Greystone, a leading national commercial real estate finance company, has provided an $11,050,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) loan for a 135-unit multifamily property in Meriden, Connecticut. The financing was originated by Dan Sacks, Senior Managing Director at Greystone, on behalf of Kennedy Holdings LLC, a long-time client.
Constructed in 1921, The Kennedy Building in New Haven County is a five-story midrise building offering studio apartments, as well as one- and two-bedroom units. The $11,050,000 non-recourse, fixed-rate financing carries a ten-year term and 30-year amortization, with seven years of interest-only payments. The loan proceeds will refinance an existing Greystone loan on the property and enable the borrower to monetize their equity in the property.
“Clients trust us because we carefully consider the complexities of their entire portfolio and circumstances when structuring products for their needs,” said Mr. Sacks. “We work through every phase of a property’s lifecycle and leverage our deep lending resources across the capital stack to secure long-term financing to help them achieve their vision.”
“Once again, Greystone was able to secure a financing solution that will help us reach our long-term goals for this property,” said Mr. Benjamin Weinstein, principal of the borrower. “Dan’s team are professionals who perform at the highest level – they are exceptional at what they do in every sense.”
Greystone, a leading national commercial real estate finance company, has provided a $20.9 million Fannie Mae Multifamily Affordable Housing (MAH) loan for the acquisition of Parkside Place, a 321-unit, income and rent-restricted garden apartment complex located in Pasadena, Texas. The financing was originated by Michael Zampetti, Senior Managing Director in Greystone’s New York office.
Parkside Place consists of 27 two-story apartment buildings situated on an 11.24-acre site. Constructed in 1969, the property was renovated in 2018 and includes amenities such as a leasing office, two pools, on-site management, a laundry facility, a business center, and private patios. There are 526 total parking spaces, including reserved handicap spaces and carports.
"Parkside Place plays a vital role in offering quality, affordable housing within the Houston metropolitan area," said Mr. Zampetti. "We at Greystone take immense pride in our track record of supporting affordable housing throughout the country and are happy to have facilitated our client's acquisition of this asset. It was a pleasure to work with the borrower. We are rooting for their continued success."
Greystone, a leading national commercial real estate finance company, has provided $27,325,000 in total Fannie Mae Delegated Underwriting & Servicing (DUS®) financing for a two-property portfolio in Greensboro, North Carolina. The financing was originated by Justin Hechler, Director at Greystone, on behalf of repeat client Featherstone Partners.
Terrace Oaks, which comprises 120 units, and Terrace at Olde Battleground, comprising 156 units, both received 10-year, fixed-rate Fannie Mae loans with 35-year amortizations and the first six years of interest-only payments. Both properties boast amenities including swimming pools and fitness centers, while the larger community, Terrace at Olde Battleground, additionally offering a playground, car wash station, dog park and wash station, and picnic area with fire pit.
In addition to these two refinancing transactions, Hunter Bowling of Cushman & Wakefield represented Featherstone Partners in the sale of Madison Woods, also located in Greensboro.
“Exiting the portfolio’s existing debt all at once by way of three separate transactions was tricky due to the current capital markets environment -- having a thorough understanding of the mechanics that went into each step, along with having great financing partners like Greystone, made all the difference,” said Chuck Patty, Managing Partner, Featherstone Partners.
“It takes a true collaboration with clients to close financing so quickly, and the Featherstone team was prepared and responsive, enabling our team to guide them to closing in 28 days,” said Mr. Hechler. “It’s also a testament to our commitment to clients when we have repeat borrowers return for new financing with Greystone.”
Greystone, a leading national commercial real estate finance company, has provided a $18,296,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) loan to refinance a 154-unit multifamily property in Brooklyn, New York. The financing was originated by Anthony Cristi, Managing Director at Greystone.
Located in the Bedford-Stuyvesant neighborhood of Brooklyn, 400 Herkimer Street is situated on 18 acres of land and is contained in one six-story residential building. Built in 1965, the property boasts units ranging from studios, to one-, two-, and three-bedroom units. The fixed-rate Fannie Mae financing includes a 10-year term and 30-year amortization.
“With today’s market volatility, it’s critical to lock in an interest rate when they dip,” said Mr. Cristi. “It’s my mission to help my clients achieve their property portfolio goals, and Greystone has the tools at hand to help me do so.”
“Anthony and his team are uniquely knowledgeable about the Brooklyn multifamily market and Agency lending, which ensures that we are given the best options for the market at any given time,” said Amarbin Ahmed, principal of the borrower. “We are thrilled with the outcome, enabling us to extract capital and complete obtaining ownership interest in this core property of our portfolio.”
Greystone, a leading national commercial real estate finance company, has provided a $26.7 million Fannie Mae Delegated Underwriting and Servicing (DUS®) loan for the acquisition of a 250-unit multifamily property in Hampton, Georgia. The financing was originated by Richard Kourbage, Managing Director at Greystone, on behalf Atlanta-based Inspired Real Estate Partners (IREP).
Lakeside Villas Apartment Homes, constructed in 2002, sits on 23.09 acres and consists of 13 three-story residential buildings. The property contains one-, two-, and three-bedroom units with amenities including a community clubhouse, fitness center, business center, in-ground swimming pool, pool house, grill stations, playground, dog park, car care area, and covered parking.
The Fannie Mae financing includes a seven-year term at a fixed rate.
“Greystone is both a multifamily finance expert and a local market expert, helping us to navigate interest rate dynamics and a comprehensive underwriting process,” said Jeremy Furman, IREP Co-Founder. “We appreciate the white-glove approach to deal financing, and look forward realizing the potential of this long-term investment.”
“There are multiple options for acquisition financing today with Agency financing, despite recent market volatility, and particularly for value-add properties such as Lakeside Villas,” said Mr. Kourbage. “It was a pleasure working with IREP on their first acquisition as a new company for them, and I congratulate them on this exciting acquisition.”
IREP Co-Founder Brooks Castellaw added, “Lakeside Villas represents our first acquisition since getting started in March 2023. Having owned the asset before, we are very familiar with the property and the submarket. Lakeside Villas fits our business plan of buying well built, suburban multifamily properties in the Sunbelt, with modern floor plans, oversized units, direct access garages and a full amenity set.”
Greystone, a leading national commercial real estate finance company, has provided a $42,257,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) loan for a 286-unit multifamily property in Louisville, Kentucky. The financing was originated by Anthony Cristi, Managing Director at Greystone, on behalf of 800 City Apartments LLC.
Constructed in 1963, 800 Tower Apartments in Jefferson County is a 29-story high-rise building offering studios, as well as one- and two-bedroom units. The $42,257,000 non-recourse, fixed-rate financing carries a ten-year term and 30-year amortization, with three years of interest-only payments.
“At Greystone, we work through the nuances of every project to ensure that our clients get financing that helps them achieve their vision for their property,” said Mr. Cristi. “Greystone’s extensive multifamily lending platform and industry expertise means we deliver solutions where others fall short.”
“Our Greystone team’s creativity and diligence resulted in a financing solution that addressed all of our needs,” said Mr. Mordichai Weiss, principal of the borrower. “The experience was exceptional at every phase of the transaction and we look forward to working with them in the future.”
