Greystone, a leading national commercial real estate finance company, and Cushman & Wakefield, a leading global real estate services firm, jointly announced they provided acquisition financing for, and arranged the sale of, respectively, a 344-unit two-property multifamily portfolio in Maryland.
The Fannie Mae Delegated Underwriting & Servicing (DUS®) loans were originated by Dan Sacks, Senior Managing Director, and Alex Basile, Executive Director, of Greystone on behalf of Olivetree Management, with Jorge Rosa and Anthony (TJ) Liberto advising on the sale of the properties for Cushman & Wakefield.
The properties were acquired for approximately $73.5 million total and financed with Fannie Mae loans totaling $57 million. The communities, Columbia Apartments and Town Center Apartments, boast 94% occupancy in the high growth, highly desirable Columbia suburb of Baltimore, Maryland.
“This transaction represents a true collaboration for our teams, culminating in a repeat client of ours acquiring the properties and Greystone being able to provide the acquisition financing with Cushman & Wakefield advising on the sale,” said Mr. Sacks. “In today’s market, with high volatility, it’s gratifying to provide a smooth execution for our client and to have the success of our joint venture with Cushman & Wakefield validated.”
Greystone, a leading national commercial real estate finance company, has provided a $15,486,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) loan to refinance a 252-unit multifamily property in Albany, Georgia. The financing was originated by Rob Meehan and Avrom Forman, both Managing Directors at Greystone, with Yehuda Heller of Seven Stone Capital acting as correspondent.
Constructed in 1987, 509 North Apartments in Dougherty County is a garden-style apartment community with 14 buildings featuring one- and two-bedroom units. The property’s amenities include a clubhouse, laundry facilities, four swimming pools, a dog park along with tennis and volleyball courts. The $15.9 million non-recourse, fixed-rate Fannie Mae loan features a seven-year term and 30-year amortization.
“We know that borrowers have a choice and deeply appreciate when they come to Greystone for our expert guidance in uncovering the right financing for their unique needs,” said Mr. Meehan. “Our deep expertise in the multifamily sector and extensive lending platform means that we bring the right tools to the table for any loan transaction.”
“Greystone’s reputation for being the best in the business is well-deserved – not only did our team possess incredible technical acumen and market savvy but their attention to detail and client service was remarkable,” said Mr. Leon Shweky, principal of the borrower. “Even in today’s market, Greystone put together a financing solution that sets us up for long-term success for an outcome that was even better than we had anticipated.”
Fannie Mae Alumnus Brings Deep Multifamily, Student Housing, and Structured Finance Expertise to Greystone’s Lending Platform
Greystone, a leading national commercial real estate finance company, announced that William “Bill” Iacobucci has joined the firm as a Senior Director, Real Estate Lending. In this role, he will leverage his experience as former co-head of Fannie Mae’s Student Housing Finance Team and Structured Finance to lead Greystone’s lending efforts in these areas. Based in Atlanta, Mr. Iacobucci reports to Senior Managing Directors Charlie Mentzer and Brad Waite.
Immediately prior to joining Greystone, Mr. Iacobucci served as Fannie Mae’s Vice President of Multifamily Structured Finance where he was primarily responsible for Credit Facilities and Large Portfolio/Bulk Deliveries across the Fannie Mae Multifamily DUS® platform, developing relationships with Lenders and Borrowers, sourcing loans, and executing transactions in these areas across a $64 billion loan portfolio. He also previously served as a Senior Director – Multifamily National Account Management at Fannie Mae, as well as Director of Fannie Mae Multifamily Credit – Northeast Region.
Earlier in his career, Mr. Iacobucci was Vice President of Community Development at SunTrust Bank, where he focused on LIHTC developments and neighborhood revitalization plans. He also spent 10 years as Founder and CEO of Regency Advisors International, Inc., a multi-faceted real estate consulting firm specializing in the development of affordable housing, loan portfolio management, bankruptcy litigation and loan workout resolutions. He has also held roles at various financial institutions including Financial Federal Savings Bank as Vice President of Commercial Loan Portfolio Management and GSE Multifamily Servicing & Origination; National Bank of Commerce as Vice President & Whole Loan Trader of Commerce Investments; Freddie Mac as Regional Portfolio Manager, Southeast Multifamily Region; and, Johnstown Mortgage Company as a Senior Commercial Real Estate Loan Officer.
Mr. Iacobucci holds a Bachelor’s degree from Georgia State University and has served as a Charter Investor and Advisory Board Member of United Americas Bank (aka Banco Unidos- Atlanta, GA), a Federally chartered De-Novo Hispanic Bank; is a past inductee to the Leadership Sandy Springs, a 501c(3) corporation focusing on relationship development and outreach with key business leaders within Metropolitan Atlanta and the City of Sandy Springs; is a past Board Member of the Sandy Springs Foundation; is a past Board Member of Sandy Springs Revitalization, Inc.; and, is a past Board Member of the Atlanta Hispanic Chamber of Commerce, a 501c(3) corporation responsible for the promotion of business within the Hispanic Community and between Hispanic and non-Hispanic businesses.
“Bill is a powerhouse addition to our team, and his background is so diverse and wide-ranging, that there’s no limit to what he can contribute here at Greystone,” said Mr. Mentzer. “We are so thrilled to have his leadership and expertise on our team as we stay laser-focused on growth and driving value for our clients.”
"We are thrilled to welcome Bill to our team," said Mr. Waite. "With his decades of experience in the industry, Bill brings a wealth of knowledge and a proven track record of success. His expertise will be invaluable as we continue to innovate and drive growth, ensuring that we remain a leading lender. We look forward to the positive impact Bill will undoubtedly have on Greystone and our clients."
Greystone, a leading national commercial real estate finance company, announced it has closed a bridge loan debt placement and preferred equity component to refinance a 248-unit multifamily property located in Fort Worth, Texas. The financing, $22.9 million in total, was originated by Lance Wright, Managing Director at Greystone, with Greystone’s Thomas Wayda, Managing Director, and Dante Distefano, Analyst, handling the debt placement and Matthew Zisler, Senior Managing Director, securing the preferred equity on behalf of the client, MBP Capital Partners.
The Barcelona on Chisolm Trail is a 17-building community spanning over 10 acres of land, and includes community amenities such as a swimming pool, playground, dog park, outdoor lounge areas, business center, fitness center, and clubhouse. The property is located in one of the most retail dense areas of Fort Worth and is within a one-mile radius of 5.2 million square feet of retail space, including the Hulen Mall within walking distance.
The financing package placed by Greystone includes a $19.5 million 3-year bridge loan provided by a privately held debt fund and $3.35 million in preferred equity from Lubert-Adler Real Estate Funds.
“In working through a challenging refinancing strategy for The Barcelona property, we leaned on Greystone to help us find the right solution, and they certainly delivered in solving for our needs,” said Mike Phillips, Chief Executive Officer, MBP Capital Partners. “Greystone has the relationships a borrower needs when a financing request doesn’t fit inside the box.”
“Our Equity Services platform is a critical component to helping some borrowers get to the closing table, when traditional debt solutions might come up short,” said Mr. Zisler. “Our equity platform collaborators are eager to work with property investors to help navigate today’s higher interest rate environment, which is inhibiting loan proceeds for many.”
“By leveraging our extensive network of capital providers, Greystone’s debt placement capabilities can provide alternative financing solutions for achieving property goals, particularly in a high interest rate environment with fewer market participants. Even with a strong foundational business plan, borrowers sometimes need options, which is our mission to provide,” said Mr. Wayda.
Mr. Wright added, “It’s gratifying to provide clients with what can sometimes seem like an impossible solution, and I’m thrilled that we were able to collaborate across Greystone’s debt placement and equity services platforms to assemble an attractive financing package for MBP Capital Partners.”
Industry Veterans Apply Altruistic Mission to New LIHTC Effort
Greystone Real Estate Capital, a newly-launched, privately-controlled Low Income Housing Tax Credit (LIHTC) syndication platform led by Greg Voyentzie, has come to market to partner with investors and developers on the creation and preservation of critical affordable housing nationwide through several new proprietary and multi-investor LIHTC fund offerings.
Greystone Real Estate Capital comprises a team of LIHTC professionals who, together, bring the most comprehensive blend of industry experience that will enable them to focus on delivering tax credit syndication services with an unwavering commitment to being client-first, employing an entrepreneurial approach to business, striving for a greater community impact and furthering a culture of excellence. The team has 182 years of combined LIHTC industry experience, all having worked for other leading syndicators with $10 billion+ in assets under management and have come together to build a multidisciplinary platform with an altruistic mission.
“I could not be more pleased with the progress we have made. Being part of a company as passionate and committed to affordable housing as Greystone and building something we believe in has been invigorating. Not only have we assembled a top tier team, but we’ve now also completed the build-out of our production and investment management platform and are open for business,” said Greg Voyentzie, CEO of Greystone Real Estate Capital. “Our collective experience has allowed us to build something special and we are committed to the business now more than ever. We are excited to meet with investors over the coming months to explain our syndication business strategy and unique value proposition.”
A critical component to Greystone Real Estate Capital’s affordable housing syndicator mission is giving back to the communities in which they serve. In addition to making a marked impact on affordable housing production nationwide, their goal is to facilitate and provide property-specific resident programming and services that support financial security, empowerment, economic mobility and health and wellness.
Greystone, a leading national commercial real estate finance company, provided a $6,110,000 Freddie Mac Optigo® Targeted Affordable Housing (TAH) loan to finance two permanent supportive living properties in New York City’s Harlem neighborhood. The financing was originated by Avi Lifshitz, a loan originator at Greystone, on behalf of David Levitan of Liberty One Group.
The multifamily shelters, located on West 133rd Street and operated by non-profit Urban Resource Institute in partnership with NYC’s Department of Homeless Services, are comprised of 34 individual residential units across two contiguous five-story walk-up buildings. The unit mix includes studio, one-, and two-bedroom units, and all units contain private bathrooms and kitchens.
“Greystone aims to not only be a leading provider of financing for affordable housing, but to be active experts in all areas of mission-driven housing and the various ways it can be both supported and created,” said Steve Rosenberg, founder and CEO of Greystone. “We appreciate the close collaboration with Freddie Mac, which absolutely aligns with our mission to help secure much-needed quality housing for individuals across New York City and beyond.”
“As a core element of our mission and Equitable Housing Finance Plan, Freddie Mac works to help advance equity, affordability and sustainability for families in traditionally underserved communities,” said Peter Lillestolen, Vice President, Multifamily Production & Sales, Targeted Affordable Housing. “Permanent Supportive Housing is a critical solution for a vulnerable population, and we are proud to be part of creative, intentional partnerships like this one, where we can come together to bring supportive living communities to life.”
