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.”

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.”

Berkadia announces it has arranged a $12 million refinance loan for The Forge Lofts, a 35-unit boutique building completed in 2022 in the heart of the FATVillage™, downtown Fort Lauderdale’s historic warehouse-turned-tech district. Managing Director Brad Williamson, Senior Managing Director Mitch Sinberg, Managing Directors Scott Wadler and Matt Robbins of Berkadia South Florida arranged the loan on behalf of the sponsor, Urban Street Development, a full-service development firm based in Fort Lauderdale.

Fannie Mae provided the seven-year, fixed-rate loan with full-term interest-only, through its Near-Stabilization Program and Green Building Certification Program.

“This asset is a unique rental loft unlike any other rental property, with high ceilings and an open layout, and excellent Opportunity Zone location,” said Williamson. “Berkadia was able to structure fixed-rate debt with full-term interest-only to mirror the sponsor’s business plan. The Forge Lofts are a great addition to this growing neighborhood.”

Located at 401 NW First Avenue, The Forge Lofts offers one- and two-bedroom units ranging from 775 square feet to 1,330 square feet. Individual units feature 10- to 13-foot ceilings, polished concrete floors, premium kitchen appliance packages with custom kitchen islands, smart home technology, and large balconies. Community amenities include controlled building and garage access, reserved parking, an electric car charging station, high speed Wi-Fi, a 24/7 fitness studio, a summer kitchen and a heated pool.

The Forge Lofts are within walking distance to the Brightline, The Broward Center for the Performing Arts, the Fort Lauderdale Museum of Art, and the Museum of Discovery and Science.

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 $22,554,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) Green Rewards loan to acquire a 208-unit multifamily property in Virginia Beach, Virginia. The financing was originated by Justin Hechler, Director at Greystone, on behalf of Featherstone Partners.

Constructed in 1987, Royal Pointe Apartments in Virginia Beach City is a garden-style apartment community with 15 buildings comprising one- and two-bedroom units. The $22,554,000 non-recourse, fixed-rate Fannie Mae Green Rewards loan carries a 10-year term and 30-year amortization, with full-term interest-only payments. In addition to purchasing the property, loan proceeds enable the borrower to make improvements to the property.

“In this challenging interest rate environment, we’re committed to securing the right financing for our clients, drawing on our deep multifamily expertise and an extensive lending platform in order to do so,” said Mr. Hechler. “Our goal at Greystone is to help clients realize their vision for their properties through exceptional service and seamless transactions.”

“We were deeply impressed by Greystone’s multifamily expertise and attentiveness to every detail throughout this transaction,” said Hannah Taylor, Managing Director, Acquisitions & Capital Markets of Featherstone Partners. “We are delighted to say that our Greystone team was a true partner and we look forward to working with them on future projects.”

Greystone, a leading national commercial real estate finance company, has provided an $11,916,000 Fannie Mae Multifamily Affordable Housing (MAH) loan for the acquisition of a senior living community in Tavares, Florida. The financing was originated by Carter King, Managing Director in Greystone’s Atlanta, GA office. Hallmark Lakepoint Senior, LLC acquired the property.

Constructed in 2006, Lake Point Senior Apartments in Lake County is a 160-unit, LIHTC, age-restricted, 3-story elevatored apartment complex. The $11,916,000 non-recourse, fixed-rate financing carries a 10-year term and 35-year amortization.

“Greystone has substantial multifamily lending proficiency and expertise, particularly in the affordable housing space,” said Mr. King. “We are thrilled to assist clients with the most beneficial financing solutions and are devoted to providing top-tier service during each step of the process.”