Greystone Ranks #4 for Overall, Combined Agency Lending with $7.7 Billion in Total Volume

Firm Achieves Ranking of #3 Overall Lender by Volume for Fannie Mae, #6 Overall for Freddie Mac;

Maintains #1 Fannie Mae Small Loans Ranking

Greystone, a leading national commercial real estate finance company, announced it gained both volume and market share in the Agency lending sector during 2023, achieving an overall #4 ranking for both Fannie Mae Delegated Underwriting and Servicing (DUS®) loans and Freddie Mac Optigo® loans with $7.7 billion in total volume. Individually, Greystone ranked #3 as an overall Fannie Mae lender in 2023, and #6 for Freddie Mac lenders. Despite the market experiencing lower commercial loan volume overall in 2023, Greystone increased its combined Agency loan volume by 14% year-over-year. The rankings are based on recently-released public data on 2023 lending volume from Fannie Mae and Freddie Mac.

Greystone Asserts Leadership Position in Various Agency Loan Types

In 2023, Greystone ranked #1 for volume for all lenders in Fannie Mae Small Loans, #2 in both Seniors Housing and Student Housing asset financing, and #4 overall in both Affordable Housing and Green financing volume. 

Through its work with Freddie Mac, Greystone ranked #2 overall for lending volume dedicated to Affordable Housing, as well as #2 overall for Freddie Mac’s Small Balance Loan program. Greystone also ranked #5 among all lenders producing Seniors Housing volume with Freddie Mac.

“Greystone’s growth in market share over the past year – particularly in a challenging lending environment – is a testament to the commitment and dedication our team has given to delivering the best solutions and service to our clients across a variety of asset types in multifamily,” said Rich Martinez, head of Agency production at Greystone. “I am incredibly proud of our teams for their hard work and close partnership with both Fannie Mae and Freddie Mac to provide much-needed financing for mission-driven housing and multifamily assets overall.”

Greystone also ranks as the #1* multifamily and healthcare lender in volume for HUD-insured loans during its fiscal year ending September 30, 2023.

*For HUD’s 2023 fiscal year. Based upon combined firm commitments of Greystone Funding Company LLC and Greystone Servicing Company LLC. 

Greystone, a leading national commercial real estate finance company, has provided an $18,614,000 Freddie Mac Optigo® loan to refinance a 202-unit multifamily property in Fayetteville, North Carolina. The financing was originated by Justin Hechler, Director at Greystone, on behalf of Magma Equities & Prudent Growth.

Constructed in 1974, Keystone Apartments in Cumberland County is a 28-building garden-style community featuring one- and two-bedroom units. The pet-friendly property offers a clubhouse, fitness center, swimming pool, dog park and on-site parking. The $18,614,000 non-recourse, fixed-rate loan carries a five-year term and 30-year amortization, with two years of interest-only payments.

“It was a pleasure to work with both the Magma Equities & Prudent Growth teams on this transaction. Working with Sponsors who have a deep understanding of the market and top-notch personnel makes all the difference for a smooth and efficient closing,” said Mr. Hechler. “We pride ourselves on finding creative solutions for every transaction to ensure our clients realize their goals for all of their properties.”

“We rely on Greystone to help us achieve our portfolio objectives and guide us through transactions in every market cycle,” said Mr. Ryan Hall, Principal of Magma. “Time and again, Greystone’s diligence, vast industry knowledge and commitment to service excellence prove they are the right partner for us.”

Cushman & Wakefield, a leading global real estate services firm, and Greystone Servicing Company LLC, a leading national commercial real estate finance company, announced today that Elliott Mulkin has joined the firms’ Capital Markets Equity, Debt & Structured Finance (EDSF) group and loan origination groups, respectively, and will serve as a Director based out of Birmingham, Alabama. In this role, Mr. Mulkin will focus on originating and structuring senior loans across Greystone’s broad spectrum of lending platforms, including Fannie Mae, Freddie Mac, FHA, bridge and private label options, as well as providing debt advisory services to clients. Mr. Mulkin sits with Cushman & Wakefield’s Sunbelt Multifamily Advisory Group, which has a team based out of Birmingham, and reports to Greystone’s Senior Managing Directors Charlie Mentzer and Brad Waite in Atlanta, who joined in 2023.

Previously, Mr. Mulkin worked at Regions Bank as a Vice President in their Real Estate Capital Markets group where he served as the agency originator for Mid-America. While at Regions, he was involved in the underwriting and closing of over $550 million in multifamily loans, covering some of the largest agency borrowers at the bank. Prior to Regions, Mr. Mulkin was a retail investment sales and leasing broker for CBRE. Elliott holds a Bachelor’s degree from TCU and an MBA with a concentration in finance from the University of Alabama.

“Elliott brings a skillset that is unique in our industry where he leads with equal parts deal expertise, industry relationships, and interpersonal strengths gleaned over the years, and I am thrilled to welcome him to our joint venture team,” said Mr. Mentzer.

“We’re excited to have an in-house partner in Elliott and Greystone, and this move will help us further support our clients,” said Craig Hey, a Vice Chair within Cushman & Wakefield’s Sunbelt Multifamily Advisory Group.

“I look forward to working with Charlie, Brad, and the larger Greystone team, as well as leveraging our relationship with Cushman & Wakefield in order to optimize the service level I can provide to clients,” added Mr. Mulkin.

Greystone, a leading national commercial real estate finance company, has provided a total of $79,125,000 in Fannie Mae Delegated Underwriting & Servicing (DUS®) loans to refinance three multifamily properties totaling 939 units in and around Tucson, Arizona. The financing was originated by Dan Wolins, Managing Director at Greystone on behalf of affiliated entities of HSL Properties, Inc.

Each of the non-recourse, fixed-rate loans in the portfolio carries a 30-year amortization schedule, with interest-only payments for the entire 10-year term. The portfolio includes:

·        $36,618,000 for the 323-unit Desert Sands Apartments, in Casa Grande in Pinal County;

·        $29,360,000 for the 456-unit Canyon Oaks Apartments in Tucson in Pima County; and

·        $13,147,000 for the 160-unit Brittany Court Apartments, also in Tucson in Pima County.         

“Clients rely on Greystone because we know the ins and outs of multifamily finance, and are careful and creative in our approach,” said Mr. Wolins. “Tapping into our extensive lending platform, our main objective is to help clients realize their goals for all of the properties in their portfolio.”

“Greystone has earned our trust – our team’s diligence and creative problem-solving always exceeds expectations,” said Mr. Omar Mireles, president of HSL Properties, Inc. “In our experience, the company’s reputation for excellence in multifamily finance and client service is well-deserved – it’s why we keep coming back.”

Young Brings Over 15 Years of Expertise in Senior Housing Finance, Operations, and Restructuring

Greystone, a leading national commercial real estate finance company, announced that David Young has joined the firm as a Managing Director for healthcare finance. In this role, Mr. Young will focus on originating and structuring senior loans for Greystone’s FHA lending platform as well as other permanent financing options such as bridge, Fannie Mae, and Freddie Mac. Based in the New York area, Mr. Young reports to Christopher Clare, Managing Director for healthcare finance at Greystone.

Prior to joining Greystone, Mr. Young was a Managing Director at Locust Point Capital, where he originated and structured over $2 billion in senior housing and skilled nursing debt and equity, including preferred and joint venture capital. Earlier in his career, Mr. Young served as Chief Financial Officer for Radiant Senior Living. During his time there, he repositioned the 20-community regional operator through triple net lease restructuring, identifying divestitures and accretive acquisitions, and overseeing sales and marketing efforts. Mr. Young has also previously served as a Vice President of Finance for Aegis Living, focusing on sourcing and negotiating $300 million in loans, bonds, mezzanine debt, and equity. He has also worked in underwriting for healthcare loans at Lancaster Pollard. Mr. Young earned a Bachelor’s degree from New Saint Andrews College in Idaho and an MBA from University of Notre Dame.

“David’s expertise on the finance structuring side, as well as the operator side of senior housing and skilled nursing, will be invaluable to our growing, active team as we focus on helping clients to optimize their portfolios and deliver the most dedicated execution on the best possible solutions for their needs,” said Mr. Nikhil Kanodia, head of Greystone’s FHA lending platform.

Greystone, a leading national commercial real estate finance company, has provided a $40.3 million Freddie Mac Optigo® loan to refinance a 432-unit multifamily property in Crown Point, Indiana. The financing was originated by Eric Rosenstock and Dan Sacks, both Senior Managing Directors at Greystone, on behalf of Bayshore Properties.

Purchased by the borrower in 2021 with bridge financing, Hidden Creek Apartments received capital improvements in excess of $725,000 on more than 25% of the units, as well as exterior renovations of over $659,000. Originally constructed in 1976, the property comprises one- and two-bedroom units spread across twelve residential buildings with community amenities including a swimming pool, fitness room, playground, disc golf course, clubhouse, and ample outdoor space. The $40,309,000 non-recourse, fixed-rate Freddie Mac loan carries a 10-year term.

“Despite today’s more difficult financing environment, it’s gratifying to be able to provide a long-time client with continued high-touch service as they grow their multifamily portfolio,” said Mr. Rosenstock.

“Eric, Dan and the Greystone team have been nothing short of excellent as we navigated a higher rate environment and worked to add value to this quality asset for its long-term success,” said Mr. Nick Kozul of Bayshore Properties.