Greystone, a leading national commercial real estate finance firm, announced that John Sloot has joined as a Managing Director in Dallas, Texas. Mr. Sloot will focus on originating multifamily debt solutions across Greystone’s full range of financing platforms including Fannie Mae, Freddie Mac, FHA/HUD, CMBS, bridge, and proprietary loan executions. He reports to Vince Mejia, Senior Vice President of Agency Production at Greystone.
Mr. Sloot brings close to two decades of real estate financing experience to his new role, having focused primarily on multifamily debt executions throughout his career. He joins Greystone from Lument, where his Dallas-based team originated more than $2 billion in debt products during his tenure, receiving several recognitions as the firm’s top production team. Mr. Sloot also has served as Associate Vice President and Portfolio Manager of corporate commercial real estate at Associated Bank, in addition to holding commercial real estate analyst and underwriting roles at AMCORE Bank and MB Financial Bank. He earned his Master’s in Business Administration in Real Estate from Roosevelt University.
“I’m looking forward to leveraging my experience in multifamily as a member of Greystone’s industry-leading team,” said Mr. Sloot. “It’s exciting to be able to access Greystone’s extensive multifamily platform to creatively solve for clients’ financing needs across the capital stack.”
“John brings with him an impressive track record in multifamily loan origination, deep product knowledge and considerable underwriting and structured finance expertise, and we are thrilled to welcome him to Greystone,” said Mr. Mejia.
Greystone, a leading national commercial real estate finance company, has provided a total of $16,497,000 in Fannie Mae Delegated Underwriting & Servicing (DUS®) Multifamily Affordable Housing (MAH) loans for the acquisition of a 484-unit affordable housing portfolio in Tennessee. The financing was originated by Dan Sacks, Ilan Bassali, and Avi Kozlowski in Greystone’s New York office on behalf of Vitus Group, LLC.
The Fannie Mae financing includes six separate loans on six multifamily properties located throughout eastern Tennessee. All loans feature five-year terms with three years of yield maintenance, and a maximum loan-to-value of 75 percent. The properties are as follows:
· Deer Run Apartments, located in Rockwood in Roane County, a 72-unit property built in 2006.
· Oak Crest Apartments, located in Knoxwood in Knox County, a 72-unit property built in 2007.
· Northgate Crossing Apartments, located in Hixson in Hamilton County, a 108-unit property built in 2009.
· Hidden Oaks Apartments, located in Greeneville in Greene County, a 72-unit property built in 2006.
· Town Creek Village Apartments, located in Lenoir City in Loudon County, a 96-unit property built in 2010.
· Whispering Meadows, located in Erwin in Unicoi County, a 64-unit property built in 2003.
“We are creative in leveraging our extensive experience and lending platform, as well as our strong relationship with Fannie Mae, so that our clients can achieve their portfolio goals,” said Mr. Sacks. “We’re deeply committed to bringing financing solutions that help our clients provide quality affordable housing for families in communities across the country, aligning with Heritage Affordable Communities’ mission statement,” said Ilan Bassali, Director at Greystone.
“Greystone’s passion for affordable housing was clearly evident throughout every phase of this transaction,” said Mr. Hajibay, principal of the borrower. “From our initial meetings through the final closing, our Greystone team worked to ensure that no detail was unattended and that the entire experience was seamless given the transaction’s complexities.”
“The current market environment is providing unique opportunities in affordable housing in the Tennessee region,” said Vidit Hirani, Associate at Heritage Affordable Communities. “Additionally, our strong partnership with Greystone and their proven track record were instrumental to complete this complex transaction.”
New Role Will Focus on Strategic Expansion of Multifamily Business Via Financing Solutions, Investor Relationships and Institutional Business Opportunities
Greystone, a leading national commercial real estate finance company, announced that Blake Okland has joined the firm as Chief Revenue Officer. In this newly created role, Mr. Okland will focus on scaling Greystone’s industry-leading multifamily financing offerings and investor relationships and further leverage the firm’s strategic joint venture with Cushman & Wakefield.
Prior to joining Greystone, Mr. Okland was Vice Chairman and Head of Multifamily Investment Sales for Newmark, increasing transaction volume from $9 billion in 2015 to $45 billion in 2022. At Newmark, he drove expansion of the firm’s multifamily business nationally, building relationships with large institutional clients. While there, he also served on Newmark’s US Operating Committee and on its Global Capital Markets Board, developing and monitoring global capital flows into the U.S. multifamily market. Before his role at Newmark, Mr. Okland was the President of ARA for four years leading up to its acquisition by Newmark, serving on its National Executive Committee. Mr. Okland also held prior roles at CBRE and Archstone-Smith Communities Trust.
“My goal is to help further realize the full strength of Greystone’s broad platform of capabilities, as the firm has an unmatched range of solutions that can be combined or enhanced to meet the needs of any sponsor – large or small,” said Mr. Okland. “Combining Greystone’s expanded resources and its breadth of services and creativity with Cushman & Wakefield, the collective team is poised to be the #1 multifamily platform nationally.”
“Blake is a known leader in the multifamily industry – a true dealmaker and market mover, and we are so thrilled that he is joining to scale our unique offerings, as well as our combined strengths with Cushman & Wakefield,” said Steve Rosenberg, CEO of Greystone, and to whom Mr. Okland reports. “With Blake’s strategic vision, relationships, and leadership, Greystone will be propelled forward as a household name.”
Greystone, a leading national commercial real estate finance company, announced it has arranged a $425 million construction loan for BLDG Management Company, Inc.’s ("BLDG") newest mixed use development, The Orchard. Upon completion, the property will be the tallest residential tower in Long Island City, featuring 824 residential apartments, 207 parking spaces, over 100,000 square feet of world-class amenities and 13,000 square feet of above-grade retail space. The Project will be one of the last large-scale new rental developments eligible to receive a 35-year real estate tax exemption under the recently expired Affordable New York Housing Program (formerly known as 421-a), which requires 30% of the apartments to be set aside for households earning at or below 130% AMI.
M&T Bank led the $425 million financing as Administrative Agent, with U.S. Bank and Bank of China as Co-Joint Lead Arrangers, and with Israel Discount Bank of New York, City National Bank and Bank Hapoalim also participating in the facility. Greystone Capital Advisors’ Drew Fletcher, Paul Fried and Bryan Grover served as exclusive advisors in arranging the financing on behalf of BLDG.
"Despite the challenging market, this significant financing demonstrates that there is still strong lender appetite for high quality multifamily projects, especially with an affordable component," said Drew Fletcher, President of Greystone Capital Advisors. "The Orchard will transform the Long Island City skyline while also providing desperately needed affordable housing for the neighborhood.”
Situated in the heart of Long Island City, The Orchard will rise 69 stories and over 800 feet, offering residents panoramic, unobstructed views of the greater New York City area. The property will set a new standard for luxury urban living in Long Island City with over 100,000 square feet of resort-style amenities that include a 24-hour attended lobby, state-of-the art fitness center, indoor and outdoor pools, spa with a steam room and sauna, basketball court, multi-sport simulator, lounge areas, children’s playroom, game room, movie screening rooms, work pods, dog spa, self-storage, bike room, state-of-the-art package room including refrigerated storage and on site laundry. The Project will also feature the largest privately-owned outdoor landscaped roof deck in New York City with over 1.5 acres of recreational space, including a pickleball court, great lawn with an outdoor screen, yoga and fitness areas, BBQ area, dog park, kids outdoor play area, 1/8 mile running track and much more. The building also includes an exclusive penthouse lounge with a spacious roof deck offering dramatic views of New York City and a covered motor court allowing for convenient pick-up/drop-off for the tenants.
“BLDG is thrilled to grow its long-standing relationship with Greystone through this market-leading transaction,” said Lloyd Goldman, Founder and President of BLDG. “The Orchard is a reflection of our deep commitment to building best-in-class multifamily rental projects that expand access to housing and benefit the communities in which they serve. We are also incredibly thankful to our trusted lending partners for their support and confidence despite the exceptionally challenging credit environment.”
Greystone, a leading national commercial real estate finance company, has provided a $35 million Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a 165-unit multifamily property in Brookfield, Connecticut. The financing was originated by Dan Sacks, Senior Managing Director, and Avi Kozlowski, Managing Director, at Greystone, with Platinum Capital Group acting as correspondent on the transaction.
Barnbeck Place Apartments consists of studio, one- and two-bedroom units and is 98.2% occupied. The property’s amenities include a clubhouse, fitness center and yoga room. Built in 2015, Barnbeck Place is a mid-rise residential complex that includes affordable housing, with 20% of the units reserved for residents earning 80% AMI. In addition to the Land Use Restriction Agreement in place, the new Fannie Mae financing includes a fixed-rate, five-year term with a 35-year amortization and is interest-only for the first three years.
“This asset is critical to providing affordable housing in Brookfield, where the vacancy rate is only around 5% and the population is growing over time,” said Mr. Sacks. “A gem in the market, the owners have secured long-term financing that will benefit the residents for many years.”
Greystone, a leading national commercial real estate finance company, announced it has arranged $287 million in combined construction financing and preferred equity for Douglaston Development’s 1057 Atlantic Avenue, a 474,000-square-foot, 17-story, 456-unit mixed-income multifamily rental development in Brooklyn’s Bedford-Stuyvesant neighborhood. Notably, the project will also be one of the last large-scale new rental housing developments eligible to receive a 35-year real estate tax exemption under the recently expired Affordable New York Housing Program (formerly known as 421-a). Greystone Capital Advisors’ Drew Fletcher, Paul Fried, and Bryan Grover served as exclusive advisors in arranging the financing on behalf of Douglaston Development.
Wells Fargo Bank led the $185 million construction financing as Administrative Agent, partnering with M&T Bank as Joint Lead Arranger and Bank United also participating in the facility. Funds managed by an affiliate of Ares Real Estate Income Trust, Inc. provided a $102 million preferred equity investment in the project. BEB Capital and Totem co-invested in the project with Douglaston and will serve as co-developer on the $320 million development.
Upon completion in late 2025, 1057 Atlantic Avenue will deliver 456 residential units to the community living at the intersection of three vibrant neighborhoods: Bedford-Stuyvesant, Crown Heights, and Clinton Hill. The development will include a mix of one-bedroom, two-bedroom and three-bedroom residences. A total of 137 units will be permanently affordable, available to those earning 60% to 120% of the area median income (AMI). In addition to the residential portion of the project, 1057 Atlantic Avenue will include 31,000 square feet of ground-floor retail space as well as 35,000 square feet of state-of-the-art resident amenity spaces, featuring a gym, lounge, golf simulator, game room, screening room, children's playroom, and landscaped roof deck offering sweeping views of Brooklyn and the Manhattan skyline.
“Long-term clients such as Douglaston rely on us for our deep capital relationships and ability to execute on complex financing assignments even in the most challenging lending environments,” said Drew Fletcher, President of Greystone Capital Advisors. “With the increasing complexities of New York’s housing landscape, along with the rapidly changing capital markets, it is our mission to work tirelessly in order to find a solution that fits our clients’ needs.”
