Greystone, a leading national commercial real estate finance company, has provided a $14,565,400 Fannie Mae Delegated Underwriting & Servicing (DUS®) loan for the acquisition of a 144-unit multifamily property in Savannah, Georgia. The financing was originated by Carter King, Director at Greystone, and sale arranged by Nelson Abels, Taylor Bird, Laura Aylor, and Austin Weathington of Cushman & Wakefield’s Sunbelt Multifamily Advisory Group.

Constructed in 2004, Bradley Pointe Apartments in Chatham County is a garden-style community offering one-, two-, three- and four-bedroom units. This value-add opportunity is well situated in the Georgetown submarket with true barriers to entry and lack of supply. The property will benefit from 17k new jobs coming to the market poised for future growth. The $14,565,400 non-recourse, fixed-rate loan features interest-only payments for its entire 10-year term.

“In collaboration with Cushman & Wakefield, our goal is to ensure that our clients have peace of mind about securing the financing the properties in their portfolios need, so we work tirelessly to help them achieve their goals,” said Mr. King.

Greystone, a leading national commercial real estate finance company, has provided a $15,080,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) loan to refinance a 68-unit multifamily property in Hayward, California. The financing was originated by Tim Thompson, Director at Greystone, on behalf of WSB University Village LLC.

Constructed in 1964, University Village in Alameda County is a garden-style apartment community offering one- and two-bedroom units as well as on-site parking, laundry facilities and a fitness center. The $15,080,000 non-recourse, fixed-rate loan features a 10-year term with five years of interest-only payments. In addition to refinancing, the loan proceeds will enable the borrower to continue with ongoing property maintenance.

“Early rate locking this loan helped to increase the proceeds by 5% during underwriting as rent collections increased,” Mr. Thompson explained. “This is a clear benefit to the borrower, being able to take advantage of a dip in the treasury market and remove interest rate risk to maximize the loan amount.”

“Clients trust Greystone to provide the right solutions for their unique circumstances, thanks to our deep multifamily expertise and extensive lending platform,” Mr. Thompson added. “Our goal is to delight clients at every stage of a transaction by raising the bar on service excellence and execution on each project.”

“Our Greystone team enabled us to quickly secure the long-term financing we needed because of their incredible expertise and focused attention to the details of our project,” said Mr. Michael Ruder, principal of the borrower. “We’ve been at this for quite some time and are deeply impressed with the caliber of Greystone – we look forward to working with them again on future projects.”

Greystone, a leading national commercial real estate finance company, has provided a $21,555,000 Fannie Mae Multifamily Affordable Housing (MAH) loan to refinance a 101-unit affordable housing property in Carteret, New Jersey. The financing was originated by Ryan Harkins, a Director at Greystone, on behalf of Tryko Partners, a repeat Greystone client.

Roosevelt Village Apartments in Middlesex County is a 10-building, income and rent-restricted community situated on 5.1674-acres. Constructed in 1969, the property offers one-, two- and three-bedroom townhome-style units, and includes amenities such as on-site parking, playground and a laundry facility. The $21,555,000 non-recourse, fixed-rate financing features a 10-year term and 35-year amortization, with seven years of interest-only payments. In addition to refinancing, loan proceeds enable the borrower to monetize a portion of their equity in the property.

“This was a pretty seamless execution in what continues to be a challenging lending environment,” said Mr. Harkins. “Having the opportunity to pair up with a best-in-class borrower like Tryko and deliver efficient results in this market is what sets Greystone apart from our peers. Our deep lending platform and extensive multifamily expertise mean we are uniquely equipped to help clients realize the vision they have for every property in their portfolio.”

“Given the challenging lending environment with which we are all now confronted, we are happy that the team at Greystone enabled us to refinance Roosevelt Apartments and continue to preserve affordable housing for our residents,” said Mr. Isaac Sassoon, of Tryko Partners.

Greystone’s FY2023 Volume for Multifamily and Healthcare Loan Firm Commitments Totaled $1.9 Billion

Greystone, a leading national commercial real estate finance firm, announced it ranks #1 based on dollar volume of multifamily and healthcare Firm Commitments issued by the U.S. Department of Housing and Urban Development (HUD) for the agency’s 2023 fiscal year ending September 30, 2023*. During this period, Greystone originated and obtained Firm Commitments for 87 multifamily and healthcare facility HUD-insured loans totaling $1.9 billion, representing 14.5% of firm commitments issued by HUD.

Greystone received firm commitments for 49 multifamily properties totaling $1.3 billion and 38 healthcare properties totaling $673 million during HUD’s most recent fiscal year.

“Market conditions were drastically different this year, particularly with rising rates creating a challenging environment for borrowers,” said Nikhil Kanodia, head of Greystone’s FHA lending group. “What has been consistent year over year is the unwavering commitment of HUD to provide liquidity to multifamily and healthcare owners and our team to provide an unmatched lending experience for clients. HUD has been and remains an excellent long-term debt option, and we are thrilled to be at the top of the industry once again.”

STAMFORD, Conn - Cushman & Wakefield announced today that the real estate services firm served as the exclusive advisor to the ownership group in the procurement of a combined $223,869,000 for the refinancing of the Harbor Point portfolio, a four-building, 989-unit multifamily portfolio located at 301 Commons Park South, 111 Towne Street, 110 Towne Street and 120 Towne Street in Stamford, Connecticut. The Freddie Mac financing was provided by Greystone.

Cushman & Wakefield’s Equity, Debt & Structured Finance team of John Alascio, Alex Hernandez, Alex Lapidus and Chris Meloni, with assistance from the firm’s Capital Markets team of Niko Nikolaou and Ryan Dowd in coordination with Brian Whitmer, represented the borrower in the transaction. Greystone’s Judah Rosenberg originated the four loans, all seven-year fixed-rate Freddie Mac mortgages with 35-year amortization periods.

“We are thrilled to have successfully arranged the financing for the Harbor Point Portfolio, featuring four prestigious Class A multifamily properties situated in Stamford's coveted South End,” said Alascio. “The portfolio redefines luxury living with a host of top-tier amenities and strategic location within a ten-minute walk from the Stamford Transportation Station.”

“We were able to take advantage of an early index lock in order to achieve a lower interest rate, a true benefit in today’s rising rate environment,” added Rosenberg.

The portfolio consists of a mix of studio, one-bedroom, two-bedroom and three-bedroom units ranging from 544 square feet to 1,429 square feet. Each building features tenant parking, resort-style pools, a clubroom with a kitchen and multiple lounges, a fitness center, controlled building access, resident concierge, gaming tables, on-site management and an affordability component.

The portfolio is located within a ten-minute walk from the Stamford Transportation Center, servicing the Metro-North and Amtrak trains allowing convenient access to and from Manhattan. The properties are in proximity to Interstate 95 and the Stamford CBD.

Photos of the portfolio can be downloaded here.

Greystone, a leading national commercial real estate finance company, has provided a $15 million HUD 207/223(f) loan to refinance a 94-unit multifamily property in Stamford, Connecticut. The financing was originated by Lori DiMartino, Vice President at Greystone.

100 Prospect Street, originally constructed between 1977 and 1981 as two adjacent office towers, was converted to residential use in 2008. The property offers common area amenities such as an exercise room, community room and roof terrace. The Stamford market population and number of households is projected to exhibit growth through 2027, according to Novogradac research, indicating long-term strength for multifamily demand in this area.

The new HUD-insured financing, which is a permanent exit from an existing bridge loan utilized for acquisition of the property, includes a 35-year fixed-rate term.

“HUD-insured financing is an excellent choice for multifamily investors to consider in today’s rising interest rate environment, with its lower, fixed rates and flexible options for interest rate reductions down the road if rates fall,” said Ms. DiMartino.