Former Parking Garage to be Reimagined as a 200-Unit Residential Community via HUD Construction Loan
Greystone, a real estate lending, investment and advisory company, today announced it has provided $36,549,800 in FHA-insured financing for the construction of Residences at Mid-town Park Apartments, a mixed-use development project in Wilmington, Delaware. Donny Rosenberg originated the loan on behalf of Buccini/Pollin Group, who broke ground on the project in June 2016.
The Residences at Mid-town Park is a mixed-use new construction, Class A elevator apartment complex located in the downtown business area that will contain 200 market rate units and 12,751 square feet of retail space on the first floor. The project will also have a 511-space underground parking garage with five levels, of which 150 spaces on the upper-most levels will be part of the subject property. The remaining 361 spaces on the lower levels will be set aside for public parking.
The Residences at Mid-town Park will consist of two separate apartment buildings, a four-story and nine-story, connected by a skybridge on the second level, with a pedestrian-oriented plaza on the ground level. Amenities will include a swimming pool; fitness center; business center; clubhouse with movie screening room; and courtyard with grilling stations. The FHA-insured financing provided by Greystone applies only to the residential and retail portion of the project. While the 150 parking spaces are part of the collateral for HUD, their construction is not being funded with the HUD loan.
Because of the complexity of this development and its various uses, Greystone worked closely with HUD to structure a financing package that satisfied all required criteria for the multifamily component while providing favorable terms for Buccini/Pollin Group to complete the entire mixed-use project. HUD’s 221(d)(4) product enables substantial rehab or construction of multifamily projects with long-term, fixed, low-rate financing.
"The Buccini/Pollin Group is a true visionary developer and Residences at Mid-town Park will be a real watershed for the revitalization of Wilmington’s central business district,” said Mordecai Rosenberg, head of FHA lending at Greystone. “This project will not only help meet Wilmington’s demand for high-end affordable housing, but will also provide the additional parking that is desperately needed in order to foster the continued growth of small businesses in this burgeoning neighborhood.”
“The vision for Mid-town Park would not have been possible without Greystone’s expertise in HUD financing and the support of all of our local partners, and we are thrilled to move forward with this integral project for Wilmington,” said Robert Buccini, Co-President of the Buccini/Pollin Group.
Greystone, a real estate lending, investment and advisory company, today announced it has provided $49,404,000 in Freddie Mac (OTCQB:FMCC) loans to refinance two assisted living and memory care facilities in Carmichael, CA and Denver, CO. Scott Kavel and Cary Tremper, Managing Directors at Greystone, originated the separate loans.
A $25,154,000 Freddie Mac Seniors loan was provided to Oakmont Senior Living LLC for Oakmont of Carmichael – the 71-unit AL/MC community in Carmichael, CA – and carries a 10-year fixed-rate term with a 30-year amortization. The property is newly constructed and is comprised of a 2-story building located on 2.38 acres. Amenities include a theater room, game room, beauty salon/barber shop and a landscaped interior courtyard with patio.
A separate $24,250,000 Freddie Mac Capital Markets Execution loan was provided to Spectrum Retirement Communities for HighPointe Assisted Living and Memory Care – an AL/MC community with 97 units located in Denver, CO – and carries a 7-year term and three years of interest-only. Amenities of the property include a wellness center, beauty/barber salon, theater, garden and lounges with fireplaces.
“Our sound relationship and experience with Freddie Mac and its products equipped us to provide these clients with financing solutions tailored to their needs in the seniors care industry,” said Joe Mosley, Executive Managing Director and head of Agency lending at Greystone. "We look forward to continuing our relationship with Freddie Mac and assisting our clients in meeting their future business goals.”
“Having worked with Greystone on many transactions in the seniors housing sector, they consistently exceed our expectations on service and execution,” said Joseph G. Lin, CFO, Oakmont Senior Living LLC.
“Spectrum has over a decade long history with Cary Tremper and is thrilled with the execution from both Greystone and Freddie Mac. Spectrum is proud of our HighPointe community as it serves as a nice representation of us in our hometown of Denver,” said Jeff Kraus, Managing Director, Spectrum Retirement Communities.
$7.5 Million in Fannie Mae Financing Closed in Just 24 Days
Greystone, a real estate lending, investment and advisory company, today announced it has provided a $7,500,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance 134 units in an apartment community in Raleigh, NC. The loan, provided to Forest Edge Townhomes, LLC, was originated by Dan Sacks and Elie Gabay.
The 10-year fixed rate loan for Forest Edge Townhomes includes a 30-year amortization. Forest Edge Townhomes is a fractured condominium property in which the borrower owns 134 of the 138 units.
"The loan structure of this deal represents our tenacity to develop creative financing solutions within clients’ time constraints – this one being closed in less than a month," said Joe Mosley, Executive Managing Director and head of Agency lending at Greystone. “In addition, all of the units in this community have rents affordable to renters earning 80% or less of the area median income which helps meet Fannie Mae’s goal of providing workforce housing.”
“Greystone’s expertise in Agency loans and their tenacity in executing beyond our expectation made this refinance one of our most satisfying finance experiences to date,” said Josh Lapides, Managing Member, Forest Edge Townhomes, LLC.
Greystone, a real estate lending, investment and advisory company, announced that Avrom Forman has joined as Director of Sales Strategy. In this newly created role, Mr. Forman will serve as a strategic advisor to the FHA origination team, reporting directly to Mordecai Rosenberg, head of Greystone’s FHA lending group.
Mr. Forman was most recently Chief Executive Officer at Eastern Union Funding, a leading national commercial real estate mortgage brokerage based in New York, where for the past two years, he focused on formalizing a sales structure and helped to increase deal volume from $2.3 billion to over $3 billion for two years in a row. Prior to Eastern Union Funding, Mr. Forman served as both Chief Operating Officer and SVP, Corporate & External Affairs at Vivaro Corporation, a telecommunications company, where he led implementation of operational efficiencies and processes.
“Greystone has set ambitious goals for itself over the coming years. We are not just interested in increasing our production levels – we are looking to totally transform the traditional borrower experience. We want to be poised to provide an unparalleled level of service to our customers and Avrom’s holistic and hands-on approach to sales will be critical in meeting that objective,” said Mr. Rosenberg. “My hope is that Avrom will help us realize the goal of Greystone being the easiest lender in the country to work with, and the easiest lender in the country to work for,” he added.
“Our industry moves at light speed, and my vision for Greystone’s origination team is to become a scalable, highly adaptable salesforce that can create – and execute on – the right financing solution at the right time for existing and new clients,” said Mr. Forman.
Mr. Forman added, “As product integration becomes a unifying pillar here at Greystone, with the focus being on what best serves the client, we will be able to amplify our reputation of stellar service and reliable executions.”
Greystone, a real estate lending, investment, and advisory company, announced its Real Estate Advisors group has added a senior team from Denver-based Cambridge Housing Partners. The team specializes in the acquisition and preservation of Low Income Housing Tax Credit and Project‐Based Section 8 communities nationwide, bringing a combined 50 years of experience in successful affordable housing redevelopment activity across more than 25 states. The group’s experience includes managing all aspects of highly complex affordable housing transactions including originations, underwriting, project finance, property management, compliance, financial reporting, construction and resident services.
David P. Garcia, previously Managing Director of CHP, along with former principals Jeff Dean and Zach Chenault, join Aaron Hargrove and Eric Taylor of Greystone, two leading affordable housing investment sales advisors. The addition of Garcia and his team enables Greystone to amplify its industry relationships and acquisitions expertise in complex programs such as 4% LIHTC and tax-exempt bonds; 9% LIHTCs; project-based-Section 8 subsidies; AHP funds; CDBG/HOME funds, state tax credits; S&P rated 501(c)(3) bonds; and direct placement 501(c)(3) bonds, as well as multiple types of credit-enhancements and conventional financing products. Throughout their careers, Garcia, Dean, and Chenault have acquired and developed more than 100 properties totaling 13,000+ units with a value in excess of $1 Billion.
“David and his team have spent the past 15 years acquiring and redeveloping affordable housing from the principal side, optimizing financial structures and analyzing the available subsidies that are necessary to make affordable housing viable. Their experience and the way they view affordable transactions matches that of the top affordable buyers in the country,” said Hargrove, a Managing Director of Greystone’s Real Estate Advisors’ Affordable Housing Advisory Group. “Greystone will now be unique among affordable housing advisory groups by offering crossover expertise in LIHTC and Section 8, in addition to the ability to underwrite transactions as expertly as its buyer pool would,” he added.
“Bringing the former CHP team on board enables us to provide our clients with advisory capabilities that until now only the most sophisticated affordable buyers could provide for themselves in-house,” said Taylor, also a Managing Director of Greystone Real Estate Advisors’ Affordable Housing Advisory Group.
Greystone’s Affordable Housing Advisory Group now has a team with 65 collective years of industry-specific experience and a successful track record of transacting 250+ properties totaling 50,000+ units in 25+ states nationwide. Combined with Greystone’s industry-leading financing and servicing platform, this specialized affordable team is able to provide custom-tailored solutions in disciplines ranging from Investment Acquisitions, Dispositions, Debt Placement, Mortgage Banking, Servicing, to Private Equity alternatives.
“By assembling such a deep and experienced team, Greystone has demonstrated its commitment to becoming the leading affordable housing investment sales and advisory team in the nation. We are prepared to handle the scale and unique expertise that this sector demands,” said Greystone Real Estate Advisors President, Jim McDevitt.
Greystone, a New York-based real estate development, lending and advisory company, announced the closing of $28.25 million in financing for the construction of 1501 SW 37th Avenue, a mixed-use apartment tower in Miami. The project lies on an approximately 34,000 square foot (net) lot that will be developed into approximately 91,000 square feet of residential and 6,500 square feet (net) of ground-floor retail space.
The $28.25 million in financing consists of a $22 million construction loan from Fifth Third Bank and a $6.25 million mezzanine loan provided by Terra Capital Partners.
“While the financing market has chilled considerably for ground-up construction in Miami, it was refreshing to find capital sources like Fifth Third Bank and Terra that made the effort to understand our project,” said Jeff Baevsky, Senior Managing Director of Greystone. “The reality is that while there may be some shadow inventory concern, there are few, well located, purpose built rental apartment buildings in the Miami MSA. We successfully built and sold a very similar project, The Mile, in the Coral Gables submarket and remain bullish.”
1501 SW 37th Avenue, a ground-up 14-story building designed by Borges and Associates, will include 100 residences with one- and two-bedroom apartments. All units are anticipated to have private balconies, with two townhouse-style units boasting rooftop terraces. Amenities will include an outdoor pool and spa, club room, business center and a fully equipped, 24-hour fitness center. The property is ideally situated within walking distance to Downtown Coral Gables and Miracle Mile. 1501 SW 37th Avenue is slated for completion in the first quarter of 2018.
“This is a beautifully designed and well-conceived project breaking ground just as another nearby Greystone project was successfully sold proving Greystone’s capabilities and market acceptance” noted Dan Hartman, Managing Director of Terra Capital Partners. “We are very pleased to be partners with a top quality developer such as Greystone and look forward to future opportunities.”
Greystone also is currently developing 2500 Biscayne Boulevard, a 20-story luxury apartment complex with street level retail located near Biscayne Bay. 2500 Biscayne was acquired by Greystone in May 2014 as a 45,365 square foot (1.04 acre) parcel of land in the Edgewater district of Miami. The project is currently being developed into a 156-unit mixed-use property boasting 11,000 square feet of street-level retail.
