Greystone, a leading national commercial real estate finance company, has announced that Paul Donahue joined the firm as a Managing Director. Mr. Donahue brings over 35 years of real estate capital markets expertise to Greystone’s lending platform, and is based in Boston, MA.

Prior to joining Greystone, Mr. Donahue was a Senior Vice President at Grandbridge Real Estate Capital where he served capital needs of pension fund advisors, family office, affordable housing sponsors, and institutional clients with debt solutions across a range of asset types across the country. Throughout his career, Mr. Donahue held roles at CBRE, Berkshire Mortgage Finance and Krupp Realty (now Berkshire Property Advisors). He holds a Bachelor’s Degree from Harvard College and an MBA from the Darden School at the University of Virginia.

“Paul’s expertise across a broad range of property types and capital sources will serve as a valuable asset to our team,” said Mr. Rich Martinez, Head of Agency Production at Greystone, and to whom Mr. Donahue reports. “Borrowers are increasingly seeking creative and alternative structures to find optimal financing solutions, and Paul brings critical relationships that will benefit our clients.”  

Greystone, a leading national commercial real estate finance company, has provided a $13,880,000 HUD 223(f) loan to refinance a 164-unit affordable housing property in Battle Creek, Michigan. The financing was originated by Lisa M. Fischman, Managing Director at Greystone, on behalf of The Altman Companies.

Constructed in 1981, Bent Tree Apartments in Calhoun County is a 100% Section 8 multifamily property with one midrise building and 14 two-story buildings consisting of one-, two- and three-bedroom units and a community clubhouse. As part of the refinancing, the owner obtained a new 20-year HAP contract for the property, preserving affordability for the long-term and allowing the project to qualify for a lower annual MIP of 0.25%. 

The HUD-insured loan carries a 35-year term and amortization along with a low, fixed rate. In addition to refinancing, loan proceeds enable the borrower to make improvements to the property and monetize a portion of their equity in the property.

“At Greystone, we are passionate about helping our clients provide quality, affordable housing options to individuals and families in communities across the U.S.,” said Ms. Fischman. “In current economic times, HUD offers a desirable lending platform as it provides an umbrella of safety and protection from rising interest rates. A 35-year, fully amortizing loan comes with the added flexibility for qualified borrowers to reduce the interest rate - if interest rates should fall - under the current HUD interest rate reduction program.”

“Our Greystone team was a true partner in this transaction and throughout our entire portfolio refinance – their creativity in finding the right solution for us and their insights on affordable housing exceeded our expectations,” said Mr. Joel Altman, principal of the borrower. “Greystone’s reputation as a leader in multifamily and affordable lending excellence is well-deserved.” 

Greystone, a leading national commercial real estate finance company, has provided a $23,791,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) Green Rewards loan for a 160-unit multifamily property in Nampa, Idaho. The financing was originated by Lorie Hanson, Managing Director at Greystone, with Tim Van Valin from Sage Creek Group acting as correspondent.

Newly constructed in 2022, Breckenridge Apartments in Canyon County is a garden-style apartment community with 35 buildings that feature one-, two- and three-bedroom units. The $23,791,000 non-recourse, fixed-rate financing carries a 10-year term and 30-year amortization, with seven years of interest-only payments. The property achieved Fannie Mae’s Green Building Certification for its energy and water efficiency.

“Greystone’s extensive lending platform is here to meet client needs through every phase of a project’s lifecycle,” said Ms. Hanson. “We’re deeply committed to serving the multifamily space and work hard to provide our clients with the right financing and a seamless transaction experience.”

“We relied on Greystone’s wealth of knowledge in multifamily finance and couldn’t be more pleased,” said Mr. Samuel Rust, principal of the borrower. “Our team delivered exactly what we needed – they were a true partner though the entire experience and we look forward to working with them again.

Greystone, a leading national commercial real estate finance company, has provided a $13,699,000 HUD-insured loan to refinance an 84-unit multifamily property in Hutchinson, MN. The financing was originated by Kyle Jemtrud and Wilson Molitor of Greystone on behalf of Ward LLC.

Century Court West is a garden-style market-rate multifamily property constructed between 2020 and 2022, comprising 2-bedroom, 2-bath units offering single-level living for residents. Property amenities include picnic and BBQ areas as well as well-manicured green spaces and a tranquil pond. The community is located about 60 miles west of downtown Minneapolis. The HUD 223(f) loan carries a 35-year term and 35-year amortization at a low, fixed rate.

“It cannot be understated how advantageous HUD-insured financing is for the multifamily financing market today, due to its longer loan terms and lower rates,” said Mr. Jemtrud. “We are thrilled to have refinanced this quality asset and set it up for long-term success.”  

“The Greystone team did a stellar job of shepherding Century Court West through the HUD financing process, which is lengthy but worth the effort,” said Matthew Ward, principal of the borrower. “After a great previous experience with the Greystone team on a HUD refinance, I had no doubt they would be the #1 go-to for this asset as well.”

Greystone, a leading national commercial real estate finance company, has provided a $10,602,100 HUD 223(f) loan to refinance a 162-unit multifamily property in Jacksonville, Florida. The financing was originated by Eric Rosenstock and Jesse Yodice at Greystone, on behalf of Royal American Companies.  

Built in 1980, Oak Tree Apartments in Duval County consists of 26 detached buildings with 162 one-, two-, and three-bedroom units. The $10.6 million HUD-insured financing carries both a 35-year term and amortization with a low, fixed rate and 90% loan-to-value (LTV). The property qualifies for a lower annual MIP (Mortgage Insurance Premium) of 0.25% because it is rent-restricted. In addition to refinancing, loan proceeds enable the borrower to monetize a portion of their equity and continue with improvements to the property.

“Greystone’s extensive multifamily lending platform and our FHA expertise mean we can offer the financing our clients need to provide quality affordable housing for the residents in their communities,” said Mr. Rosenstock. “We are committed to serving the affordable housing market and work tirelessly to provide creative solutions for the properties in our clients’ portfolios.”

“Throughout this transaction, our team lived up to Greystone’s reputation for industry-leading service and exceptional expertise,” said Mr. Chapman, Founder of Royal American Companies. “We were thrilled with our team’s passion for affordable housing and their dedication to getting us what we needed for this property. We look forward to working with Greystone on more projects in the future.”  

Sponsored by Greystone, GLOW CRE Hosts Pharrah Jackson and Pamela van Os Shine a Light on Women in Commercial Real Estate

New podcast, GLOW CRE, launches today, bringing an honest look into being a woman working in commercial real estate, a sector that has been historically dominated by men. Hosted by Pharrah Jackson and Pamela van Os, two CRE finance industry veterans, the show will delve into how women can succeed in the CRE industry.

GLOW CRE, which stands for “Gaining Leaders, Originators and Women in Commercial Real Estate,” seeks to advance equity for women in the industry by discussing how some of the industry’s most successful women got to where they are in their careers, and by fostering an open dialogue about the challenges and opportunities women face in the CRE sector.

Hosts Jackson and van Os, both with backgrounds in multifamily credit underwriting and loan production, want to encourage women to pursue careers in CRE finance, and hope to bring light to the many types of industry roles available that can bring both personal and professional fulfillment.

“I think it’s critical to share the knowledge we’ve gained over decades of struggles and successes in this industry in order to cultivate the next generation of CRE women,” said van Os.

“In general, women don’t tend to promote their career successes, and we look forward to providing a platform for very deserving women in CRE to do just that on the GLOW CRE podcast,” added Jackson.

The GLOW CRE podcast, available on Apple Podcasts, Spotify, and Amazon Music, is sponsored by Greystone, a leading national commercial real estate finance company and top FHA, Fannie Mae and Freddie Mac multifamily lender.