Greystone, a leading commercial real estate lending, investment, and advisory firm, today announced the closing of a $50,000,000 bridge loan made to an affiliate of Hudson Companies, Inc. to refinance House No. 94, a brand new 7-story, 75-unit “80/20” mixed-income multifamily rental building located at 94 North 3^rd Street in Williamsburg Brooklyn. The 5-year variable-rate loan was provided by an affiliate of Ares Management LLC to replace the original Wells Fargo construction facility.

House No. 94, completed in 2018, features condominium-quality finishes, two roof decks with Manhattan skyline views, a 12,000 square foot landscaped courtyard and an extensive amenity package that includes an attended lobby, bicycle storage, a state-of-the-art fitness center and tenant lounge.  In addition, retail tenants at the building include SolidCore, a one-of-a-kind workout program that focuses on controlled resistance training, and two luxury retailers to be announced in conjunction with early 2020 openings.

Greystone Capital Advisors, led by President Drew Fletcher, served as exclusive advisor on the transaction, with support from Managing Director Matthew Klauer and Analyst Cassandra Connolly. “House No. 94 is another example of Hudson Companies’ unique ability to deliver contextual, thoughtfully-designed projects that offer great value to tenants while also enhancing the neighborhoods in which they are located,” said Mr. Fletcher. “We are thrilled to have deepened our relationship with both Hudson Companies and Ares on this exciting transaction.”   

Alison Novak, a principal at Hudson Companies, shared her enthusiasm: “Greystone’s deep capital markets knowledge, creativity and determination were essential in executing this important assignment for Hudson and its partners.  We are also deeply appreciative of the team at Ares who worked quickly under a tight closing timeframe to deliver a great execution.”

Mixed-Use Project to Bring 234 New Affordable Housing Units to NYC Market

Greystone, a leading commercial real estate lending, investment, and advisory firm, today announced that it has arranged equity and debt for Douglaston Development’s 931-unit luxury mixed-use residential development at 601 W. 29^th Street on Manhattan’s Far Wide Side. Spanning the full block-front on 11^th Avenue between 29^th and 30^th Streets, the Project site is located at the crossroads of two of Manhattan’s most dynamic and rapidly transforming neighborhoods – West Chelsea and Hudson Yards.  An affiliate of Ares Management LLC, a U.S.-based publicly traded alternative asset manager, has committed to invest joint-venture equity into the Project, and a syndicate of banks led by HSBC, with co-lenders Bank of China and Landesbank Hessen-Thüringen (“Helaba”), provided a $415 million construction loan. Santander Bank and Raymond James Bank also participated in the loan facility.

Greystone’s Structured Finance Group, led by President Drew Fletcher, was tapped to serve as exclusive advisor on behalf of Douglaston and Ares in arranging the full capital stack for the Project. Paul Fried, Executive Managing Director and Head of Equity Capital Markets for Greystone’s debt and equity advisory platform, led the effort to raise the joint-venture equity, with support from Vice President Matthew Hirsch and Associate Bryan Grover, who also contributed to the debt raise.  Ken Lore from Katten Muchin Rosenman LLP and Shapiro & Gellert PLLC served as transaction counsel for the joint-venture.

Designed by FXCollaborative, the vision for the Project brings together distinctive architecture and efficient units with a world-class suite of lifestyle-oriented amenities. The 50,000 square foot amenity package includes an expansive fitness center, multiple outdoor terraces, and a pool. The Project will consist of 931 residential units, 697 market rate units and 234 units reserved for residents earning an average of 60% of Area Median Income (AMI). The Project also includes 186 parking spaces and 15,000 square feet of Class-A retail.  Demolition and site work are already underway, and the Project is expected to open in 2023.

“The Douglaston team did an incredible job assembling the site and creating what will undoubtedly become one of New York City’s signature multifamily developments. We are extremely proud to have represented both Douglaston and Ares on this market-leading transaction,” said Mr. Fletcher. 

“The combination of elite sponsorship, great basis, and an unparalleled location adjacent to Hudson Yards creates a truly one-of-a-kind opportunity for an institutional investor like Ares,” said Mr. Fried.

Marked by its early entry into the Far West Side in 2010 with its 369-unit residential property, Ohm, Douglaston was one of the first developers to recognize the potential for the area to become a premier residential neighborhood in Manhattan. Over a nearly five-year period, Douglaston painstakingly assembled and rezoned the Ohm’s large, underutilized Project site and structured a 99-year ground lease to create one of New York City’s most exciting residential development opportunities, located directly on the High Line and steps away from Hudson Yards.

Douglaston’s Chairman Jeffrey Levine and President Steven Charno in a joint statement said: “Douglaston is thrilled to kick-off our new partnership with Ares on this ground-breaking development.  We are equally proud to deepen our relationship with Greystone. Drew and his team demonstrated incredible commitment working alongside us for nearly four years as we rezoned the site. Their professionalism, market knowledge and credibility with capital providers enabled us to achieve a financing structure that exceeded our expectations and created significant value for the Project.”

WASHINGTON, D.C. – August 13, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $70.25 million sale of Spring Parc, a 399-unit apartment community in Silver Spring, Maryland.

The HFF team marketed the property on behalf of the seller, Ares Management, L.P., and procured the buyer, an affiliate of Bridge Investment Group LLC.

Spring Parc comprises 120 one-bedroom, 232 two-bedroom and 47 three-bedroom units along with institutional-quality amenities, including an expansive swimming pool with separate children’s wading pool, grilling area, two playgrounds, dog park with agility course and a fitness center.  Located at 17 Featherwood Court, the property is situated in Montgomery County near key employment centers in Silver Spring, Rockville and Washington, D.C. as well as major regional thoroughfares such as Interstates 95 and 495, the Intercounty Connector (ICC)/Maryland 200 and Route 29.  In addition to its centralized location, the property is also convenient to numerous nearby retail amenities and two forthcoming developments.

The HFF investment advisory team representing the seller included Walter Coker, Brian Crivella, Roland Merchant and Stephen Conley, a Maryland licensed real estate broker.

JMG Realty, Inc. today announced they have been selected as the managing agent for a $236 million, six (6) property Multifamily Portfolio acquired in a venture between Ares Management and TruAmerica Multifamily.

The 1,402 unit portfolio is spread across some of the strongest multifamily markets in the greater Baltimore metropolitan market:

Dominion at Eden Brook  - Columbia, MD

Dominion Kings Place - Columbia, MD

Lakeside Mill - Owings Mills, MD

Ellicott Grove - Ellicott City, MD

Arborview at Riverside & Liriope - Belcamp, MD

Dominion Constant Friendship - Abingdon, MD

The properties are well located near major military, government and corporate employers in the area. The portfolio will have a multi-million dollar renovation program instituted to renovate and reposition the portfolio. Exterior and interior upgrades will consist of significant improvements to landscaping, building exteriors, exterior painting as well as appliance packages, countertops and cabinets for the interiors.

With properties already located in Maryland and Virginia, JMG's Mid-Atlantic footprint continues to grow, prompting the establishment of a new office in the Baltimore area.