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.”
Greystone, a leading national commercial real estate finance company, announced that its Low Income Housing Tax Credit (LIHTC) syndication platform, Greystone Real Estate Capital, has added Jay Reed as an Assistant Vice President, Tax Credit Underwriter. In this role, he is responsible for the underwriting, financial modeling and closing of LIHTC investments, reporting to Spencer Gordon, Vice President, Director of Credit & Underwriting.
Prior to joining Greystone, Mr. Reed served as Assistant Vice President, Tax Credit Underwriter at PNC Bank, N.A., where he was responsible for managing the underwriting process and recommending credit decisions for equity and debt investments in affordable housing investments eligible for LIHTC’s and Historic Tax Credits. During his eight-year tenure at PNC, he was directly involved in closing more than $450 million of institutional equity and $275 million in debt products that supported LIHTC developments on a nationwide basis. Mr. Reed holds a Bachelor of Science in Financial Economics and a Bachelor of Arts in History from Centre College.
“As we prepare to come to market with opportunities for investors, and help developers realize their visions for affordable housing, we are building a team with core strength to help execute on our core values and promises,” said Ms. Sarah Laubinger, Chief Operating Officer of Greystone Real Estate Capital. “Jay’s underwriting experience will be an invaluable asset to the group as we work to quickly establish Greystone Real Estate Capital as the most respected and preferred provider of LIHTC, preservation and workforce housing equity in the country.”
“We are thrilled to welcome Jay to our team as we prepare to demonstrate the excellence and strength of Greystone Real Estate Capital to the affordable housing market. His expertise, work ethic, and core values elevate our collective efforts, and we look forward to providing top-tier and customized service to our esteemed developer and investor clients,” added Mr. Gordon.
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 two-property multifamily portfolio totaling 153 units in Johnson City, Tennessee.
The Fannie Mae Delegated Underwriting & Servicing (DUS®) Green loans were originated by Judah Rosenberg, Zane Teslik and Jack Hudak of Greystone on behalf of Jeremy Rieder of Onyx Partners, with Tyler Mayo from Cushman & Wakefield representing the seller in the transaction.
Each of the non-recourse, fixed rate financings in the portfolio carry a five-year term and thirty-year amortization schedule, with interest-only payments for the first three years.
“We are thrilled that our client came back to Greystone to find the right financing for the newest additions to their growing portfolio,” said Mr. Rosenberg, Vice President at Greystone. “When it comes to navigating the multifamily lending process, our extensive expertise, creativity and deep lending platform means we can craft solutions that set our clients up for long-term success in any market.”
“Through our close partnership with Greystone, we’re able to provide a high level of confidence to our clients that reduces or eliminates any financing concerns,” said Mr. Mayo, Managing Director at Cushman & Wakefield. “This transaction is a prime example of the benefits of collaborating with the Greystone team which ultimately produced a successful outcome for all parties involved.”
Greystone, a leading national commercial real estate finance company, announced that its Low Income Housing Tax Credit (LIHTC) syndication platform, Greystone Real Estate Capital, has added Michael Boyle as a Senior Vice President, Acquisitions & Institutional Investments. In this role, he will leverage his 20 years of LIHTC experience to support the growth of Greystone Real Estate Capital and help to create a forward-thinking strategy to affordable housing finance.
Prior to joining Greystone, Mr. Boyle served as Senior Vice President at CREA, LLC for nine years where he was responsible for identifying, structuring, and closing LIHTC investment opportunities nationwide. Mr. Boyle was part of a leadership team which grew the company’s syndication activity from just over $400 million to nearly $1.4 billion annually. Throughout his career he has been directly involved in closing more than $1 billion of institutional client equity in more than 150 transactions nationally. Prior to CREA, Mr. Boyle held similar roles with nationally recognized financial services companies, including Raymond James, with a focus on multifamily affordable housing equity and debt.
Mr. Boyle earned an MBA from the University of Notre Dame, a Bachelor’s degree in Finance from the University of South Florida, and proudly served in the U.S. Army.
“The opportunity to help build a ground-up LIHTC platform in today’s evolving and challenging economy is compelling, and the Greystone Real Estate Capital team is emerging as an industry-leading effort built on the best talent and resources in the affordable sector. I’m honored to be among them, and look forward to the impact we’ll make together,” said Mr. Boyle.
“We are just so pleased to welcome Mike. His sincerity and values are as important to him as they are to us and why we know working together on the same side after competing for so many years presents a very special opportunity for all of us. Our team’s vision is to establish Greystone Real Estate Capital as the most respected and preferred provider of LIHTC, preservation, and workforce housing equity in the country,” said Ms. Sarah Laubinger, Chief Operating Officer of Greystone Real Estate Capital and to whom Mr. Boyle reports.
Ms. Laubinger added, “Our approach to financing affordable housing will be different than our competitors because our team is built on a set of shared values and prides itself on innovation, offers unmatched, wide-ranging affordable experience, and is supported by Greystone’s philanthropic and innovative culture. Further, with the foundation of Greystone’s leading position in affordable housing for FHA and Agency lending, the sky is the limit for us to channel our collective commitment to integrity, excellence and long-term partnerships while raising the bar and amplifying the positive impact on the communities we finance nationwide.”
Greystone Monticello, a bridge lending program serving as a one-stop shop provider of capital finance products and services for the multifamily and senior housing sectors, has closed a $16,670,000 bridge loan for the acquisition of a seniors housing property in Illinois. The financing was originated by Karina Davydov, a Managing Director for Greystone Monticello.
The property comprises independent living, assisted living and memory care units. The bridge financing closed by Greystone Monticello carries a two-year term with two six-month extensions.
“We are excited to deepen our relationship with a top-notch regional operator as it expands its footprint in the Midwest market,” said Ms. Davydov. “Greystone Monticello prides itself on its ability to provide custom solutions in the ever-evolving capital markets. Another successful execution by the team is a testament to our efficiency, sophistication, and commitment to our clients.”
“The Greystone Monticello bridge platform is certainly ideal for seniors housing operators looking to transact during times of transition in the market, and we look to exceed their expectations over the long term,” added Joseph Borenstein, head of the healthcare sales desk at Greystone Monticello.
