Greystone, a leading national commercial real estate finance company, has provided a $20.9 million Fannie Mae Multifamily Affordable Housing (MAH) loan for the acquisition of Parkside Place, a 321-unit, income and rent-restricted garden apartment complex located in Pasadena, Texas. The financing was originated by Michael Zampetti, Senior Managing Director in Greystone’s New York office.

Parkside Place consists of 27 two-story apartment buildings situated on an 11.24-acre site. Constructed in 1969, the property was renovated in 2018 and includes amenities such as a leasing office, two pools, on-site management, a laundry facility, a business center, and private patios. There are 526 total parking spaces, including reserved handicap spaces and carports.

"Parkside Place plays a vital role in offering quality, affordable housing within the Houston metropolitan area," said Mr. Zampetti. "We at Greystone take immense pride in our track record of supporting affordable housing throughout the country and are happy to have facilitated our client's acquisition of this asset. It was a pleasure to work with the borrower. We are rooting for their continued success." 

Greystone, a leading national commercial real estate finance company, has provided $27,325,000 in total Fannie Mae Delegated Underwriting & Servicing (DUS®) financing for a two-property portfolio in Greensboro, North Carolina. The financing was originated by Justin Hechler, Director at Greystone, on behalf of repeat client Featherstone Partners.

Terrace Oaks, which comprises 120 units, and Terrace at Olde Battleground, comprising 156 units, both received 10-year, fixed-rate Fannie Mae loans with 35-year amortizations and the first six years of interest-only payments. Both properties boast amenities including swimming pools and fitness centers, while the larger community, Terrace at Olde Battleground, additionally offering a playground, car wash station, dog park and wash station, and picnic area with fire pit.

In addition to these two refinancing transactions, Hunter Bowling of Cushman & Wakefield represented Featherstone Partners in the sale of Madison Woods, also located in Greensboro.

“Exiting the portfolio’s existing debt all at once by way of three separate transactions was tricky due to the current capital markets environment -- having a thorough understanding of the mechanics that went into each step, along with having great financing partners like Greystone, made all the difference,” said Chuck Patty, Managing Partner, Featherstone Partners.

“It takes a true collaboration with clients to close financing so quickly, and the Featherstone team was prepared and responsive, enabling our team to guide them to closing in 28 days,” said Mr. Hechler. “It’s also a testament to our commitment to clients when we have repeat borrowers return for new financing with Greystone.”

Greystone, a leading national commercial real estate finance company, has provided a $18,296,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) loan to refinance a 154-unit multifamily property in Brooklyn, New York. The financing was originated by Anthony Cristi, Managing Director at Greystone.

Located in the Bedford-Stuyvesant neighborhood of Brooklyn, 400 Herkimer Street is situated on 18 acres of land and is contained in one six-story residential building. Built in 1965, the property boasts units ranging from studios, to one-, two-, and three-bedroom units. The fixed-rate Fannie Mae financing includes a 10-year term and 30-year amortization.

“With today’s market volatility, it’s critical to lock in an interest rate when they dip,” said Mr. Cristi. “It’s my mission to help my clients achieve their property portfolio goals, and Greystone has the tools at hand to help me do so.”

“Anthony and his team are uniquely knowledgeable about the Brooklyn multifamily market and Agency lending, which ensures that we are given the best options for the market at any given time,” said Amarbin Ahmed, principal of the borrower. “We are thrilled with the outcome, enabling us to extract capital and complete obtaining ownership interest in this core property of our portfolio.”

Greystone, a leading national commercial real estate finance company, has provided a $26.7 million Fannie Mae Delegated Underwriting and Servicing (DUS®) loan for the acquisition of a 250-unit multifamily property in Hampton, Georgia. The financing was originated by Richard Kourbage, Managing Director at Greystone, on behalf Atlanta-based Inspired Real Estate Partners (IREP).

Lakeside Villas Apartment Homes, constructed in 2002, sits on 23.09 acres and consists of 13 three-story residential buildings. The property contains one-, two-, and three-bedroom units with amenities including a community clubhouse, fitness center, business center, in-ground swimming pool, pool house, grill stations, playground, dog park, car care area, and covered parking.

The Fannie Mae financing includes a seven-year term at a fixed rate.

“Greystone is both a multifamily finance expert and a local market expert, helping us to navigate interest rate dynamics and a comprehensive underwriting process,” said Jeremy Furman, IREP Co-Founder. “We appreciate the white-glove approach to deal financing, and look forward realizing the potential of this long-term investment.”

“There are multiple options for acquisition financing today with Agency financing, despite recent market volatility, and particularly for value-add properties such as Lakeside Villas,” said Mr. Kourbage. “It was a pleasure working with IREP on their first acquisition as a new company for them, and I congratulate them on this exciting acquisition.”

IREP Co-Founder Brooks Castellaw added, “Lakeside Villas represents our first acquisition since getting started in March 2023. Having owned the asset before, we are very familiar with the property and the submarket. Lakeside Villas fits our business plan of buying well built, suburban multifamily properties in the Sunbelt, with modern floor plans, oversized units, direct access garages and a full amenity set.”

Greystone, a leading national commercial real estate finance company, has provided a $42,257,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) loan for a 286-unit multifamily property in Louisville, Kentucky. The financing was originated by Anthony Cristi, Managing Director at Greystone, on behalf of 800 City Apartments LLC.

Constructed in 1963, 800 Tower Apartments in Jefferson County is a 29-story high-rise building offering studios, as well as one- and two-bedroom units. The $42,257,000 non-recourse, fixed-rate financing carries a ten-year term and 30-year amortization, with three years of interest-only payments.

“At Greystone, we work through the nuances of every project to ensure that our clients get financing that helps them achieve their vision for their property,” said Mr. Cristi. “Greystone’s extensive multifamily lending platform and industry expertise means we deliver solutions where others fall short.”

“Our Greystone team’s creativity and diligence resulted in a financing solution that addressed all of our needs,” said Mr. Mordichai Weiss, principal of the borrower. “The experience was exceptional at every phase of the transaction and we look forward to working with them in the future.”

Greystone, a leading national commercial real estate finance company, has provided a total of $16,497,000 in Fannie Mae Delegated Underwriting & Servicing (DUS®) Multifamily Affordable Housing (MAH) loans for the acquisition of a 484-unit affordable housing portfolio in Tennessee. The financing was originated by Dan Sacks, Ilan Bassali, and Avi Kozlowski in Greystone’s New York office on behalf of Vitus Group, LLC.

The Fannie Mae financing includes six separate loans on six multifamily properties located throughout eastern Tennessee. All loans feature five-year terms with three years of yield maintenance, and a maximum loan-to-value of 75 percent. The properties are as follows:

·       Deer Run Apartments, located in Rockwood in Roane County, a 72-unit property built in 2006.

·       Oak Crest Apartments, located in Knoxwood in Knox County, a 72-unit property built in 2007.

·       Northgate Crossing Apartments, located in Hixson in Hamilton County, a 108-unit property built in 2009.

·       Hidden Oaks Apartments, located in Greeneville in Greene County, a 72-unit property built in 2006.

·       Town Creek Village Apartments, located in Lenoir City in Loudon County, a 96-unit property built in 2010.

·       Whispering Meadows, located in Erwin in Unicoi County, a 64-unit property built in 2003.

“We are creative in leveraging our extensive experience and lending platform, as well as our strong relationship with Fannie Mae, so that our clients can achieve their portfolio goals,” said Mr. Sacks. “We’re deeply committed to bringing financing solutions that help our clients provide quality affordable housing for families in communities across the country, aligning with Heritage Affordable Communities’ mission statement,” said Ilan Bassali, Director at Greystone.

“Greystone’s passion for affordable housing was clearly evident throughout every phase of this transaction,” said Mr. Hajibay, principal of the borrower. “From our initial meetings through the final closing, our Greystone team worked to ensure that no detail was unattended and that the entire experience was seamless given the transaction’s complexities.”

“The current market environment is providing unique opportunities in affordable housing in the Tennessee region,” said Vidit Hirani, Associate at Heritage Affordable Communities. “Additionally, our strong partnership with Greystone and their proven track record were instrumental to complete this complex transaction.”