Greystone, a real estate lending, investment, and advisory company, announced it has provided a $35,500,000 Fannie Mae Delegated Underwriting and Servicing (DUS) loan to refinance a newly-constructed multifamily property, Fitzroy Chenal, in Little Rock, AR. The transaction was originated by Clint Darby, a Managing Director at Greystone.

The $35.5 million near stabilization Fannie Mae loan carries a 12-year term and 30-year amortization period at a low, fixed rate. The 294-unit Fitzroy Chenal is a new construction property offering a range of amenities including a community clubhouse, pool, recreational lounge, fitness center, business center, cybercafé with high speed internet, conference room, game room, poker/wine room, storage units, interior mailroom, golf simulator, dog-wash station, dog park, and electric charging stations.

“The key aspect of this financing being a success for the borrower was monitoring the leasing activity from the early stages and engaging with the Agencies’ timing for rate lock,” said Mr. Darby. “We are constantly monitoring for the optimal time to lock in, and this lease-up loan product from Fannie Mae provides a fantastic long-term option for a construction financing exit while the property becomes stabilized.”

“We leaned on Clint and his team to execute the best terms for this refinance in conjunction with the earliest point we could rate lock with rates being so advantageous,” said Brandon Huffman, Principal for the borrowing entity. “We are incredibly proud of this new project, and the high demand so far has validated our efforts in bringing high-quality housing to the Little Rock market.”

Greystone, a real estate lending, investment, and advisory company, announced it has provided an $11,250,000 Fannie Mae Delegated Underwriting and Servicing (DUS) loan to refinance a 302-unit multifamily property in Ypsilanti, Michigan. The transaction was sourcedby Cary Belovicz, executive managing director of Greystone Bel Real Estate Advisors, and originated by John Marr, a managing director at Greystone.

The $11.3 million Fannie Mae loan carries a 10-year term and 30-year amoritization period. Located in the heart of Ypsilanti, the Ranches of Rosebrook offers 302 market-rate, 650-square foot two-bedroom, 1-bath ground level units within easy access to downtown Ypsilanti, I-94, Depot Town, Eastern Michigan University and Washtenaw College. Residents of the pet-friendly property enjoy access to on-site laundry and parking in a convenient, quiet neighborhood setting.

“When it came time to refinance, our client trusted in us because of the breadth of our access to an extended lending platform, but importantly, because of the trusted relationship he had built with our team through prior transactions,” said Mr. Belovicz. “Our team was able to exceed client expectations by quickly securing the financing needed to continue with ongoing property management, as well as monetize a portion of his equity.”

Greystone, a leading commercial real estate lending, investment, and advisory firm, announced it has provided a $132,965,000 Fannie Mae loan for Staten Island Urby, a two-building, 571-unit “80/20” mixed-income multifamily rental apartment building located on the waterfront in Staten Island, New York. The Greystone Bassuk Capital Markets Advisory Group, led by President Drew Fletcher, and with support from Executive Managing Director Ken Rogozinski, Managing Director Matt Klauer, and Associate Bryan Grover, served as exclusive advisor on behalf of Urby and secured the Fannie Mae loan through Greystone’s Affordable Lending Team. Billy Posey, head of Greystone’s Lending Business, and Jeff Englund, Senior Managing Director, collaborated on the structure for the Borrower and spearheaded the loan process for Greystone’s debt business. The new 10-year fixed rate permanent loan replaces the original $100 million construction credit facility provided by PNC Bank in 2013.

Completed in 2016, Staten Island Urby is located at 7 and 8 Navy Pier Court in Staten Island, New York on a 3.94-acre waterfront lot on the eastern side of Front Street between Prospect and Wave Streets. Staten Island Urby consists of one 4-story building and one 5-story building that together feature 571 LEED-certified multifamily units across approximately 292,369 net rentable square feet, extensive amenity space, and 35,000 square feet of retail space. 115 of the total units (representing ~20% of the total number of apartments) are affordable housing units priced at 60% of AMI. The remaining 456 apartments are priced at market rents.

Urby aims to deepen the very nature of apartment living by applying the personal approach and design associated with boutique hotel hospitality to the residential experience. Inside and out, fresh design maximizes space and light, while in-house culture teams host get-togethers to spark interaction, creativity, and good times among neighbors. Urby was created by David Barry who combined his astute sense of the apartment industry and skills in real estate development with his experience operating boutique hotels. Major investments in notable hotel projects include The Standard East Village, Chiltern Firehouse in London, Pod Hotel in Williamsburg, W Hotel in Hoboken, and such notable residential projects as Shipyard Hoboken, Pier Village, and 10 Bond. For Urby, Barry collaborates creatively with Amsterdam-based design firm Concrete – best known for CitizenM Hotel designs – for its architecture and interior design.

Collective spaces at Staten Island Urby, which are designated for get-togethers among residents, include one of New York City's largest urban farms, as well as the Urby Kitchen, which hosts cooking demonstrations by local chefs, pop-up dinners, tastings and talks. The development also includes a 5,100-square-foot gym, outdoor saltwater pool, landscaped courtyards with fire pits and play areas, Wi-Fi enabled green spaces, filtered water filling stations in the lobbies and an on-site 300-car garage. The building offers sweeping panoramic views of the Statue of Liberty, Verrazano Bridge, Brooklyn and Lower Manhattan.

Staten Island Urby also includes 35,000 square feet of commercial space situated around the main concourse with direct waterfront views and easy access to the esplanade. The retail programming, designed to bring the waterfront experience to residents and area locals, includes recently-opened Barca, Staten Island’s first Mediterranean-style seafood restaurant from celebrated chefs Dave Pasternack and Vic Rallo, as well as Rallo’s Surf, a 200-seat dual-level space dedicated to live wood-fire cooking and a new take on barbeque. Seppe Pizza Bar is run by brothers, Joe Iovino and Damian De Rosaire, who have familial roots in Naples, Italy. Staten Island Urby’s lobby café is operated by boutique, New Jersey-based coffee roaster, Coperaco, known for providing high-quality coffee to some of the most prestigious chefs and restaurants in the world.

“Urby has created a fresh new take on urban apartment living with hospitality-level services, curated amenity spaces and efficient, modern-design apartments at affordable prices,” said Mr. Fletcher. “We are incredibly excited to have represented Urby on this project as they continue their push to redefine the standards for big city rental housing.”

Greystone, a leading commercial real estate lending, investment and advisory company, today announced its closing of a $75,000,000 Fannie Mae loan made to an affiliate of Edison Properties, LLC for The Ludlow, a 23-story, 241-unit mixed-income multifamily rental apartment building located on the Lower East Side of Manhattan. The Greystone Bassuk Capital Markets Advisory Group, led by President Drew Fletcher, and with support from Executive Managing Director Ken Rogozinski and Managing Director Matt Klauer, served as exclusive advisor on behalf of the Borrower and placed the Fannie Mae loan through Greystone’s Affordable Lending Team. Billy Posey, head of Greystone’s Lending Business, and Jeff Englund, Senior Managing Director, collaborated on the structure for the Borrower and spearheaded the loan process for Greystone. The new 15-year fixed-rate permanent loan refinances the original construction-to-perm credit facility provided by Helaba Landesbank Hessen-Thüringen (“Helaba”) in 2006.

Located at the southeast corner of Ludlow Street and E. Houston Street in the vibrant Lower East Side neighborhood of Manhattan, the 23-story Project contains 241 residential units across approximately 210,000 gross square feet including 5,500 square feet of ground floor retail. 62 of the total units, or approximately 25%, are set aside for low- and moderate-income households.

Originally completed in 2008, the Project features spacious layouts, floor-to-ceiling windows with unobstructed views of Midtown and Downtown Manhattan. Building amenities include a 24-hour concierge, state-of-the-art fitness center with yoga/Pilates studio, rooftop sundeck, resident lounge with billiards/media room and on-site parking. With an extensive array of restaurants, cafes, clubs, galleries, and music venues, the area is one of the trendiest and fastest-growing neighborhoods in New York City. 

“We are extremely proud to have represented Edison on this exciting transaction,” said Mr. Fletcher. “Originally assembled and operated as a parking lot over 40 years ago, The Ludlow is a testament to Edison’s vision and commitment to investing in neighborhoods for the long-term.”

“Edison is thrilled to deepen its relationships with both Greystone and Fannie Mae with this financing,” said Tony Pinto, Chief Financial Officer of Edison. “Our goal for this transaction was to convert to long-term permanent financing at a fixed rate to mitigate future interest rate exposure and provide additional term to transition beyond the upcoming burn-off of the 421-a tax abatement. Greystone Bassuk delivered an execution that exceeded our expectations while putting the Project on solid footing for the long-term.”

CHARLOTTE, NC – January 11, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces $20.23 million in acquisition financing for The Linden, a newly developed, 162-unit, mixed-use apartment property with approximately 6,000 square feet of ground floor retail in Davidson, North Carolina.

The HFF team worked exclusively on behalf of Raleigh, North Carolina-based Blue Heron Asset Management, LLC to secure the Fannie Mae loan through M&T Realty Capital Corporation.

The Linden is ideally positioned in the highly desirable and supply-constrained Charlotte suburb of Davidson, which provides nearby access to Lake Norman and walkability to the shops and amenities of Downtown Davidson as well as Davidson College.  Additionally, the property is surrounded by several major economic drivers, including MSC Industrial Supply Company’s U.S. headquarters, Ingersoll Rand’s North American headquarters and Lowe’s global headquarters. Furthermore, the property will benefit from the soon-to-be-completed Interstate 77 infrastructure improvements, which will allow for direct access to all of Charlotte, including Uptown.  

Completed in 2016, The Linden consists of a mix of studio, one- and two-bedroom units along with more than 5,800 square feet of fully leased ground-floor retail.  Units feature open floor plans with modern finishes such as gourmet kitchens with granite countertops, European-style cabinetry, stainless steel appliances and wood-plank flooring.  Community amenities include a resort-style pool, grilling area, fire pit, state-of-the-art athletic club, clubroom, coffee bar, library, conference room and corporate suites. 

The HFF team representing the borrower consisted of senior director Roger Edwards. Loan origination by M&T Realty Capital Corporation was led by managing director Robert Ryan.

Greystone, a leading commercial real estate lending, investment, and advisory company, announced it has provided a total of $11,727,000 in Fannie Mae loans to refinance a portfolio of multifamily properties in Brooklyn, New York. The loans were originated by Anthony Cristi in Greystone’s New York office on behalf of Zalmen Wagschal.

The four separate Fannie Mae loans, closed in under 2 weeks from the application date, are all 7-year Hybrid Adjustable Rate Mortgages (ARMs), secured to refinance the following properties comprising 6-12 units in the Bushwick and Bedford-Stuyvesant neighborhoods:

-- 867-869 Knickerbocker Avenue;

-- 221 Himrod Street;

-- 299 Throop Avenue; and

-- 634 Wilson Avenue.

“When an owner is both prepared and motivated, the loan process can be quick and efficient,” said Mr. Cristi. “That said, it took an incredible amount of cooperation among all parties, including Fannie Mae, to close this financing in just 10 days.”

“The relatively shorter-term period of a hybrid loan enables an owner to perform value-add improvements to a property, acting as a bridge of sorts, to a longer-term solution once the property is reappraised and ready to be refinanced,” added Mr. Cristi.