Greystone, a leading national commercial real estate finance company, has provided a $41,664,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) loan to refinance a 280-unit multifamily property in Cape Coral, Florida. The financing was originated by Kyle Jemtrud, Managing Director at Greystone, with Kevin Coscia of Largo Capital acting as correspondent.

Constructed in 2022, The Palms at Cape Coral in Lee County is a garden-style apartment community with five buildings featuring one-, two- and three-bedroom units. The property’s amenities include a clubhouse, fitness center, swimming pool, pet park and pickleball court. The $41,664,000 non-recourse, fixed-rate Fannie Mae loan features a 10-year term and 30-year amortization, with five years of interest-only payments.

“We truly appreciate that our client chose Greystone again for finding the right long-term financing for another property in their portfolio,” said Mr. Jemtrud. “When it comes to navigating the multifamily lending process, clients rely on our extensive industry expertise and deep lending platform for solutions that meet their needs in any market.”

“We are thrilled that Greystone was able to refinance this property and set us up for long-term success,” said Mr. Bryan Young, principal of the borrower. “Once again, we are impressed with Greystone’s multifamily capabilities and high standard of service excellence – they are a true partner who delivers invaluable insights on every transaction.”

Greystone, a leading national commercial real estate finance company, has provided a total of $16,114,000 in Fannie Mae Delegated Underwriting & Servicing (DUS®) loans to refinance four multifamily properties totaling 136 units across Smith County, Texas. The financing was originated by Stella Plotkin, Vice President in Greystone’s New York office.

Each of the non-recourse, fixed-rate loans in the portfolio carries a 10-year term and 30-year amortization schedule, with interest-only payments for the first two years. The portfolio includes:

·        $7,523,000 for the 64 units at 16246 and 16374 County Road 4100 in Lindale;

·        $4,519,000 for the 36-unit Shadow Wood Circle in Whitehouse;

·        $2,469,000 for the 20 units at 14235 and 14227 County Road 452 in Lindale; and

·        $1,603,000 for the 16-unit Fonda Apartments in Whitehouse.    

“Greystone works tirelessly to earn our clients’ trust, tapping into our extensive multifamily lending platform so clients achieve their goals,” said Ms. Plotkin. “Clients benefit from our unmatched industry expertise and enjoy a great service experience, which are the hallmarks of every Greystone transaction.”

“Greystone took exceptional care in crafting a financing solution that was just right for this portfolio,” said Mr. Richard Hillard, principal of the borrower. “We couldn’t be happier with our team’s diligence and responsiveness throughout the process and we’re even more pleased with the end result.”

Greystone Ranks #4 for Overall, Combined Agency Lending with $7.7 Billion in Total Volume

Firm Achieves Ranking of #3 Overall Lender by Volume for Fannie Mae, #6 Overall for Freddie Mac;

Maintains #1 Fannie Mae Small Loans Ranking

Greystone, a leading national commercial real estate finance company, announced it gained both volume and market share in the Agency lending sector during 2023, achieving an overall #4 ranking for both Fannie Mae Delegated Underwriting and Servicing (DUS®) loans and Freddie Mac Optigo® loans with $7.7 billion in total volume. Individually, Greystone ranked #3 as an overall Fannie Mae lender in 2023, and #6 for Freddie Mac lenders. Despite the market experiencing lower commercial loan volume overall in 2023, Greystone increased its combined Agency loan volume by 14% year-over-year. The rankings are based on recently-released public data on 2023 lending volume from Fannie Mae and Freddie Mac.

Greystone Asserts Leadership Position in Various Agency Loan Types

In 2023, Greystone ranked #1 for volume for all lenders in Fannie Mae Small Loans, #2 in both Seniors Housing and Student Housing asset financing, and #4 overall in both Affordable Housing and Green financing volume. 

Through its work with Freddie Mac, Greystone ranked #2 overall for lending volume dedicated to Affordable Housing, as well as #2 overall for Freddie Mac’s Small Balance Loan program. Greystone also ranked #5 among all lenders producing Seniors Housing volume with Freddie Mac.

“Greystone’s growth in market share over the past year – particularly in a challenging lending environment – is a testament to the commitment and dedication our team has given to delivering the best solutions and service to our clients across a variety of asset types in multifamily,” said Rich Martinez, head of Agency production at Greystone. “I am incredibly proud of our teams for their hard work and close partnership with both Fannie Mae and Freddie Mac to provide much-needed financing for mission-driven housing and multifamily assets overall.”

Greystone also ranks as the #1* multifamily and healthcare lender in volume for HUD-insured loans during its fiscal year ending September 30, 2023.

*For HUD’s 2023 fiscal year. Based upon combined firm commitments of Greystone Funding Company LLC and Greystone Servicing Company LLC. 

Greystone, a leading national commercial real estate finance company, has provided a $21,555,000 Fannie Mae Multifamily Affordable Housing (MAH) loan to refinance a 101-unit affordable housing property in Carteret, New Jersey. The financing was originated by Ryan Harkins, a Director at Greystone, on behalf of Tryko Partners, a repeat Greystone client.

Roosevelt Village Apartments in Middlesex County is a 10-building, income and rent-restricted community situated on 5.1674-acres. Constructed in 1969, the property offers one-, two- and three-bedroom townhome-style units, and includes amenities such as on-site parking, playground and a laundry facility. The $21,555,000 non-recourse, fixed-rate financing features a 10-year term and 35-year amortization, with seven years of interest-only payments. In addition to refinancing, loan proceeds enable the borrower to monetize a portion of their equity in the property.

“This was a pretty seamless execution in what continues to be a challenging lending environment,” said Mr. Harkins. “Having the opportunity to pair up with a best-in-class borrower like Tryko and deliver efficient results in this market is what sets Greystone apart from our peers. Our deep lending platform and extensive multifamily expertise mean we are uniquely equipped to help clients realize the vision they have for every property in their portfolio.”

“Given the challenging lending environment with which we are all now confronted, we are happy that the team at Greystone enabled us to refinance Roosevelt Apartments and continue to preserve affordable housing for our residents,” said Mr. Isaac Sassoon, of Tryko Partners.

Berkadia announces it has secured a $31 million loan to refinance No.17 Residences Allapattah, a 192-unit attainable luxury apartment rental building in the Fruit Packing District of Allapattah. Senior Managing Director Charles Foschini, Managing Director Christopher Apone, and Associate Director Shannon Wilson of Berkadia South Florida secured the financing on behalf of Neology Life Development Group, a lifestyle-driven residential and commercial real estate firm, led by Lissette Calderon, that specializes in the transformation of overlooked and undervalued communities into vibrant urban neighborhoods.

Fannie Mae originated the 10-year loan with five years of interest-only.

"Lissette Calderon and her company, Neology, have once again demonstrated their exceptional vision and expertise in transforming the Allapattah neighborhood with the refinancing of No.17 Residences. It's been a remarkable journey working alongside Neology Life on this project. Lissette Calderon's dedication to 'attainable luxury' and the development's success in the heart of Allapattah truly stand out, aligning perfectly with the community's needs.”

Located at 1569 NW 17th Avenue, No.17 Residences Allapattah was completed in April 2021 and leased up in record time. It offers one-, two-, and three-bedroom apartments ranging from 600 square feet to 1,125 square feet. Individual units feature smart home technology, open floor plan kitchens, stainless steel appliances, quartz countertops, washer and dryer, full-length windows, balconies, and walk-in closets. Building amenities include an expansive urban park, lobby lounge with co-working and social spaces, a TV lounge area, art-inspired pool deck, pool side cabanas, indoor/outdoor clubroom, fitness center, on-demand virtual fitness classes, a rooftop garden with a summer kitchen, an outdoor movie theater, bark park, bike storage, electric car charging stations, a zoom room, on-site parking, and 24-hour secure package rooms.

The property is situated in Miami’s centrally located Allapattah neighborhood, which is just a short walk, bike ride, drive or public transit trip from some of Miami’s largest employment centers, including the Health District, Civic/Government Center, Downtown Miami, Wynwood< and the Brickell Financial district, and offers easy access to the Dolphin Expressway and I-95. As home to the flagship location of Superblue, the Rubell Museum and El Espacio, Allapattah has quickly become an important arts and culture destination.

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.”