Greystone, a leading national commercial real estate finance company, placed a $30,000,000 loan from a national bank for the refinance of The Delaney at Lake Waco, located in Texas. Tyler Armstrong, Managing Director at Greystone, worked with the client in placing the bank loan for LCS, the parent company of Life Care Services.

The national bank loan for the 169-unit independent living, assisted living, and memory care community was executed as a floating rate financing carrying a seven-year term and 30-year amortization. The loan featured three years of interest-only payments and a mid 200 bps loan spread.

“We are grateful for the opportunity to build upon our partnership with the LCS team through this most recent engagement,” said Armstrong. “It’s truly a privilege to represent one of the nation’s most respected owner, operator, and developers of senior housing communities. The quality of the LCS team shines through, and it speaks very well to the market of lenders.”

“We value the Greystone team’s tailored approach and attention to our specific needs,” said Sarah Dorr, Vice President/Managing Director of Real Estate and Corporate Debt for LCS. “The Greystone team delivered terms that provided the flexibility we needed to execute successfully on our community-level strategy.”

Life Care Services, an LCS Company, manages and supports a variety of senior living communities nationwide. As the third largest manager of rental senior living communities and Life Plan Communities, LCS serves more than 40,000 seniors among its 140 managed communities. Founded as a development company in 1971, LCS is now a fully integrated family of five companies that allow for unsurpassed vertical efficiency in the areas of real estate, management, development, group purchasing, and reinsurance. 

Greystone, a leading national commercial real estate finance company, arranged a $28.5 million refinance for The Azul Apartments in Dallas, TX, a 362-unit multifamily property. Greystone’s Thomas Wayda, Dan Sacks, and Harrison Drucker worked on behalf of the client, Azul Multifamily DE LLC, to secure a short-term bridge loan from Lightstone Capital.

“I’ve built a team with the sole intention to be able to meet any client’s financing need, and sometimes, that extends beyond an in-house debt solution,” said Mr. Sacks, a Managing Director at Greystone. “Leveraging an extensive network of capital partners, our team wants to ensure our clients are able to achieve their portfolio goals.”

“As an extension of the already-robust debt and equity offerings at Greystone, my mission is to tap into potential funding sources that complement what we can provide from our platforms,” added Mr. Wayda, a Managing Director at Greystone. “Being a quality asset that faced rent disruptions from a winter storm last year, we were able to identify a right-now, right-sized solution to help the owner get to stabilization and eventually pursue a permanent financing exit. It is this versatility and execution excellence that makes our team truly shine.”

Built in 1983, The Azul is located in the Lake Highlands submarket, near the intersection of Highway 635 and Audelia Road, approximately 12 miles from downtown Dallas. The property, comprising 20 three-story garden-style buildings, provides convenient access to employment centers around Dallas. Property Amenities include swimming pool with sundeck; a bark park; business center; resident clubhouse; BBQ area; and outdoor fireplace.

Greystone, a leading national commercial real estate finance company, has provided a $22,554,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) Green Rewards loan to acquire a 208-unit multifamily property in Virginia Beach, Virginia. The financing was originated by Justin Hechler, Director at Greystone, on behalf of Featherstone Partners.

Constructed in 1987, Royal Pointe Apartments in Virginia Beach City is a garden-style apartment community with 15 buildings comprising one- and two-bedroom units. The $22,554,000 non-recourse, fixed-rate Fannie Mae Green Rewards loan carries a 10-year term and 30-year amortization, with full-term interest-only payments. In addition to purchasing the property, loan proceeds enable the borrower to make improvements to the property.

“In this challenging interest rate environment, we’re committed to securing the right financing for our clients, drawing on our deep multifamily expertise and an extensive lending platform in order to do so,” said Mr. Hechler. “Our goal at Greystone is to help clients realize their vision for their properties through exceptional service and seamless transactions.”

“We were deeply impressed by Greystone’s multifamily expertise and attentiveness to every detail throughout this transaction,” said Hannah Taylor, Managing Director, Acquisitions & Capital Markets of Featherstone Partners. “We are delighted to say that our Greystone team was a true partner and we look forward to working with them on future projects.”

Greystone, a leading national commercial real estate finance company, has provided a $25,449,000 loan for acquisition of a 145-unit multifamily portfolio in New Haven, Connecticut. The financing was originated by Rob Meehan, Managing Director at Greystone and Avrom Forman, Director at Greystone, on behalf of Broadway Elm LLC.

The Greystone loan, a new private-label offering, with competitive, shorter loan terms and flexible pre-payment options, carries a 10-year term with a fixed rate and a 30-year amortization, and includes interest-only payments for five years. The portfolio, acquired for $35,000,000, comprises six midrise properties in New Haven spread across 1.17 acres with a total gross square footage of 116,763 and 74,094 in rentable area. Community amenities at the property consist of bike storage, picnic area/dog park, a small office, a rooftop lounge, study nooks, and a laundry room.

“I’m thrilled to be able to offer a solution that fits the client’s need for this acquisition,” said Mr. Meehan. “We’re always seeking ways to develop new financing options for our clients as the market evolves, and are pleased to offer a private-label solution when banks or other debt options may not fit the bill.”

“Greystone strives to exceed expectations, and with the many financing options available to us as property investors, we are pleased with the experience working with Rob and his team,” said Jacob Feldman, principal of the borrower. “We are grateful to have Greystone as a resource and advisor as we grow our portfolio.”

Greystone, a leading national commercial real estate finance company, has provided an $11,916,000 Fannie Mae Multifamily Affordable Housing (MAH) loan for the acquisition of a senior living community in Tavares, Florida. The financing was originated by Carter King, Managing Director in Greystone’s Atlanta, GA office. Hallmark Lakepoint Senior, LLC acquired the property.

Constructed in 2006, Lake Point Senior Apartments in Lake County is a 160-unit, LIHTC, age-restricted, 3-story elevatored apartment complex. The $11,916,000 non-recourse, fixed-rate financing carries a 10-year term and 35-year amortization.

“Greystone has substantial multifamily lending proficiency and expertise, particularly in the affordable housing space,” said Mr. King. “We are thrilled to assist clients with the most beneficial financing solutions and are devoted to providing top-tier service during each step of the process.”

Tax-Exempt and Taxable Bonds Finance Construction Costs for 387-Unit Community

Greystone affiliate, America First Multifamily Investors, L.P. (NASDAQ: ATAX) (“ATAX”), today announced that it has provided $153,637,000 in tax-exempt and taxable construction loans for a new 387-unit affordable housing community in Elk Grove, California. Frank Bravo, Managing Director at ATAX, originated the transaction.

Located at the southeast corner of Bruceville and Poppy Ridge Roads, Poppy Grove Development in Sacramento County is a three-phrase affordable apartment home community that, upon completion, will include 14 residential buildings, a business center, clubhouse, outdoor pool, laundry facility and an outdoor playground and recreation area, as well as gated access and security on the 16.73-acre site. The units will be restricted to residents earning a range of 30% to 80% Area Median Income (AMI).

At stabilization, and no later than 36 months from initial closing, the tax-exempt loan for the project will be partially paid down and Greystone will provide up to $42.8 million in permanent Freddie Mac Tax Exempt Loan (TEL) financing in the form a 15-year term, 40-year amortized facility.

As a completed asset, the multifamily community will be owned by Poppy Grove I, LP; Poppy Grove II, LP; and Poppy Grove III, LP -- each a California limited partnership. The borrower’s administrative general partners are affiliates of UrbanCore Development, LLC, and E. Smith & Company, Inc., and the borrower’s managing general partner are affiliates of Oakland Economic Development Corporation, a California nonprofit corporation. The limited partner and tax credit buyer is Red Stone Equity Partners.

“We are honored to leverage our expertise in affordable housing and work with partners who share our vision for addressing the affordable housing crisis in Sacramento,” said Bravo.

“The Poppy Grove ownership is elated with the construction financing provided by ATAX,” said Reese A.  Jarrett, Co-Managing Member. “Our great relationship with Frank Bravo and the ATAX team was integral to completing the financing on this affordable housing development which will enrich the lives of 387 families that will call Poppy Grove home.”

Ken Rogozinski, CEO of ATAX, added, “This project would not be possible without critical tax-exempt financing, which enables developers to create housing that addresses the demand for affordable housing in the Sacramento area and throughout the nation.”

Greystone, the #1 provider of HUD-insured commercial loans by volume, is also a Top 10 provider of Fannie Mae and Freddie Mac affordable housing loans. In 2019, a Greystone affiliate acquired the parent of the general partner of America First Multifamily Investors, L.P., which manages over $1 billion in assets consisting primarily of mortgage revenue bonds intended for multifamily affordable housing construction and permanent financing.