Greystone, a leading national commercial real estate lending, investment, and advisory company, has provided a $16.5 million Freddie Mac Program Plus loan for the acquisition of a 100-unit senior living community in New Jersey. The loan was originated by John Williams and Ephraim Kantor in Greystone’s New York office, on behalf of the buyer, Sela Realty, with Adam Zweibel, senior vice president of Gebroe-Hammer as broker.

The $16,500,000 Freddie Mac loan carries a 10-year term and 30-year amortization, with a low, fixed interest rate and interest-only payments for the first five years.

Built in 2009, Waterside Villas is a three-story community offering spacious studio, one- and two-bedroom units with modern amenities to adults 55 and over in the Concordia neighborhood of Monroe Township, New Jersey. Residents enjoy 24-hour building security, in-unit laundry, complimentary continental breakfast and housekeeping, as well as access to a state-of-the-art fitness center, business center and concierge service. The property is located near Princeton and other historic communities offering a wide range of retail, dining and entertainment options. Its prime location midway between New York City and Philadelphia offers residents easy access to the New Jersey Turnpike and other major highways and thoroughfares.

“Timing is of the essence while completing a 1031 exchange, and we’re pleased we were able to place this permanent acquisition debt at favorable terms, so they can make strategic investments in other parts of their portfolio,” said Mr. Kantor. “Waterside Villas exemplifies a trend in lifestyle choices being made by active Baby Boomers in this region, and our team moved quickly to deliver the right financing for this property in one of the best performing markets in New Jersey.”

“We are thrilled to have worked side-by-side with the Greystone team to close this transaction quickly. Waterside represents an attractive multifamily investment opportunity,” said buyer Tal Steinberg. “As we expand our portfolio of age-restricted communities to meet the growing demand of aging Baby Boomers, we will rely on Greystone for financing on future transactions.”

Greystone, a leading commercial real estate lending, investment, and advisory firm, today announced the closing of a $178,000,000 permanent loan made to a joint-venture between affiliates of Rose Associates and Benenson Capital Partners to refinance Hoyt & Horn, a brand new 26-story, 368-unit “80/20” mixed-income multifamily rental apartment located at 210 Livingston Street in Downtown Brooklyn. The 15-year fixed-rate loan was originated by Wells Fargo Multifamily Capital and structured as a direct purchase of tax-exempt and taxable bonds issued through the New York State Housing Finance Agency’s (“HFA”) “80/20” Housing Program (“HFA”) with secondary market credit enhancement. The new permanent loan replaces the original $158 million construction facility provided by J.P. Morgan and Suntrust Bank.

Hoyt & Horn was built in 2018. It features beautifully appointed modern designs with oversized windows and an extensive amenity package that includes a 24-hour attended lobby, bicycle storage, outdoor decks, a state-of-the-art fitness center, golf simulator, game room, and parking. Hoyt & Horn’s Downtown Brooklyn location has superb transportation accessibility, and it is near world-class entertainment centers, top-notch dining, and a variety of retail. The Brooklyn Academy of Music (“BAM”), City Point, Whole Foods, Apple, Atlantic Terminal and the Barclays Center are all within a short walking distance from the property.

Starbucks recently signed a 10-year lease for 2,050 square feet on the ground floor of the property with an expected open date in late 2019. The Sponsors are currently marketing additional Class A retail space, including 7,500 square feet along Livingston Street and 3,600 square feet on Schermerhorn Street.

Greystone Capital Advisors, led by President Drew Fletcher, served as exclusive advisor on the transaction, with support from Managing Director Matthew Klauer and Associate Bryan Grover. “Rose Associates and Benenson are two of the most highly respected and successful real estate owners and developers in New York City and we are thrilled to have represented both firms on this transaction,” said Mr. Fletcher. “The combination of elite sponsorship, market leading design and amenities and a triple-A location in the heart of downtown Brooklyn allowed us to drive intense competition and deliver a great execution for our clients.”   

Richard Kessler, chief operating officer of Benenson Capital Partners, joined Marc Ehrlich, chief investment officer of Rose Associates, and Michele Bengelsdorf, a director at Rose Associates, collectively shared, “The Greystone team worked tirelessly and creatively to structure a loan facility that allowed us to achieve our goals without sacrificing leverage or pricing. We are impressed that they were able to accomplish this at a time when major changes to rental laws were being legislated in Albany.”

Greystone, a leading commercial real estate lending, investment, and advisory company, announced it has provided an $8,961,000 Fannie Mae loan to refinance a 113-unit property in Georgetown, TX. The transaction was originated by DJ Elefant in Greystone’s New York office on behalf of The Rail at Georgetown LLC with Jason Bartlein of Bolder Capital acting as correspondent. Dan Gillard and the team in Greystone’s Philadelphia office supported Mr. Elefant in closing the transaction.

The Fannie Mae loan carries a 10-year term with 3 years of Interest-only payments. The property, The Rail at Georgetown, is estimated to see a reduction in utility usage by 30 percent through the Green Rewards program.

The market rate community is comprised of one- and two-bedroom rental units and features on-site laundry, a playground, a pet play area, and parking. Originally acquired in 2017, the current owners have invested over $1 million in capital improvements to both the interiors and exterior of the property.

“The borrower executed on their initial game plan after acquisition and now our loan will provide them with long term stability going forward,” said Mr. Elefant. “This property’s vintage made it a perfect candidate for Green Rewards financing from Fannie Mae.”

“We thank Greystone for their guidance through the financing process, and their expertise in the many options for multifamily investors as they look to increase and optimize their real estate portfolios,” said Melissa Jones, a principal of The Rail at Georgetown LLC.

Greystone, a leading commercial real estate lending, investment, and advisory company, announced that Matt Miller has joined as a Managing Director on its Seniors Housing finance team. Based in Dallas, TX, Mr. Miller brings deep banking industry experience and client relationships in the Seniors Housing space serving independent living, Alzheimer’s care and assisted living communities.

Prior to joining Greystone, Mr. Miller was an Executive Vice President with Texas Capital Bank (TCB), where he spent the last eight years working with national and regional real estate owners and developers. While at TCB, Matt was instrumental in formalizing and growing the bank’s Seniors Housing lending initiative and contributing to an increase in the bank’s assets from $10 billion to over $25 billion. 

Previously, Mr. Miller was a Vice President at BBVA Compass and an Assistant Vice President at Guaranty Bank. Mr. Miller attended the Southern Methodist University – Cox School of Business.

“Matt’s strengths and relationships in the Seniors Housing sector, which includes some of the largest owners, operators, and developers in the industry, will be invaluable to Greystone as we continue to expand our lending capabilities and reach,” said Cary Tremper, Managing Director, Greystone Seniors Housing finance team, and to whom Mr. Miller reports. “We welcome Matt to the team as we seek to meet the capital needs of a growing roster of clients.”

Greystone, a leading commercial real estate lending, investment, and advisory company, announced that Matt Miller has joined as a Managing Director on its Seniors Housing finance team. Based in Dallas, TX, Mr. Miller brings deep banking industry experience and client relationships in the Seniors Housing space serving independent living, Alzheimer’s care and assisted living communities.

Prior to joining Greystone, Mr. Miller was an Executive Vice President with Texas Capital Bank (TCB), where he spent the last eight years working with national and regional real estate owners and developers. While at TCB, Matt was instrumental in formalizing and growing the bank’s Seniors Housing lending initiative and contributing to an increase in the bank’s assets from $10 billion to over $25 billion. 

Previously, Mr. Miller was a Vice President at BBVA Compass and an Assistant Vice President at Guaranty Bank. Mr. Miller attended the Southern Methodist University – Cox School of Business.

“Matt’s strengths and relationships in the Seniors Housing sector, which includes some of the largest owners, operators, and developers in the industry, will be invaluable to Greystone as we continue to expand our lending capabilities and reach,” said Cary Tremper, Managing Director, Greystone Seniors Housing finance team, and to whom Mr. Miller reports. “We welcome Matt to the team as we seek to meet the capital needs of a growing roster of clients.”

Greystone, a leading commercial real estate lending, investment, and advisory company, has provided a $39,715,000 Fannie Mae Delegated Underwriting and Servicing (DUS) loan to refinance a 342-unit multifamily property in Houston, Texas. The transaction was originated by Jason Stein, an originator in Greystone’s New York City office, on behalf of Alara Ventures.  

The $39.7 million Fannie Mae Green Rewards loan carries a 10-year term at a low, fixed rate, with full term interest-only payments. The proceeds enable the borrower to continue with ongoing renovations and capital improvements and monetize existing equity in the property.

Originally constructed in 1993, Greenbriar Park Apartments offers 342 one- and two-bedroom units with in-unit amenities such as laundry and private balconies. Residents also enjoy metrorail access, carport parking, two swimming pools, clubhouse, fitness center and spa facilities, and a business center, as well as picnic and pet play areas. The community is located in Inner Loop Houston, south of Rice University in the medical district, with easy access to major employers, shopping, dining and entertainment.

“Despite being a fairly new property, there were still energy efficiencies that could be realized with some improvements by the owners,” said Mr. Stein. “Fannie Mae’s Green Rewards financing is a win-win for both the borrower, who receives attractive loan terms and lower operational costs, and the residents, who will see lower utility costs over time.”

“After investing in this property with capital improvements and energy efficiency measures, we are thrilled to qualify for Fannie Mae’s Green Rewards program,” said Alison Dimick Malkhassian, founder of Alara Ventures, which purchased the property in 2015. “Greystone’s product knowledge and attentive customer service make the financing process go quite smoothly, and we appreciate their guidance and expertise.”