Greystone, a real estate lending, investment and advisory company, announced that David Varca has joined as a Managing Director for Healthcare Finance. Based in Chicago, Mr. Varca will report to Mordecai Rosenberg, head of Greystone’s FHA lending group. In his new role, Mr. Varca will be responsible for originating FHA-insured and bridge loans, with an emphasis on providing financing for skilled nursing facilities nationwide.

Mr. Varca brings to Greystone more than 15 years of healthcare lending experience. Prior to Greystone, he worked at Ares Management, L.P., where he served as Principal and was responsible for developing and managing senior housing and long term care balance sheet lending for the company. Before Ares Management, L.P., Mr. Varca was Senior Vice President & National Head of Senior Housing and Long Term Care Banking at Popular Community Bank. Prior to Popular Community Bank, he served as Client Manager at Bank of America, Vice President at LaSalle Bank, and Assistant Vice President at Bank One, among other positions. Mr. Varca received his Bachelor of Science in Economics and Bachelor of Arts in Communications from Purdue University.

“Healthcare lending is a specialized discipline that requires an incredible amount of diligence, fortitude and stellar client service skills,” said Mr. Rosenberg. “In addition to possessing these qualities, David brings an extensive amount of industry and finance experience. His contributions will prove to be invaluable as Greystone continues to grow its healthcare lending platform.” 

A Top-5 Fannie Mae Affordable and Small Loans Lender, Greystone is Poised to Combine These Disciplines with Stellar Results

Greystone, a real estate lending, investment and advisory company, is working with Fannie Mae on a new Multifamily Affordable Housing (MAH) financing enhancement to Fannie Mae’s underwriting guidelines for small loans. The new financing option enables Greystone to leverage its existing, top-rated MAH finance expertise for acquisitions and refinancings of smaller affordable housing properties requiring loans up to $5 million.  

To qualify for the new Fannie Mae MAH Small Loan financing, properties must meet specific rent, income and/or occupancy restrictions, including one of the following:

·         At least 20% of all units have rent or income restrictions in place such that the rents charged for those units are affordable to households earning no more than 50% of Area Median Income (“AMI”) as adjusted for family size;

·         At least 40% of all units have rent or income restrictions in place such that the rents charged for those units are affordable to households earning no more than 60% of AMI as adjusted for family size;

·         At least 20% of all units are subject to a Section 8 Housing Assistance Payment contract; or

·         The property (i) has other rent and/or income restrictions, and (ii) meets a noteworthy special public purpose. Such a property may be considered on a waiver basis for eligibility as an MAH Property.

The maximum size loan available through this program ranges from $3 million to $5 million, depending on the geographical region. The loans include fixed rate and adjustable rate at 7-year terms or longer.

"The new Fannie Mae Small Loans financing parameters for affordable housing are a game changer for the affordable sector, opening up a fantastic permanent loan option for owners and investors of affordable housing nationwide," said Jeff Englund, Senior Managing Director and head of Greystone’s Affordable Housing financing group. “With our long-established practices in both affordable and small loan executions, we have the speed and efficiency to ramp up quickly on this new product.”

Mr. Englund added, “Enabling attainable financing for income- and age-restricted communities is critical to the survival of much-needed affordable housing in the U.S., and Greystone remains committed to this sector as a leader in affordable housing finance.”   

Greystone provides mortgage finance solutions across multiple platforms, including FHA, Fannie Mae, Freddie Mac, USDA, CMBS, bridge, mezzanine and other proprietary loan programs.

Greystone, a real estate lending, investment and advisory company, today announced it has provided a $14,018,000 Fannie Mae Delegated Underwriting and Servicing (DUS^®) loan to finance the acquisition of a 184-unit apartment community in Orlando, FL. The loan was originated by Andrew Ellis of Greystone’s Rockville, MD office on behalf of Mahesh Desai and Hiren Patel, Key Principals of Atlantic Multifamily 12.

The 15-year fixed rate loan for Cadence Crossing includes a 30-year amortization and is interest-only for the first five years of the term. Cadence Crossing comprises 19 two-story apartment buildings with one-, two- and three-bedroom units and multiple amenities. The East Orlando property is located in close proximity to Disney World, Universal Studios, Downtown Orlando and Orlando International Airport.

"Market fundamentals in Orlando remain strong for multifamily acquisitions, and we are thrilled to have closed our sixth loan with our loyal borrowers as they continue to expand their portfolio," said Joe Mosley, Executive Managing Director and head of Agency lending at Greystone.

“My group has completed many acquisitions across multiple states during the past few years and Greystone has never failed to impress us. Greystone consistently offers us innovative long-term financing alternatives, which often include fantastic interest-only features, and then meets our demanding timelines for accelerated closings,” said Mahesh Desai, a Key Principal of Atlantic Multifamily 12.

He added, “Andrew Ellis is an important contributor to the Atlantic Multifamily team. His personal involvement typically starts at the earliest stages of identifying and evaluating acquisition targets and continues through to post-closing mortgage servicing. Andrew and his team always work tirelessly to meet our aggressive financing needs.”

Greystone provides mortgage finance solutions across multiple platforms, including FHA, Fannie Mae, Freddie Mac, USDA, CMBS, bridge, mezzanine and other proprietary loan programs.

Real estate lending, investment and advisory company Greystone added two Directors to its origination team to boost regional mortgage lending production. Don Farmer and Lou Tiberio have joined the company in Irving, TX – just outside of Dallas – and Philadelphia, PA, respectively, and bring over three decades of combined real estate finance experience and extensive banking relationships to Greystone. 

As a 20-year veteran of the commercial real estate capital markets industry, Mr. Farmer was most recently a Managing Director of Structured Finance at Transwestern. Prior to that, he served roles as South Central Regional Loan Origination Manager at Bridger Commercial Funding and was a Co-Founder of Arcap REIT. In Texas, he will report to Tony Spaeth, Managing Director.  

Mr. Tiberio joins from Investors Bank, where he was a Vice President, and he brings over 12 years of commercial real estate experience within the banking and mortgage banking industries. With a focus on Agency lending production in the Philadelphia and southern New Jersey markets, Mr. Tiberio expands Greystone’s regional reach for Fannie Mae and Freddie Mac multifamily financing.  

“We are continually expanding our range of financing services to include a number of debt products, equity and bridge financing, and our production bench is now even stronger with the banking relationships and capital markets expertise that Don and Lou bring to Greystone,” said Joe Mosley, Executive Managing Director and head of Agency lending at Greystone.

The deal marks the largest closing in terms of total deal value by Greystone Real Estate Advisors seniors housing team.

Greystone Real Estate Advisors today announced it has closed the $210 million sale of an 8-property seniors housing portfolio in Texas and Oklahoma. Harrison Street Real Estate Capital and Bridgewood Property Company sold the properties to a private company, Cardinal Bay, based in Texas, on May 26. Greystone represented the seller in the transaction.

The portfolio of properties includes 1,039 units total built between 1989 and 2000:
 

“Cardinal Bay’s long term investment strategy was an ideal fit for this transaction,” said Cody Tremper, a Managing Director of Greystone Real Estate Advisors, who led the sale. “Cardinal Bay, being based in Texas, thoroughly understood the opportunities offered by the local Texas markets.”

“We are pleased that Greystone was able to connect us with a high-quality buyer in Cardinal Bay, who understood the local markets and recognized the value in leaving the current operator, Retirement Center Management, in place,” said Brian Mutchler of Harrison Street Real Estate Capital.

The Greystone Real Estate Advisors team leverages its extensive experience in providing expertise on the disposition or acquisition of seniors housing, including age-restricted communities, independent living, memory care and assisted living facilities.

Greystone, a real estate lending, investment and advisory company, today announced it has provided  three Fannie Mae DUS^® loans totaling $36,810,000 to refinance an 811-unit multifamily property portfolio in Texas. The loans were originated by Tony Spaeth of Greystone. 

The Fannie Mae DUS loans carry 10-year terms with 30-year amortizations, each with a period of interest-only payments. The properties include:

·         Park at Crestview, located in Austin, TX and comprised of 248 units, was refinanced for $16,725,000 with three years of interest-only;

·         Park at Ventana, located in San Antonio, TX and comprised of 319 units, was refinanced for $11,570,000 with five years of interest-only and;

·         Villas at Ventana, located in San Antonio, TX and comprised of 244 units, was refinanced for $8,515,000 with five years of interest-only.

The Texas properties host contemporary amenities including a swimming pool, fitness center, clubhouse lounge, and business center.

"Greystone’s expertise with both the Fannie Mae DUS product and agile navigation of the Texas multifamily market has enabled us to coordinate this trio of closings for our client in alignment with their existing portfolio under the most beneficial terms," said Joe Mosley, Executive Managing Director and head of Agency lending at Greystone.