Greystone, a commercial real estate lending, investment, and advisory company, today announced it has provided a $35.8 million Fannie Mae DUS loan for the acquisition of Aldea at Estrella Falls in Goodyear, Arizona. The transaction was originated by Tim Thompson, Managing Director at Greystone, with Mark Paskill of Melvin Mark Capital Group acting as correspondent on the deal.  

The $35.8 million Fannie Mae loan has a 10-year fixed rate and term and a 30-year amortization period. This transaction marks the fifth Fannie Mae DUS deal Greystone has closed with the buyer, a prominent Oregon-based real estate investment group.

Located in southwest Phoenix, Aldea at Estrella Falls comprises 328 apartments. Built in 2008 and renovated in 2016, the property features barbecue grills, a heated pool and whirlpool, spa, clubhouse, fitness center and playground. The residential subdivisions are located within close proximity to the interstate freeway system serving metropolitan Phoenix, providing convenient access to employment areas. Combined with above-average household income and a resilient multifamily residential property market, Greystone sees this region as currently stable.

“Phoenix is experiencing a renaissance of sorts with growing investment interest by multifamily property owners,” said Mr. Thompson. “Greystone’s experience in and knowledge of the local market, and our close working relationship with Fannie Mae, enable us to execute efficiently for clients looking to acquire in this region.”      

Greystone Brown Real Estate Advisors announced it has closed on the $58,300,000 sale of Stone Ridge at Vinings, a 440-unit apartment complex in metro Atlanta. A team comprising Barden Brown, Cory Caroline Sams, Taylor Brown, Chandler Brown, and Bo Brown advised both the seller, Boca Raton, FL-based Ventron Management LLC, which owns 20 properties across Georgia and Florida, and the buyer, Rochester, NY-based Broadtree Residential, a part of Broadstone.

Stone Ridge at Vinings is a 1970s vintage community comprising 49 buildings and spread over 30 acres in an affluent enclave of Atlanta, boasting generous floor plans and reasonable rents for the desirable area.

“In marketing the asset for Ventron, we were confident that the vintage property would attract a lot of interest due to its attractive amenities and the price per square foot compared to costs for new construction. Stone Ridge at Vinings is a highly competitive product with substantial upside for the investor,” said Bo Brown, President, Greystone Brown Real Estate Advisors.

Greystone Development, a New York-based real estate development company, today announced it has completed the ground-up construction of 2500 Biscayne Boulevard, a 19-story mixed-use property in Edgewater, FL. In conjunction with the completion, Greystone sold its stake in both the residential and retail portions of the recently completed property.

Co-developer Alta acquired Greystone’s remaining residential stake of the 156 rental unit property, while investment partner Infinity Real Estate acquired the full retail portion of the asset, which comprises 11,500 square feet. The retail spaces are currently leased to Mount Sinai Medical Center, Mercantil Bank, and Rice Mediterranean Kitchen.

“Greystone’s model enables us to embark on a project from scratch and see it through to completion, such as 2500 Biscayne, and there is no greater satisfaction than that,” said Thomas Ryan, head of Greystone Development. “We have truly enjoyed working alongside Alta and Infinity to see 2500 Biscayne come to life, and we are thrilled with the outcome. As we exit our position, we look forward to our next development challenge, whether it is in Miami, or beyond.” 

Infinity partner David Berg noted, “Over 7,000 units have come into the market since 2014, with nearly 2,000 more units in the pipeline. Edgewater is one of Miami’s most exciting high-growth submarkets, and we are delighted to be serving the neighborhood with convenience retail making this community more pedestrian friendly and enjoyable to live in.”

Infinity has invested more than $165 million in Miami real estate since 2014.  The Company’s holdings are diversified across Edgewater, Wynwood and South Beach.

Berg added, “Greystone and Alta have been great partners throughout this project. We thank them and wish them great success in all of their endeavors. We also greatly appreciate Mercantil Bank for being a valued financing partner and for choosing this location as home to another one of their branches.”

The development of 2500 Biscayne follows the 2016 completion and sale of The Mile at Coral Gables, marking the second successful collaboration between Greystone and Alta.

Greystone Development, a New York-based real estate development company, today announced its 227 4th Avenue property has been recognized by the Park Slope Civic Council with an Evelyn and Everett Ortner Preservation Award for excellence in Exterior Restoration. Inaugurated in 2014, the annual awards celebrate and encourage construction projects that make a positive contribution to the appearance and unique identity of the Park Slope neighborhood.

Greystone Development worked alongside Daniel Goldner Architects and preservation experts Higgins Quasebarth & Partners and Walter B. Melvin Architects to restore the 1910 neo-Classical structure on 4th Avenue, which was originally utilized as a public bathhouse. The preservation process, which began in 2014, included retaining and preserving as much of the original glazed brick, limestone and terra cotta façade as possible – close to 80 percent – while painstakingly restoring intricate and colorful ornamental details such as nautical-themed carvings and an elaborate cornice.

“We are honored that our collaborative team effort has been recognized by the community, and we truly enjoyed working alongside Higgins Quasebarth & Partners, Daniel Goldner Architects and Walter B. Melvin Architects to bring the structure back to life,” said Thomas Ryan, head of Greystone Development. “227 4th Avenue’s beautiful facade will be a reminder of the grand history of Park Slope for many years to come.” 

The Evelyn and Everett Ortner Preservation Awards were presented to honorees on March 1.

Greystone, a leading real estate lending, investment, and advisory company, announced it is has reached the milestone of providing over 1,000 Freddie Mac Small Balance Loans (SBL).

Since its launch in late 2014, Freddie Mac’s SBL offering has funded a total of more than $13 billion and over 5,000 loans. Greystone was the first lender to close an SBL loan in 2014, and was the first lender to fund $1 billion in SBL loans within a calendar year, in 2017.

Freddie Mac’s Small Balance Loan offering provides a competitive option for loans between $1 million and $7.5 million on multifamily properties of 5 units or more. The flexible loan offering provides six different financing solutions across hybrid ARM and fixed-rate products with 30-year amortization and up to 80% LTV in certain markets.

“Greystone is an extraordinary partner—and a key driver of the Small Balance Loan platform’s tremendous success. We congratulate them on reaching yet another significant milestone,” said Stephen Johnson, vice president of Freddie Mac’s Small Balance Loan Business. “This accomplishment reflects Greystone’s tireless commitment to delivering speed, efficiency and certainty of execution to every transaction and every SBL borrower—every single time. We look forward to capitalizing on this partnership by expanding access to workforce housing wherever it is needed across the United States.” 

“Freddie Mac’s Small Balance Loan offering has proven to be an ideal fit for many of our clients who are looking for acquisitions or refinancing smaller multifamily properties,” said Rick Wolf, head of Greystone’s small balance loan production. “The product is highly competitive with traditional financing, and we are thrilled to be able to provide our clients with such an advantageous loan product for optimizing their portfolios.”

Greystone Real Estate Advisors announced J. Micah Deskins has joined as a Director in Columbus, OH. Mr. Deskins will work closely with multifamily sales advisors Mark Rohr and Eric Taylor to expand the firm’s overall Ohio and Midwest presence.

With over five years of full-service multifamily sales advisory experience, Mr. Deskins joins Greystone from CBRE, where he participated in the sale, marketing, financing, and consulting of over 5,000 units totaling over $400 million. Mr. Deskins has also been responsible for the sale of several high profile mixed-use and redevelopment real estate transactions in the Short North and Victorian Village submarkets.

“Micah has built a strong and growing presence in the Ohio market, and his regional knowledge will be invaluable to our team as we advise clients locally on sales, dispositions, and their overall real estate investment portfolios of both market rate and affordable housing,” said Mr. Taylor, Managing Director, Greystone Real Estate Advisors.

Micah’s arrival complements Mr. Taylor’s and Mr. Rohr’s combined 60 years of sales advisory experience, totaling over $8.5 billion in transaction volume.