NEW YORK, NY (July 8, 2019) – Greystone, a leading commercial real estate lending, investment, and advisory company, announced it has provided a $70.4 million Fannie Mae affordable housing loan for an apartment complex in Chicago, IL. The permanent financing for Morningside North Apartments, which helps fulfill Fannie Mae’s Duty to Serve mandate, will provide long-term affordable housing for hundreds of residents in the Midwest.

The 256-unit community, under a 20-year Section 8 HAP Contract, reserves 100% of its units for Very-Low Income Families (60% of Area Median Income or less). The term of the new $70,400,000 Fannie Mae loan is 17 years with 15-year yield maintenance. Financed under the Fannie Mae MBS as Tax-Exempt Bond (M.TEB) program, the borrower received tax-exempt financing from the Illinois Housing Development Authority (IHDA) in the form of long-term bonds. Additionally, Aegon is providing tax credit equity in the amount of $30,511,183 that will be utilized towards planned renovations. With newly-issued 4% tax credits, the transaction qualifies for 90% LTV, as well as the Fannie Mae Green Rewards Program, with the intention to reduce water usage by 30% and energy use by greater than 15%.

Built in 1981, Morningside North Apartments is an 18-story high-rise community made up primarily of one-bedroom units with an on-site office, library, club room, community room, storage, laundry room, controlled access, elevators, and social activities for residents. The property is located in the Gold Coast submarket of Chicago, and has a vacancy rate of under 2%.

“We thank Fannie Mae for their partnership in financing this critical asset in the Chicago market, helping to preserve quality housing for hundreds of residents,” said Jeff Englund, head of the affordable housing lending group at Greystone.

“Fannie Mae is proud to partner with Greystone on the financing of the Morningside North Apartments,” said Bob Simpson, vice president of affordable and green financing for Fannie Mae. “Working with our DUS® partners to provide innovative financing options through the MBS as Tax-Exempt Bond (M.TEB) program is one way that we are working to preserve affordable housing for those who need it most.”

Greystone, a leading commercial real estate lending, investment, and advisory company, announced it has provided an $8,961,000 Fannie Mae loan to refinance a 113-unit property in Georgetown, TX. The transaction was originated by DJ Elefant in Greystone’s New York office on behalf of The Rail at Georgetown LLC with Jason Bartlein of Bolder Capital acting as correspondent. Dan Gillard and the team in Greystone’s Philadelphia office supported Mr. Elefant in closing the transaction.

The Fannie Mae loan carries a 10-year term with 3 years of Interest-only payments. The property, The Rail at Georgetown, is estimated to see a reduction in utility usage by 30 percent through the Green Rewards program.

The market rate community is comprised of one- and two-bedroom rental units and features on-site laundry, a playground, a pet play area, and parking. Originally acquired in 2017, the current owners have invested over $1 million in capital improvements to both the interiors and exterior of the property.

“The borrower executed on their initial game plan after acquisition and now our loan will provide them with long term stability going forward,” said Mr. Elefant. “This property’s vintage made it a perfect candidate for Green Rewards financing from Fannie Mae.”

“We thank Greystone for their guidance through the financing process, and their expertise in the many options for multifamily investors as they look to increase and optimize their real estate portfolios,” said Melissa Jones, a principal of The Rail at Georgetown LLC.

DENVER, CO – June 24, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has arranged $45.65 million in financing for Talavera Apartments, a 240-unit, mid-rise multi-housing community located in Denver, Colorado. 

HFF worked on behalf of the borrower, Denver-based Griffis Residential, to secure the 10-year, Fannie Mae Green Rewards loan through HFF’s risk-transfer joint venture with M&T Realty Capital Corporation. The loan, which was used to fund the acquisition of the property, carries a 3.53% fixed interest rate with full-term interest-only payments.

Talavera Apartments is located at 350 South Jackson Street near Cherry Creek’s numerous high-end retail, dining and entertainment amenities.  Built in 2008, the property features a mix of studio, one-bedroom and two-bedroom units averaging 838 square feet. Community amenities include a swimming pool and spa, covered parking, in-unit washers and dryers, stainless steel appliances and Amazon lockers. The property was more than 97% leased at closing.

“HFF has again proven to be a strong partner, working with Griffis Residential to secure financing for a high-quality asset in our latest real estate investment fund,” said Jim DiRienzo, senior vice president of acquisitions at Griffis Residential. “The apartment homes at Talavera, which has been renamed Griffis Cherry Creek, are primed for interior improvements and additional elements of our investment strategy, including enhanced resident experience, ancillary income initiatives, and management and service upgrades.”

The HFF team representing the borrower was led by senior managing director Eric Tupler and managing director Josh Simon.

Greystone, a leading commercial real estate lending, investment, and advisory company, has provided a $39,715,000 Fannie Mae Delegated Underwriting and Servicing (DUS) loan to refinance a 342-unit multifamily property in Houston, Texas. The transaction was originated by Jason Stein, an originator in Greystone’s New York City office, on behalf of Alara Ventures.  

The $39.7 million Fannie Mae Green Rewards loan carries a 10-year term at a low, fixed rate, with full term interest-only payments. The proceeds enable the borrower to continue with ongoing renovations and capital improvements and monetize existing equity in the property.

Originally constructed in 1993, Greenbriar Park Apartments offers 342 one- and two-bedroom units with in-unit amenities such as laundry and private balconies. Residents also enjoy metrorail access, carport parking, two swimming pools, clubhouse, fitness center and spa facilities, and a business center, as well as picnic and pet play areas. The community is located in Inner Loop Houston, south of Rice University in the medical district, with easy access to major employers, shopping, dining and entertainment.

“Despite being a fairly new property, there were still energy efficiencies that could be realized with some improvements by the owners,” said Mr. Stein. “Fannie Mae’s Green Rewards financing is a win-win for both the borrower, who receives attractive loan terms and lower operational costs, and the residents, who will see lower utility costs over time.”

“After investing in this property with capital improvements and energy efficiency measures, we are thrilled to qualify for Fannie Mae’s Green Rewards program,” said Alison Dimick Malkhassian, founder of Alara Ventures, which purchased the property in 2015. “Greystone’s product knowledge and attentive customer service make the financing process go quite smoothly, and we appreciate their guidance and expertise.”

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.”