Greystone, a leading national commercial real estate finance company, has provided forward commitments for two loans, a $12.361 Freddie Mac 4% LIHTC Tax Exempt Loan and a $2.712 million 9% LIHTC loan, for the development of a 165-unit affordable housing property in Baltimore, MD. The transaction, which is leveraging both 4% and 9% tax credits to finance the development of the property, was originated by Pharrah Jackson-Rowell, Vice President, Greystone in partnership with Bank of America as construction lender, and on behalf of Conifer Realty, LLC, the developer.
Cold Spring Lane is a planned new development located at 3205 West Cold Spring Lane in Baltimore, MD. The property will contain 67 one-bedroom units, 57 two-bedroom units, and 41 three-bedroom units. Situated in Park Heights, the new property will be fully transit-oriented, located one block away from the Cold Spring Metro Station.
The construction is being financed by a construction loan from Bank of America, subordinate debt and grants from Community Development Association / Rental Housing Works, Baltimore Regional Neighborhood Initiative Program (BRNI), Project C.O.R.E Grant, and tax credit equity. The forward commitments from Freddie Mac comprise a 36-month period with a 17-year permanent loan term and 35-year amortization.
“We are thrilled to have partnered with Conifer to structure innovative financing for their exciting new affordable housing project in Baltimore,” said Mrs. Jackson-Rowell. “This is an area that is in desperate need of new, quality affordable housing, and Conifer’s commitment to that mission is clear. Bravo to the entire team, including my colleague Chris Wimmer, an integral underwriter on the transaction.”
“Greystone has been a trusted guide in this process, and their expertise on tax credits and affordable housing is second to none,” said Brian Ivy, Vice President, Finance, Conifer Realty LLC. “The team has an exceptional grasp on both financing and market dynamics. We look forward to working together again.”
Greystone, a leading national commercial real estate finance firm, announced that AJ Walker has joined as a Managing Director in Chicago, IL. In this role, Mr. Walker will focus on the origination of commercial real estate loans across the U.S. Mr. Walker reports to Rich Highfield, Head of CMBS at Greystone.
Prior to joining Greystone, Mr. Walker was a Director at Wells Fargo where he led the firm’s real estate capital markets origination efforts across the Midwest. Mr. Walker oversaw the origination and underwriting efforts for the Midwest for the past eight years. Prior to this role, Mr. Walker held multiple other positions within Wells Fargo, including as a manager in its CMBS Portfolio Surveillance group, serving as co-lead in Wells Fargo’s CMBS table funding group, as well as previous work in its CMBS securitization group. Mr. Walker earned a Bachelor of Arts degree in Economics from Boston College, where he played on the 2001 national championship men’s ice hockey team.
“I am thrilled to join the Greystone team and have access to the complete platform of products including CMBS, bridge, agency and mezzanine financing,” said Mr. Walker. “Greystone has a first-class reputation in the real estate finance community and a full suite of loan products that I look forward to bringing to my clients for a broad range of financial solutions to navigate today's market challenges.”
“AJ’s diligence in deal making and his ability to maintain strong relationships with clients will be a valued asset to the firm as we continue to expand our CMBS platform,” said Mr. Highfield.
Greystone, a leading national commercial real estate finance company, has provided $10,800,000 in HUD 223(f) financing to refinance a 200-unit affordable housing community in Saginaw Township, Michigan. The transaction was originated by Lisa M. Fischman, Managing Director in Greystone’s New York office on behalf of The Altman Companies, a repeat Greystone client.
Constructed in 1980, Lakeside Village Apartments in Saginaw County consists of one mid-rise elevator building and townhomes with one-, two-, and three-bedroom units. The $10,800,000 HUD-insured loan carries a 35-year term and amortization along with a low, fixed rate. The property qualifies for a lower annual Mortgage Insurance Premium (MIP) of 0.25% because it is rent-restricted. In addition to refinancing, loan proceeds enable the borrower to continue with ongoing property maintenance.
“Our deep multifamily lending platform and FHA expertise means that our clients can get the financing they need to provide quality housing for communities across the country,” said Ms. Fischman. “Our clients trust Greystone as a true partner because we provide the right solutions and exceed their service expectations on every transaction.”
“We rely on Greystone because we know that no one else will work more creatively or tirelessly on our behalf to achieve our desired outcome, as has been proven over and over again,” said Mr. Joel L. Altman, principal of the borrower. “We’ve been in this industry for a long time and can say with confidence that Greystone’s extensive experience and passion for affordable housing makes them truly best-in-class when it comes to multifamily finance.”
Greystone, a leading national commercial real estate finance company, has provided a total of $59,670,000 in Fannie Mae Delegated Underwriting & Servicing (DUS®) financing for the acquisition of a 488-unit multifamily property in Oxon Hill, Maryland. The financing was originated by Eric Rosenstock and Dan Sacks, Managing Directors in Greystone’s New York office.
Constructed in 1963, Oaks at Park South in Prince George’s County consists of 26 garden-style buildings with one-, two- and three-bedroom units. The $60 million non-recourse, structured adjustable rate mortgage (SARM) loan carries a 10-year term and 30-year amortization along with 10 years of interest-only payments. The loan also qualifies for Fannie Mae Multifamily Green Rewards financing program, following the completion of energy and water conversion measures.
“There is no greater compliment than when clients return to Greystone for help in managing their multifamily portfolios,” said Mr. Rosenstock. “Our extensive lending platform and our longstanding commitment to multifamily mean we are willing to be creative, tap into deep resources and find solutions where others cannot.”
“We trust the experts at Greystone to address the financing needs of our growing portfolio of properties,” said Mr. Josh Fink of Quantum Equities, a longtime client of Greystone. “They are a true partner that understands our vision and works tirelessly for us on each transaction, handling our properties as if they were their own.”
Greystone affiliate, America First Multifamily Investors, L.P. (NASDAQ: ATAX) (“ATAX”), today announced that Brett Southworth has joined the firm as a Managing Director. Bringing approximately 20 years of experience in tax-exempt bond financing, Mr. Southworth will focus on structuring transactions for clients in the seniors housing and healthcare sectors utilizing municipal bond financing and Greystone’s broad suite of debt solutions.
Mr. Southworth joins ATAX from Wells Fargo, where he served as Managing Director, Public Finance, Healthcare and Senior Living for three years working with clients on capital markets solutions. Prior to joining Wells Fargo, Mr. Southworth spent almost two decades at Bank of America, most recently as a Director in Public Finance Healthcare and Senior Living. During his career he has executed debt financing for U.S. healthcare and senior living borrowers, including rated and non-rated transactions, with an aggregate par amount in excess of $15 billion. His experience includes the origination and execution of both tax-exempt and taxable bond financings, bank placements, bridge loans, subordinated debt, issuer repurchases, derivatives and other financing products.
Mr. Southworth earned a Bachelor’s degree from the University of North Carolina, Chapel Hill, and an MBA from Columbia Business School in New York City.
“Brett’s extensive bond financing expertise and deep relationships across the seniors housing and healthcare sectors will be an asset to the ATAX platform as we continue to expand our investments into financing for new and substantially rehabbed seniors housing and skilled nursing facilities,” said Ken Rogozinski, CEO of ATAX. “It’s exciting for us to expand our lending product offerings from multifamily to the seniors and healthcare space, and we are thrilled to have Brett helping to lead the way.”
Safe Harbor Statement
Information contained in this press release contains “forward-looking statements,” which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include, but are not limited to, risks involving current maturities of our financing arrangements and our ability to renew or refinance such maturities, fluctuations in short-term interest rates, collateral valuations, mortgage revenue bond investment valuations and overall economic and credit market conditions. For a further list and description of such risks, see the reports and other filings made by ATAX with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2021 and its Quarterly Report on Form 10-Q for the period ended June 30, 2022. ATAX disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Greystone, a leading national commercial real estate finance company, has provided a $22.6 million Fannie Mae Delegated Underwriting & Servicing (DUS®) loan to refinance a 262-unit multifamily property in Bryan, Texas. The financing was originated by Dan Sacks and Harrison Drucker in Greystone’s New York office, on behalf of a Texas-based developer.
Constructed in 2011, 21 Gramercy Park in Brazos County is a garden-style apartment community consisting of 21 buildings with one-, two- and three-bedroom units. The $22,607,000 non-recourse, fixed-rate financing carries a 10-year term and 30-year amortization, with full-term interest-only payments. In addition to refinancing, loan proceeds enable the borrower to continue with capital improvements and monetize a portion of the equity in the property.
“We’re thrilled that our extensive multifamily expertise, including our nationally recognized Agency lending platform, helps clients find financing solutions that are right for their property’s circumstances,” said Mr. Sacks. “Our goal is to provide clients a superior experience by executing seamlessly on every transaction.”
“It was a pleasure working with this sponsor and delivering a seamless execution in a turbulent market. We were able to secure a full-term interest-only loan and rate lock in under two weeks, which was key to meeting our client’s timeframe,” said Mr. Drucker.
