The joint venture team of Cushman & Wakefield and Greystone announced that they arranged the sale of and closed the Fannie Mae DUS® loan assumption for Pinnacle Park at Chenal Valley, a 216-unit multifamily community located in Little Rock, Arkansas.  

Cushman & Wakefield’s Martin Bynum and Craig Hey represented the seller in the transaction. Greystone handled the Fannie Mae loan assumption, which was a loan originally provided in 2019. The multifamily property was sold by Chenal Valley – Orchard, LLC and Chenal Valley – Foxwood, LLC. The buyer is King George Apartments, LLC.

“Pinnacle Park at Chenal Valley is one of the few Class ‘A’ conventional multifamily properties in the Little Rock metro area. The buyer is excited to implement their management strategy in a market with historically high occupancy and growth opportunity,” said Bynum, Director at Cushman & Wakefield.

Built in 1999, Pinnacle Park at Chenal Valley features top-of-market features and amenities within the strong submarket of West Little Rock. This includes a clubhouse, 24-hour virtual fitness center, sparkling pool, daily coffee bar, and 24-hour package room. The property is also located in the affluent Chenal Valley area, which has been experiencing tremendous population growth.

Cushman & Wakefield’s Sunbelt Multifamily Advisory Group is a 95-person investment sales team covering 11 states with No. 1 multifamily market share in that region based on sales volume and transactions reported to CoStar. Per Cushman & Wakefield, in 2021, the group closed $13.8 billion in sales volume through 429 deals and nearly 85,000 units. For more information about the Sunbelt Multifamily Advisory Group, visit https://multifamily.cushwake.com.

 

 

The joint venture team of Cushman & Wakefield and Greystone announced that they arranged the sale of and provided acquisition financing for The Lumiere, a 336-unit multifamily community located in Metairie, Louisiana, a sub-metro region of New Orleans. The multifamily property was sold by LURIN to buyer Onyx Partners.

Cushman & Wakefield’s Mike Kemether, Christian Schedler, Larry Schedler, and Cheryl Short represented the seller in the $55.8 million transaction. Greystone’s Judah Rosenberg originated a $40 million non-recourse Fannie Mae Delegated Underwriting and Servicing (DUS®) loan featuring a 10-year term and fixed rate below 5%, with 60 months of interest-only payments.

“The seller, LURIN, is a vertically integrated investment firm out of Dallas that has a proven track record in implementing comprehensive renovation programs,” said Mr. Schedler. “Through an interior/exterior upgrade, LURIN was able to drive rents significantly. The purchaser, Onyx Partners, led by Jeremy Y. Rieder, is well poised to further grow revenue in the supply constrained, high-demand Metairie market. Onyx continues to grow their Louisiana footprint, making Lumiere their third acquisition in the state.”

Located at 3301 W. Esplanade Ave N., The Lumiere is a 336-unit luxury apartment community situated on a 7.34 acre site comprising 20 buildings. Amenities at the property include a swimming pool, BBQ grill area, package center, clubhouse, and fitness center. The property received a Green Building Certification in May 2022.

“We are thrilled to have secured attractive financing for this acquisition and buyer as a result of our close working relationship with Cushman & Wakefield,” added Mr. Rosenberg, Vice President at Greystone. “We look forward to working with Onyx on future transactions as they grow their portfolio in the Metairie market and beyond.”

 

The joint venture team of Cushman & Wakefield and Greystone announced that they arranged the sale of and provided acquisition financing for City Heights Hoover, a 160-unit multifamily community located in the Hoover suburb of Birmingham.  

 

Cushman & Wakefield’s Andrew Brown, Craig Hey and Jimmy Adams represented the seller in the $15.37 million transaction. Greystone’s Steven Vainer originated an $11.6 million bridge loan featuring interest-only payments. The multifamily property was sold by SB Pacific Group. The buyer is a joint venture between 3MC Partners and Hinze Real Estate Partners.

 

“The property is poised for unparalleled growth in the coming years due to restrictions on new multifamily developments in the area and with current market rents well-below its nearby competitive set. New ownership has plans for an extensive rehab to the asset’s unit interiors, common areas and amenities,” said Brown, Managing Director at Cushman & Wakefield.

 

“Strong market fundamentals certainly support favorable financing for this property,” added Steven Vainer, Managing Director at Greystone. “Additionally, Greystone’s close relationship with Cushman & Wakefield as a joint venture partner ensures we have an acquisition financing solution that can fit the client’s needs. We are thrilled to have helped 3MC Partners and Hinze Capital add this quality asset to their portfolio.”  

 

Built in 1975, City Heights Hoover offers is in a highly desirable location with a top five ranked school system nearby along with strong visibility and frontage on Lorna Road. The property is also minutes from more than 10,000 jobs and 5.5 million square feet of quality retail amenities that are available in the surrounding area. Amenities on-site at City Heights Hoover include a fitness center, pool, grill and on-site laundry facilities.

 

“We are excited to add another Birmingham asset to 3MC’s multifamily portfolio in partnership with Hinze Capital. This is a great property and we look forward to creating an even better community for the residents who live here as we make further improvements to the property,” said Matt Bodnar, one of 3MC’s founding partners. “In partnership with Hinze Capital, we can further 3MC’s mission to invest in quality multifamily assets across the Southeast,” Bodnar continued.

 

Cushman & Wakefield’s Sunbelt Multifamily Advisory Group is an 85-person investment sales team covering 11 states with No. 1 multifamily market share in that region based on sales volume and transactions reported to CoStar. Per Cushman & Wakefield, in 2021, the group closed $13.8 billion in sales volume through 429 deals and nearly 85,000 units. For more information about the Sunbelt Multifamily Advisory Group, visit https://multifamily.cushwake.com.

 

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

 

About Greystone

Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com.

 

About 3MC Capital Partners

3MC Capital Partners is a real estate private equity firm that focuses on multifamily acquisitions, development, and management throughout the Southeast and has a growing portfolio of multifamily assets across Tennessee and Alabama. For more information about 3MC Partners visit: https://3mcpartners.com/

 

About Hinze Real Estate

Hinze Real Estate Partners is a real estate private equity firm, based in Dallas, TX that focuses on multifamily acquisitions and development in top MSAs throughout the U.S.

 

 

Greystone, a leading commercial real estate finance firm, announced it has closed $67,450,000 in bridge financing secured by a portfolio of five (5) multifamily properties on behalf of Conquest Housing and BLVD Communities, the Sponsor. The refinancing transaction, which was brought to Greystone by Cushman & Wakefield, and funded by a Greystone Monticello affiliate, comprises a 619-unit portfolio of Section 8 HAP properties across various states including New Jersey, Arkansas, Ohio, and Wisconsin.

Greystone’s loan origination team was headed by Eliav Dan, Gary Stellato, and Max Spelling, and the Greystone Monticello financing team was comprised of Alan Litt, Tom Lally, Joseph Borenstein, and Jonathan Cohen. The Cushman & Wakefield team was led by Rob Rubano, Marc Renard, Keith Padien, Brian Share, Joseph Lieske, and Ernesto Sanchez.

The portfolio of affordable housing includes five suburban, garden-style multifamily communities built between 1960 and 1987 in such markets as Toms River, NJ; Toledo, OH; Maurnelle, AR; and Milwaukee, WI.

“It was a pleasure working with the Sponsor, alongside our partners at Cushman & Wakefield and Greystone Monticello, to deliver a seamless execution during an otherwise volatile market,” said Mr. Dan, Senior Managing Director at Greystone. “This transaction exemplifies the synergies of our recently closed Cushman & Wakefield Greystone joint venture, whereby we can offer our clients a full suite of financing products and solutions, unparalleled capital markets expertise, and sales / advisory services. I’d like to specifically thank Rob’s and Jon’s teams for their commitment to client excellence, as we continue to provide institutional quality solutions to the commercial real estate capital markets.” 

 

 

Industry Leaders Bring Together Debt Platforms and Disposition, Acquisition and Portfolio Assessment Services

Cushman & Wakefield (NYSE: CWK), a leading global real estate services firm, and Greystone, a leading national commercial real estate finance company, announce they will enter into a strategic joint venture to deliver best-in-class advisory services and capital solutions to existing, joint and new clients of both firms nationwide. Under the terms of the agreement, Cushman & Wakefield will make a strategic investment of $500 million to acquire a 40% stake in Greystone’s Agency, FHA and Servicing businesses. Greystone intends to use the capital to create innovative product offerings which will position the company for future expansion. The transaction is anticipated to close in Q4 2021, subject to customary closing conditions.

Greystone is a top multifamily lender, including bridge, Fannie Mae DUS®, Freddie Mac Optigo®, and HUD, giving Cushman & Wakefield’s client base more direct access to a broad range of debt products for property acquisition, refinancing or substantial rehab / new construction. In turn, Cushman & Wakefield brings a well-established network of advisory professionals in core markets across the U.S., enabling both firms, together, to offer commercial property investors a holistic, one-stop approach.

Cushman & Wakefield’s Chief Executive, Americas, Andrew McDonald, said, “We’re excited to offer a new integrated capability to our investor clients with more direct access to Greystone’s balance sheet and capital solutions, including debt financing with Fannie Mae, Freddie Mac, and HUD. Greystone’s passion and creativity in structuring deals and leveraging its balance sheet for clients are the reasons the firm stands out. This combination will demonstrate how global investors can benefit from two industry leaders providing premier investor services and a seamless, integrated client experience.”

“Greystone’s mission has always been to provide an unparalleled client experience, and this deal truly manifests what we hope to achieve in solving for any need of a commercial property investor,” said Stephen Rosenberg, Founder and CEO, Greystone. “By combining our collective powers and areas of expertise, I believe there is no reason for an investor to search anywhere else for capital and advisory solutions. I’m thrilled by the potential for growth for both Greystone and Cushman & Wakefield as we work together to deliver on our clients’ goals.”

This investment expands Cushman & Wakefield’s presence in the multifamily sector. In early 2020, the firm acquired Pinnacle Property Management Services, LLC, the third-largest multifamily property management firm in the U.S. These investments enable Cushman & Wakefield to provide a complete set of services and expertise throughout every stage of investment in multifamily assets.

“While we are initially focused on the multifamily market, we see sizable growth opportunities ahead in serving clients with capital and services in other commercial asset classes, and I couldn’t be more excited about the potential, and what the future brings,” Rosenberg added.   

 

About Greystone

Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC (GSC), Greystone Funding Company LLC (GFC) and/or other Greystone affiliates. For more information, visit www.greystone.com.

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

Cautionary Note Regarding Forward-Looking Statements

This press release may contain forward-looking statements that reflect the parties’ current views with respect to, among other things, future events and results, which are intended to be covered by the safe harbor provisions for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts, and you can often identify these forward-looking statements by the use of forward-looking words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “target,” “projects,” “forecasts,” “shall,” “contemplates” or the negative version of those words or other comparable words. Any forward-looking statements contained in this press release are based upon the parties’ historical performance and current plans, estimates and expectations in light of information currently available to the parties. The inclusion of this forward-looking information should not be regarded as a representation by us, that the future plans, estimates or expectations contemplated by us will be achieved. Such forward-looking statements are subject to various risks and uncertainties and assumptions that could cause actual results to differ materially from those anticipated, including, but not limited to, the risk that a condition to closing of the proposed transaction may not be satisfied, that either party may terminate the Contribution Agreement related to the proposed transaction or that the closing of the proposed transaction might be delayed or not occur at all; potential adverse reactions resulting from the announcement or completion of the transaction; the diversion of management time on transaction-related issues; the ultimate timing, outcome and results of operating the joint venture; that anticipated expansion plans do not materialize; and the effects of the transaction in the parties’ operations, financial results, financial condition, business, prospects, growth strategy and liquidity. Additional factors that could cause Cushman & Wakefield’s results to differ materially from those described above can be found in Cushman & Wakefield’s Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission. The parties do not undertake any obligation to publicly update or review any forward-looking statement except as required by law, whether as a result of new information, future developments or otherwise.

107-Unit Apartment Community Sold for $30.9 Million

Pathfinder Partners, a San Diego-based firm specializing in multifamily real estate investments, announced today the sale of The Sterling, a 107-unit community in Gilbert, Arizona, 23 miles southeast of downtown Phoenix. The property was acquired by Casa Anita Apartments, LLC for $30.9 million.

 

The Sterling (previously named “The Vintage”), built in 2000 as condominiums, is situated on 9.3 acres and includes 13 residential buildings consisting of six studio lofts, 21 one-bedroom/one-bathroom, 40 two-bedroom/two-bathroom and 40 three-bedroom/three-bathroom units averaging a spacious 1,154 square feet.

 

According to Lorne Polger, senior managing director of Pathfinder Partners, his firm purchased The Sterling in December 2017 and completed $1.4 million in extensive renovations. “We understood the importance of The Sterling’s location – only two miles from the Gilbert Heritage District, a popular shopping destination. Additionally, the city boasts a combination of strong employment growth and a nationally ranked school system.”

 

Pathfinder invested in repainting the buildings, installing a dog park and package locker, renovating more than half of the units and upgrading the clubhouse, leasing office and pool area.

 

The Sterling was 97% occupied at the time of the sale. David Fogler of Cushman & Wakefield Multifamily Advisory Group brokered the transaction.

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