Greystone, a leading national commercial real estate finance company, has provided a $94,451,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) loan for the $131 million acquisition of a 586-unit multifamily property in Arlington Heights, Illinois. The financing was originated by Dan Sacks and Eric Rosenstock, Co-Managing Directors in Greystone’s New York office, on behalf of Bayshore Properties.
Constructed in 1973, Stonebridge Luxury Apartments in Arlington Heights is a garden-style apartment community consisting of six buildings that offer one- and two-bedroom units. The $94,451,000 non-recourse, fixed-rate Fannie Mae loan carries a 10-year term and amortization, with full-term interest-only payments and 9.5 years of yield maintenance. In addition to the acquisition, loan proceeds enable the borrower to make improvements to the property.
“We truly appreciate when clients repeatedly rely on Greystone and our deep resources for the multifamily properties in their portfolios,” said Dan Sacks. “We work tirelessly to earn our clients’ trust by leveraging our extensive financing platform to secure the right solutions and deliver an exceptional service experience on every transaction.”
“We keep coming back to Greystone because the team continues to outperform on every transaction with financing that addresses the particular needs of the properties in our portfolio,” said Mr. Nick Kozul, Chairman of Bayshore Properties, a repeat client of Greystone. “Greystone is a team with multifamily expertise that is simply unparalleled in this industry.”
Greystone Housing Impact Investors LP (the “Partnership”) (NYSE: GHI), which recently changed its name from America First Multifamily Investors, L.P., commemorated the initial trading of its beneficial unit certificates representing assigned limited partnership interests (“BUCs”) on December 5, 2022 on the New York Stock Exchange (“NYSE”) by ringing the opening bell on the floor of the NYSE Monday, December 12, 2022.
The Partnership, an affiliate of Greystone, actively invests in mortgage revenue bonds and governmental issuer loans that contribute to the creation of new affordable housing by providing construction and/or permanent financing for new and substantial rehabilitation multifamily and seniors housing projects.
Ken Rogozinski, CEO of the Partnership, commented, “It’s truly an honor to represent Greystone Housing Impact Investors and Greystone on this momentous occasion at the NYSE, one of the oldest and most respected institutions in the capital markets. We are celebrating the work we have done to create structures enabling the financing of affordable housing to date and are excited for the potential to do even more as we continue to solidify our affiliation with Greystone, a leading player in affordable housing.”
Greystone, the #1 provider of HUD-insured commercial loans by volume, is also a Top 10 provider of Fannie Mae and Freddie Mac affordable housing loans. Together with Greystone and its affiliates, the Partnership offers innovative structures to finance affordable housing development.
“Since joining the fold at Greystone in 2019, we have seen such an incredible impact from the Greystone Housing Impact Investors team in terms of resources, expertise, and a commitment to help alleviate the affordable housing crisis in the U.S.,” said Steve Rosenberg, Founder and Executive Chairman of Greystone. “It’s been an honor to work alongside Ken and his team as we strive to provide clients in the affordable housing sector a truly unmatched suite of solutions to help them achieve their goals.”
Trustwell Living Hired as Facility Operator
Passco Companies, LLC, in conjunction with Greystone, has acquired a Class A Independent Living Community in Knoxville, Tenn. Greystone provided the funding while Passco Companies, LLC will be the owner and asset manager. Trustwell Living, LLC, (“Trustwell”), a senior living operating company, has been selected to manage the Property. The community, located at 1932 Falling Waters Road, formerly known as Prime West Knoxville, will be renamed and branded as Trustwell Living of West Knoxville. The 145-unit community was built in 2020 and is currently 98% leased, with a waitlist.
The three-story community is approximately 163,000 gross square feet and features a mix of spacious one- and two-bedroom units, with abundant indoor and outdoor common area space including a fitness center, game room, theater, activities area, greenhouse, dog park, putting green, pickleball court, library, indoor pool, and a spacious dining room.
In addition to exceptional services and amenities, residents of Trustwell Living of West Knoxville will continue to find joy and fulfillment by participating in any number of on- and off-site activities hosted by the community’s activities team, which range from artistic endeavors to musical entertainment, Happy Hours, spiritual pursuits, and more. The community’s chef is an expert in meeting and exceeding the needs of the residents with tasty meals using fresh ingredients including seasonal vegetables grown in the community’s hydroponic greenhouse.
Knoxville is one of the top 10 places to live in 2023 according to Money Magazine and was ranked Best Places to Retire in 2021 by Forbes. The Property is located adjacent to two nationally anchored shopping centers.
Greystone, a national real estate finance and investment company, has decades of experience in the senior housing and independent living sector with over $5 billion in originations for senior housing loans, and as an experienced owner / operator of skilled nursing facilities through its affiliates. The Cushman & Wakefield Senior Housing Capital Markets team including Richard Swartz, Jay Wagner, Dan Baker, Aaron Rosenzweig, and Bailey Nygard, advised the seller.
“Working with our partner Passco to acquire this quality asset, and launching a new partnership with Trustwell, has truly been a pleasure,” said Ken Carpenter, Senior Managing Director, Greystone. “The level of collaboration required to launch this strategic initiative is a credit to the commitment of our combined teams. I’d also like to thank the Cushman & Wakefield team for their excellent work on this transaction.”
Passco Companies, a privately held California-based commercial real estate company that specializes in acquisition, development, and property and asset management throughout the U.S., is excited to partner with Greystone and Trustwell Living on this investment opportunity. “Expanding our portfolio into independent living and leveraging the expertise from Greystone and Trustwell Living, Passco feels confident that this will not only enhance our current portfolio but offer another asset class that is flourishing in the market,” states Alan Clifton, Chief Investment Officer of Passco Companies. In addition, “we are seeing an increase in ‘life plan’ communities, which is a natural extension of our already existing Class A multifamily and active adult living portfolio,” states Clifton.
“We are excited to partner with Greystone and Passco and honored to operate this beautiful and outstanding community,” said Lawrence Cohen, Chief Executive Officer of Trustwell Living. “We look forward to extending our operational capabilities to serve the needs of seniors who deserve the best,” said Cohen. “We also look forward to delivering Trustwell’s seasoned approach to exceptional services and programs to current and future residents. At Trustwell Living communities, the goal is the same: to be a community where family cares for family.”
Greystone, a leading national commercial real estate finance company, placed a $27,050,000 regional bank loan for the refinance of Merrill Gardens at Columbia in South Carolina. Tyler Armstrong, Managing Director at Greystone, worked with the client in placing the bank loan for AEW Capital Management and Merrill Gardens.
The regional bank loan for the 120-unit independent living and assisted living community was executed as a floating rate financing carrying a 5-year term and 30-year amortization. The loan featured three-years of interest-only payments and a mid 200 bps loan spread.
“Two highly respected best in class firms like AEW Capital Management and Merrill Gardens make for an incredible partnership in the seniors housing community and capital markets space,” said Armstrong. “They are a partnership that is highly sought after from a relationship perspective with lenders across the country and we were honored to represent them in the refinance of this class A community.”
“The Greystone team has worked on our behalf through several transactions over the past year and in each case, they were able to execute above our expectations,” said Brian Sunday, Managing Director of AEW Capital Management. “The seniors housing capital markets team at Greystone continues to impress with not only their detailed and dedicated approach to each of our refinances but also the depth of their lending relationships in the market,” said Doug Spear, Chief Financial Officer of R.D. Merrill Company, parent of Merrill Gardens.
Founded in 1981, AEW actively manages portfolios in both the listed and direct property markets across the risk/return spectrum. AEW’s investment management platform spans four continents allowing clients to take advantage of opportunities across the globe. As of December 31, 2021, AEW and its affiliates have over 780 employees who manage approximately $93.0 Billion of real estate assets and securities on behalf of its 400+ institutional and private investor clients.
Merrill Gardens has been one of the premier seniors housing operators since its inception in 1993, when it purchased its first seniors housing community in Seattle, Washington. Headquartered in Seattle and privately owned, Merrill Gardens has a strong regional presence along the West Coast and a long development track record. Currently Merrill Gardens manages 67 communities in 17 states. The continues to be led by fifth generation family member Cole Wright as chairman along with Tana Gall as President.
Greystone, a leading national commercial real estate finance company, has closed a $18,573,000 permanent Freddie Mac loan to acquire a 200+ unit multifamily community outside of Kansas City, MO. The loan was originated by Adam Lipkin, Vice President in Greystone’s New York office.
Originally built in the 1980s, the property is a garden-style apartment community that offers one- and two-bedroom units. The $18.6 million non-recourse, fixed-rate loan carries a 10-year term and 30-year amortization, with five years of interest-only payments.
“Clients turn to Greystone for our unique level of multifamily expertise and insights, which stem from our extensive industry experience and deep lending platform,” said Mr. Lipkin. “We are committed to helping our clients succeed and work tirelessly to find the right financing for every transaction.”
Greystone, a leading national commercial real estate finance company, provided a $40,387,000 Fannie Mae DUS loan for the refinance of The Delaney at South Shore, located in League City, TX. Tyler Armstrong, Managing Director at Greystone, originated the Fannie Mae loan for LCS, parent company of Life Care Services.
The Fannie Mae loan for the 204-unit community was executed as fixed-rate, non-recourse financing carrying a 10-year term and 30-year amortization. The loan featured five years of interest-only payments.
“We appreciate the partnership with the LCS team that we have had for many years and the opportunity to grow their agency relationship,” said Armstrong. “LCS remains a highly regarded owner, operator and developer of senior housing communities on a national level. We greatly value their ongoing trust in our team to represent them in the capital markets and to execute on their financing needs.”
“We are appreciative of the Greystone team’s detailed focus on this financing in a challenging rate and lending environment,” said Sarah Dorr, Vice President/Managing Director of Real Estate and Corporate Debt for LCS. “Their team provided us with multiple executable financing options, and we were ultimately able to transact on a structure that accomplished our financing objectives with favorable structure and terms.”
Life Care Services, an LCS Company, manages and supports a variety of senior living communities nationwide. As the third largest manager of rental senior living communities and Life Plan Communities, LCS serves more than 40,000 seniors among its 140 managed communities. LCS was founded as a development company in 1971 and is now a fully integrated family of five companies that allow for unsurpassed vertical efficiency in the areas of real estate, management, development, group purchasing, and reinsurance.
