Greystone’s FY2023 Volume for Multifamily and Healthcare Loan Firm Commitments Totaled $1.9 Billion
Greystone, a leading national commercial real estate finance firm, announced it ranks #1 based on dollar volume of multifamily and healthcare Firm Commitments issued by the U.S. Department of Housing and Urban Development (HUD) for the agency’s 2023 fiscal year ending September 30, 2023*. During this period, Greystone originated and obtained Firm Commitments for 87 multifamily and healthcare facility HUD-insured loans totaling $1.9 billion, representing 14.5% of firm commitments issued by HUD.
Greystone received firm commitments for 49 multifamily properties totaling $1.3 billion and 38 healthcare properties totaling $673 million during HUD’s most recent fiscal year.
“Market conditions were drastically different this year, particularly with rising rates creating a challenging environment for borrowers,” said Nikhil Kanodia, head of Greystone’s FHA lending group. “What has been consistent year over year is the unwavering commitment of HUD to provide liquidity to multifamily and healthcare owners and our team to provide an unmatched lending experience for clients. HUD has been and remains an excellent long-term debt option, and we are thrilled to be at the top of the industry once again.”
STAMFORD, Conn - Cushman & Wakefield announced today that the real estate services firm served as the exclusive advisor to the ownership group in the procurement of a combined $223,869,000 for the refinancing of the Harbor Point portfolio, a four-building, 989-unit multifamily portfolio located at 301 Commons Park South, 111 Towne Street, 110 Towne Street and 120 Towne Street in Stamford, Connecticut. The Freddie Mac financing was provided by Greystone.
Cushman & Wakefield’s Equity, Debt & Structured Finance team of John Alascio, Alex Hernandez, Alex Lapidus and Chris Meloni, with assistance from the firm’s Capital Markets team of Niko Nikolaou and Ryan Dowd in coordination with Brian Whitmer, represented the borrower in the transaction. Greystone’s Judah Rosenberg originated the four loans, all seven-year fixed-rate Freddie Mac mortgages with 35-year amortization periods.
“We are thrilled to have successfully arranged the financing for the Harbor Point Portfolio, featuring four prestigious Class A multifamily properties situated in Stamford's coveted South End,” said Alascio. “The portfolio redefines luxury living with a host of top-tier amenities and strategic location within a ten-minute walk from the Stamford Transportation Station.”
“We were able to take advantage of an early index lock in order to achieve a lower interest rate, a true benefit in today’s rising rate environment,” added Rosenberg.
The portfolio consists of a mix of studio, one-bedroom, two-bedroom and three-bedroom units ranging from 544 square feet to 1,429 square feet. Each building features tenant parking, resort-style pools, a clubroom with a kitchen and multiple lounges, a fitness center, controlled building access, resident concierge, gaming tables, on-site management and an affordability component.
The portfolio is located within a ten-minute walk from the Stamford Transportation Center, servicing the Metro-North and Amtrak trains allowing convenient access to and from Manhattan. The properties are in proximity to Interstate 95 and the Stamford CBD.
Photos of the portfolio can be downloaded here.
Greystone, a leading national commercial real estate finance company, has provided a $15 million HUD 207/223(f) loan to refinance a 94-unit multifamily property in Stamford, Connecticut. The financing was originated by Lori DiMartino, Vice President at Greystone.
100 Prospect Street, originally constructed between 1977 and 1981 as two adjacent office towers, was converted to residential use in 2008. The property offers common area amenities such as an exercise room, community room and roof terrace. The Stamford market population and number of households is projected to exhibit growth through 2027, according to Novogradac research, indicating long-term strength for multifamily demand in this area.
The new HUD-insured financing, which is a permanent exit from an existing bridge loan utilized for acquisition of the property, includes a 35-year fixed-rate term.
“HUD-insured financing is an excellent choice for multifamily investors to consider in today’s rising interest rate environment, with its lower, fixed rates and flexible options for interest rate reductions down the road if rates fall,” said Ms. DiMartino.
With Higher Rate Environment Reducing Senior Loan Proceeds, Greystone’s Solution Will Help Complete the Capital Stack
Greystone, a leading national commercial real estate finance company, has launched a preferred equity and joint venture advisory and production group, to be led by Matthew Zisler, Senior Managing Director. The equity platform is intended to provide subordinate financing and help meet borrowers’ changing capital needs during today’s higher interest rate environment as financing transactions commonly yield lower senior loan proceeds.
Greystone Equity utilizes the firm’s balance sheet as well as existing market relationships to provide equity and preferred equity solutions to clients and is intended to be coupled with some of Greystone’s Agency or bridge financing solutions. Terms and requirements for preferred equity placed by Greystone varies depending on the senior loan product with which it is coupled.
“Our primary goal is to address and solve for borrowers’ pain points with their capital needs, and the growing amount of equity needed to close is a common concern in today’s market,” said Mr. Zisler. “With this complementary platform, we can provide our clients with the best in multifamily financing solutions while providing options to complete the capital stack.”
Mr. Zisler, who joined Greystone earlier in 2023, has over 20 years of experience in commercial real estate acquisitions, capital raising, equity investments, and structured financing. He was previously a co-founder, principal, and COO of Zisler Capital Associates leading its equity and preferred equity transactions business, and served as a managing director at AckmanZiff Real Estate Group. Mr. Zisler is a registered real estate broker in the state of Colorado and a registered securities representative, holding FINRA Series 7 and 63 licenses.
Greystone Housing Impact Investors LP (NYSE: GHI) announced it has provided construction and permanent financing for the new construction of a 40-unit mixed-income development located in La Mesa, California. The financing was originated by Frank Bravo, Managing Director at GHI, working in conjunction with Eliav Dan, Senior Managing Director, and Shana Daby, Managing Director, of Greystone on behalf of GWMP Investments, LLC.
The to-be-built property will be named 40rty on Colony and will include 20% of units designated for households earning up to 50% of the San Diego County Area Median Income (AMI). The property will include two (2) four-story buildings and one (1) three-story building consisting of 40 total multifamily units, as well as a community space, some enclosed garages, a carport and additional on-grade parking surface.
To finance the construction, GHI purchased tax-exempt recycled bonds and taxable bonds issued by the California Housing Finance Agency. GHI’s construction and permanent financing totals $11,900,000 ($5.95 million in tax-exempt bonds and $5.95 million in taxable bonds). At stabilization, and no later than 36 months from initial closing, the combined tax-exempt and taxable bonds, which are interest-only throughout the construction and permanent phases, will convert to a mini-permanent phase and will mature in June 2030.
“It was a pleasure working together to make this plan come to life and see the proliferation of much-needed affordable housing in San Diego County,” said Mr. Bravo.
“We are proud to have helped our client with a seamless execution of this construction financing and support the development of undersupplied affordable multifamily housing stock in San Diego County. We greatly appreciate our relationship with the sponsor, and our transaction correspondent, Max Benjamin Partners, serving as an instrumental part of the smooth closing process,” said Mr. Dan.
The property owner, GWMP Investments, LLC, retained Streamline Development Group to oversee construction and development.
“We feel we have assembled an excellent team to work together on executing our vision for this property, which will provide critical housing for the underserved workforce market in La Mesa,” said Mr. Greg Wayer, principal of the borrower.
Former Head of Freddie Mac Multifamily to Grow Mission-Driven Credit Platform at Greystone
Greystone, a leading national commercial real estate finance company, announced that Debby Jenkins has joined the firm as an Executive Managing Director. In this new role, she will focus on growing Greystone’s mission-driven strategies, including its Social Impact and Affordable Housing platforms. Ms. Jenkins will collaborate across teams to develop and execute strategies that promote the creation, financing, and preservation of safe and affordable housing that also makes a positive impact on local communities.
Prior to coming into this newly created role at Greystone, Ms. Jenkins spent nearly 15 years at Freddie Mac where she held a variety of leadership positions, most recently serving as Head of the GSE’s Multifamily platform. She has spent the greater part of her 30+ year career in the Multifamily sector, focusing on workforce and affordable housing.
“The prospect of having the tools and the team to build what is possible for Affordable and Social Impact Housing is what drew me to this opportunity at Greystone,” said Ms. Jenkins. “Greystone is renowned for its driving principle of impacting others’ lives, and the Social Impact concept is a natural extension of both Greystone’s cultural ethos and its expansive affordable housing business platform. I’m thrilled to take on a new challenge and contribute to the greater impact we, along with our clients, can make together for those who rely on critical affordable housing.”
“Debby is a true visionary in our industry, and her diverse expertise in leading the nation’s largest mission-driven multifamily finance platform aligns with our goals in becoming a Social Impact Housing leader,” said Mr. Steve Rosenberg, CEO of Greystone, and to whom Ms. Jenkins reports. “I can’t wait to see what Debby accomplishes in her role here at Greystone and know that the sky’s the limit with her capabilities.”
