Greystone Monticello and Cushman & Wakefield jointly announced today that the firms provided financing for, and represented the buyer of, respectively, a two-property portfolio of build-to-rent multifamily communities in Phoenix, Arizona.
Jeems Lochridge of Cushman & Wakefield represented Balfour Pacific Capital and Stone View Holdings, the joint buyers and co-General Partners in the transaction, and Greystone’s Dale Holzer of Greystone originated the loan through Greystone Monticello. In the transaction led by Chris Hetzel, Greystone Monticello provided a two-year $37,250,000 bridge acquisition loan to allow for lease-up and stabilization of the portfolio.
The two-site portfolio, Stone View on Central and Stone View on 7th, consists of build-to-rent, entry-level communities totaling 123 homes. The properties are developed to modern new-home construction standards with each townhome-style unit featuring quartz countertops, stainless steel appliances, en-suite laundry, and select units have two-car attached garages. All units are individually metered for electricity, water, and trash services and individually platted with their own addresses.
“The demand for build-to-rent assets in the Phoenix MSA remains robust, both from the investor standpoint and the renter. Build-to-rent properties provide a desirable option for renters looking for the comforts of a home who are priced out of the home buyer market. The partnership between Stone View Holdings and Balfour Pacific identified the opportunity to provide much needed infill housing to meet this renter demand,” said Jeems Lochridge, Managing Director, Cushman & Wakefield.
“The build-to-rent asset class is a promising investment class for the multifamily sector, having shown growing strength in demand over the last several years,” said Mr. Holzer. “Greystone strives to offer a broad range of financing options that can satisfy a number of client needs, and we are thrilled to provide this build-to-rent acquisition financing solution with Greystone Monticello.”
“The successful execution of the financing is a testament to our strong relationship with Greystone Monticello’s Chris Hetzel,” said Bruce Rudichuk, Balfour’s Head of Multifamily, adding, “The bridge financing is a perfect solution for our lease-up period, and we are excited to explore permanent exit options with Greystone.”
David Shlomi, Principal of Stone View Holdings added, “It was a pleasure working with the teams on this portfolio acquisition in Phoenix, which is a market we are very optimistic about.”
Greystone, a leading national commercial real estate finance company, has provided an $81,129,000 Freddie Mac Optigo® loan to refinance a 397-unit multifamily property in Jurupa Valley, CA. The financing was originated by Clint Darby and Andrew Remenschneider at Greystone, working in conjunction with BMO Bank. BMO provided the construction loan on the property and collaborated with Greystone for a permanent exit on behalf of client Bridge Investment Group.
Vernola Marketplace Apartments is a luxury multifamily property built in 2022. Amenities at the community include a resort-style swimming pool, fitness center, clubhouse, dog park, playground, EV charging stations, game room, three outdoor kitchens, soccer field and resident events.
The $81.1 million non-recourse, fixed-rate loan was financed through Freddie Mac's Optigo® Program and index locked within 24 hours after the Federal Reserve meeting in early November 2023, resulting in an opportunistic rate drop.
“BMO’s collaboration with Greystone allowed for an ideal execution for our valued customer,” said Kim Liautaud, head of BMO’s US Commercial Banking real estate group. “The Agency loan exit fit our client’s need and our pipeline of opportunities continues to grow with Greystone.”
“Greystone’s position as a leading Agency lender gives clients the confidence that we know the lending landscape and can execute on their vision, and a primary reason why we are a preferred choice in multifamily finance,” said Rich Martinez, head of Agency lending at Greystone.
"Bridge Investment Group's experience with Greystone on this refinance was seamless, especially considering it was the first transaction we've done with Greystone. The transaction was very smooth and exceeded our expectations,” said Spencer Dunlop, Director of Debt Capital Markets at Bridge Investment Group.
Greystone, a leading national commercial real estate finance company, has provided a $25,239,000 Freddie Mac Optigo® loan to refinance a 240-unit multifamily property in Valparaiso, Indiana. The financing was originated by Dan Sacks and Eric Rosenstock, both Senior Managing Directors at Greystone, on behalf of Bayshore Properties.
Constructed in 1973, Andover Park Apartments comprises 10, two-story residential buildings spread across 14.34 acres. The property’s amenities include a swimming pool, tennis courts, and playground. The $25.2 million Freddie Mac loan carries a 10-year term at a fixed rate and a 30-year amortization.
“We have built a long-standing relationship with Bayshore Properties and have truly enjoyed helping them refinance dozens of their quality multifamily assets over the years,” said Mr. Rosenstock. “Having a client trust us over and over because of our commitment to providing the best service and an ever-growing range of financing options really reinforces why we love what we do and who we do it for.”
265 Units To Be Constructed utilizing 4% Low-Income Tax Credits with Additional Financing Partners Bank of America, Amazon, Virginia Department of Housing and Community Development, and Fairfax County Redevelopment and Housing Authority
Greystone, a leading national commercial real estate finance company, has provided $39,000,000 in Freddie Mac Tax-Exempt Loan (TEL) Unfunded Forward financing towards the construction of 265-units of a 516 unit affordable housing property in Tysons, Virginia. The financing was originated by Pharrah Jackson, Vice President at Greystone, on behalf of non-profit housing developer Arlington Partnership for Affordable Housing (APAH).
Located at 1592 Spring Hill Road within the Washington DC MSA, the multifamily project is a part of a larger development known as The Exchange at Spring Hill Station and will be the first 100% affordable housing property in Tysons. The completed building will be developed on two acres and will consist of two, 20-story residential condominiums (Dominion North, the Subject, and Dominion South) and a community center condominium owned and managed by Fairfax County Government. Planned residential project amenities also include community rooms, a business center, landscaped courtyard, resident support services, resident lounge, and laundry facilities.
The unit mix for Dominion North consists of 55 one-bedroom units, 146 two-bedroom units, and 64 three-bedroom units, with 100% of the units at varying affordability restrictions (40 units at 30% area median income (AMI), 77 units at 50% AMI, 87 units at 60% AMI and 61 units at 70% AMI). In addition, Fairfax County Redevelopment and Housing Authority (FCRHA) has approved and awarded APAH 40 project-based vouchers for Dominion North. The units are required to be leased to households at or below 50% AMI. APAH elected to lease those 40 units at 30% of AMI in the following mix: 9-one bedrooms, 22-two bedrooms, and 9-three bedrooms.
The Freddie Mac Forward commitment financing includes a 48-month construction period with a 17-year permanent loan term. Bank of America, the equity investor for this transaction, will be providing capital contributions in excess of $60 million in tax-credit equity during the course of the construction timeline. Other debt sources for Dominion North include: Amazon Housing Equity Fund ($29,000,000); Virginia Housing Trust Fund ($700,000); Virginia Department of Housing and Community Development (VADHCD) Energy Efficiency (HIEE) ($2,000,000); and FCRHA Blueprint & Move to Work – HCV Reserve Loan Funds ($18,986,897).
"The Exchange at Spring Hill Station marks a significant step forward in our commitment to providing affordable housing options at-scale in an area of incredible opportunity," said APAH President and CEO Carmen Romero. “Having partners like Greystone is fundamental to securing the critical financing needed to make a project of this magnitude possible. As a result, the residents who will call The Exchange home will have access to a vibrant and rapidly growing community full of opportunity and resources. More than just what you build, and where, but who you build for is what matters most.”
“It’s so gratifying to see a 100% affordable development plan come to fruition, and when you realize how many partners and contributors it takes to make it happen, you really appreciate both the need and impact of affordable housing in our country,” said Ms. Jackson. “We are thrilled to play a role as the permanent lender with Freddie Mac’s Forward TEL program, which has been truly transformative in the affordable housing construction space. We congratulate all of the parties involved and are looking forward to the ribbon cutting in 2027.”
Greystone Commercial Capital (GCC) has closed a $419,590,000 transaction to refinance Panorama Tower, located on Brickell Bay Drive in Miami, Florida. The property is an 85-story, Class A+, mixed-use, residential complex featuring 821 multifamily residences, 112,731 square feet of Class A office space, 25,219 square feet of retail space, a 2,000-space private parking garage, and an attached 19-story, 208-room Hyatt Centric Hotel. The deal included a structured Agency loan in tandem with an investment led by a global pension fund.
GCC is a division of Greystone that focuses on structured commercial mortgages for institutional clients across all major property types. This transaction consisted of a $334,590,000 Freddie Mac Optigo® senior loan funded by Greystone Servicing Company LLC that carries a five-year term and 35-year amortization combined with $85,000,000 of Agency-compliant subordinate debt.
“GCC delivered a market leading and innovative structured finance solution. We are grateful to partner with top financial institutions and Florida East Coast Realty on such a noteworthy project in Panorama Tower,” said Scott Chisholm, President and Chief Investment Officer at Greystone Commercial Capital.
About Greystone
Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com.
Securities transactions are processed through INTE Securities LLC dba Greystone INTE BD, member FINRA www.finra.org www.sipc.org. For information regarding INTE Securities LLC go to www.finra.org/brokercheck.
Greystone, a leading national commercial real estate finance company, has provided $15,400,000 in Bridge-to-Agency financing for a five-property multifamily portfolio in Texas. Intended to facilitate the refinancing and complete renovation, the bridge loan was originated by Lance Wright, Managing Director at Greystone on behalf of a Texas-based family office, with Duke Stone of Churchill Capital Company acting as the correspondent on the transaction.
The multifamily portfolio, built between the 1960s and 1970s, consists of three properties located in Sherman, Texas, and two in Denison, Texas. Totaling 189 units, the properties will receive both interior and exterior renovations to improve operations, and then move toward a permanent exit with Agency financing from Greystone. The interest-only bridge financing carries a two-year term with two, six-month extension options.
“Greystone’s Bridge-to-Agency option is a great solution for value-add properties that are in active stabilization with room for improvement, with an ultimate goal for long-term financing,” said Mr. Wright. “Our goal is to provide the right solution for every transaction to help our clients realize the full potential for all of their properties.”
