie Mac (OTCQB:FMCC) loans to refinance two assisted living and memory care facilities in Carmichael, CA and Denver, CO. Scott Kavel and Cary Tremper, Managing Directors at Greystone, originated the separate loans.
A $25,154,000 Freddie Mac Seniors loan was provided to Oakmont Senior Living LLC for Oakmont of Carmichael – the 71-unit AL/MC community in Carmichael, CA – and carries a 10-year fixed-rate term with a 30-year amortization. The property is newly constructed and is comprised of a 2-story building located on 2.38 acres. Amenities include a theater room, game room, beauty salon/barber shop and a landscaped interior courtyard with patio.
A separate $24,250,000 Freddie Mac Capital Markets Execution loan was provided to Spectrum Retirement Communities for HighPointe Assisted Living and Memory Care – an AL/MC community with 97 units located in Denver, CO – and carries a 7-year term and three years of interest-only. Amenities of the property include a wellness center, beauty/barber salon, theater, garden and lounges with fireplaces.
“Our sound relationship and experience with Freddie Mac and its products equipped us to provide these clients with financing solutions tailored to their needs in the seniors care industry,” said Joe Mosley, Executive Managing Director and head of Agency lending at Greystone. "We look forward to continuing our relationship with Freddie Mac and assisting our clients in meeting their future business goals.”
“Having worked with Greystone on many transactions in the seniors housing sector, they consistently exceed our expectations on service and execution,” said Joseph G. Lin, CFO, Oakmont Senior Living LLC.
“Spectrum has over a decade long history with Cary Tremper and is thrilled with the execution from both Greystone and Freddie Mac. Spectrum is proud of our HighPointe community as it serves as a nice representation of us in our hometown of Denver,” said Jeff Kraus, Managing Director, Spectrum Retirement Communities.
