Greystone Closes Minority Investment in Passco; Investor-Centric Alliance Expands Acquisition Potential and Deepens Opportunities in the Private Capital Real Estate Arena
A new union just launched in commercial real estate, and it’s founded on something unique: love.
Greystone, a leading national commercial real estate finance company, and Passco Companies, a privately held California-based commercial real estate company specializing in real estate acquisition, development, and asset management throughout the U.S., together announce a strategic alliance to provide their respective clients and investors with enhanced benefits surrounding the Delaware Statutory Trust (DST) CRE investment channel, as well as other real estate investment opportunities in the future. The new relationship manifests both companies’ desire to lead with the protection of their clients’ assets, and the appreciation for the people who do so on a daily basis.
The Greystone-Passco alliance creates a newly positioned institutional sponsor in the rapidly expanding DST investment sector. With its minority investment in Passco, Greystone is strengthening its platform into a new market with its investment in Passco, who has been an industry leader for over 20 years. The Greystone-Passco alliance will be providing a broader range of acquisition opportunities including post-construction and pre-stabilized properties.
“This union delivers something the industry has yet to see – a strategic vehicle with exponential growth opportunities that is focused on putting people first,” says Bill Passo, CEO and Founder of Passco Companies. “Our investors, partners, employees and their families are central to our focus. This is the bottom line in everything we do at Passco, and we have found complete alignment in that value with the Greystone team.”
Coming off a record year of $1.7 billion in transaction volume in 2021, Passco aims to exponentially surpass this growth in 2022 by leveraging Greystone’s extensive network, access to brokers, and balance sheet. The #1 HUD commercial lender* and a Top 10 Fannie Mae and Freddie Mac lender, Greystone originated $18.3 billion in CRE financing over 1,100+ executions in 2021, and provides a full range of capital solutions for property investors in multifamily and beyond.
Stephen Rosenberg, Founder and CEO of Greystone, adds, “Greystone’s strength is our people, period. Our success to date can be attributed to the trust we have in every individual at the company who each take the responsibility as a steward of our clients’ property investments very seriously. In joining forces with Passco, I truly believe that the power of partnership between two organizations with our aligned values will prove to be limitless.”
“Passco’s investment platform has already proven itself a well-oiled engine,” notes Rosenberg. “Together, we are now an unstoppable force that is positioned to grow ten-fold by opening doors of opportunity for investors, guided by the level of care they need and deserve as they consider the DST sector.”
Passco currently oversees $3.7 billion in assets under management, including 54 properties in 16 states. With Greystone’s backing, the firm aims to further expand its real estate portfolio in primary and secondary markets throughout the nation.
“Passco’s success over nearly 25 years can be credited to our team’s ability to strategically identify assets poised for growth,” says Passo. “We look forward to working alongside Greystone to continue to identify strong multifamily assets, while diversifying into other sectors and strengthening our position as a major player in the industry.”
Passco is represented by Kevin Gannon, Chairman/CEO of Robert A. Stanger out of Shrewsbury, New Jersey.